Danantara Acquires Majority Stake in BNI Asset Management for Rp359.64 Billion

PT Danantara Asset Management (DAM) has finalised the acquisition transaction for the majority stake in PT BNI Asset Management (BNI AM), previously held by PT BNI Sekuritas (BNIS). This agreement involves the transfer of 99.9% of BNI AM shares at a transaction value of Rp359.64 billion, as reported by Liputan6.com and Kabarbursa.com.

This affiliated transaction was executed through a Conditional Share Sale and Purchase Agreement (PJBS) on 1 April 2026. Okki Rushartomo, Corporate Secretary of BNI, stated that the process complies with POJK 42/2020 and ensures the maintenance of good corporate governance principles. The sale forms part of efforts to achieve business synergies within the state-owned enterprises (BUMN) ecosystem in investment asset management.

The acquisition object comprises 39.96 million shares of BNI AM, representing 99.9% of the total placed and paid-up capital. With this transfer, majority ownership of BNI AM now shifts to DAM, an operational entity under the Badan Pengelola Investasi Daya Anagata Nusantara (Danantara).

The transaction value of Rp359,640,000,000 exceeds the fair market value of BNI AM shares, appraised at Rp354.85 billion. An independent valuation was conducted by Kantor Jasa Penilai Publik Suwendho, Rinaldy and Rekan (KJPP SRR) using discounted cash flow and comparable listed company approaches, confirming that the transaction value falls within the fair category.

Although an affiliated transaction—given that both BNIS and PT DAM are under indirect control of the Republic of Indonesia—the management asserts no conflicts of interest occurred. The transaction also does not meet the criteria for a material transaction based on regulatory thresholds.

This strategic step is anticipated to bolster investment management business capabilities and foster stronger synergies within the BUMN ecosystem. The takeover is also expected to add value for BNI shareholders in the long term, aligning with goals to develop a more competitive asset management company in domestic and regional markets.

The completion of the transaction still awaits fulfilment of several preliminary conditions, including approvals from relevant regulators.