Bakrie Finance Corp takes over Swadinamika

JAKARTA (JP): Publicly listed PT Bakrie Finance Corporation (BFC) has taken over a majority stake in PT Swadinamika Multi Finance (SMF).

Company's corporate secretary Sri Yudaningrum said that BFC acquired over 57 million shares of Swadinamika last week for Rp 96.9 billion (about US$40.37 million) or Rp 1,700 a share.

She said this raised its stake in the multi finance company to 61.54 million shares or 91.85 percent.

She said SMF would operate as BFC's only multi finance arm because it could no longer operate directly in multi finance since the change in its status to a holding company.

"BFC acquired the majority stake in Swadinamika to help its growing multi finance business," she said.

She said BFC also planned to acquire part of PT Salomon Brothers Nusa Securities and PT Asuransi Jiwa Bakrie.

Yudaningrum told Bisnis Indonesia that the firm was considering setting a up a joint venture leasing firm with a Malaysian firm this year. Not further details were available.

BFC started its leasing business in 1984 under PT Aneka Guna Metro Leasing. The firm deals with venture capital and factoring.

In 1994, the company changed its name to PT Bakrie Finance Corporation from PT Metropolitan Finance.

According to the Indonesian Capital Market Directory 1996,BFC is 58.68 percent owned by PT Bakrie Capitanindo Corporation, 15.74 by Hani Leasing Company Limited, 9.44 percent by Asian Development Bank, 6.69 percent by PT Metropolitan Development, 3.97 percent by PT Mitra Interjasa Corpora and 5.48 percent by the public.

In 1996, the company recorded a total pre-tax profit of Rp 38.34 billion, up from 1995's pre-tax profit of Rp 11.82 billion. (09)