Gajah Surya to buy a 51.8% share of BDNI

JAKARTA (JP): The independent shareholders of PT Gajah Surya Multi Finance, of the Gajah Tunggal Group, approved yesterday the company's plan to acquire a 51.8 percent share of PT Bank Dagang Nasional Indonesia (BDNI), together with four other proposals.

The company said in a statement that all proposals, including those for a rights issue and a change in its line of business, won unanimous approval from approximately 80 percent of its independent shareholders who attended yesterday's extraordinary meeting.

The statement said that the planned acquisition will cost Rp 734 billion (US$313 million), representing a price of Rp 1,725 per share, which will be financed by funds raised from the proposed rights issue.

"The shareholders have also endorsed our plan to issue seven new shares at Rp 1,300 each for every two old shares to raise total funds of Rp 728 billion," it said.

Gajah Surya shares yesterday closed at Rp 1,400 on the Jakarta Stock Exchange and BDNI shares at Rp 1,675.

The company said that after the acquisition it will become the Gajah Tunggal Group's investment holding company under the name PT BDNI Capital Corporation Tbk.

"In line with the restructuring of our business line, we will hand over all of our multifinance activities to PT Gajah Surya Finance and we, therefore, increase our ownership from 86 percent at present to 98.8 percent."

It was reported that Gajah Surya will increase its authorized capital from Rp 800 billion to Rp 2.8 trillion, including a paid- up capital of Rp 720 billion, after the planned right issue.

The meeting also appointed Karmady Arief as a new commissioner replacing Sutrisno, and F.T. Chong and Arie Yandi Taswar as new directors replacing Eddy Sanusi and Hendra Alimin.

Gajah Surya, established in 1982 as a leasing company, also operates in general and life insurance, insurance brokerage, stock brokerage and venture capital, with total assets of Rp 779 billion.

"The management has planned to make use of BDNI's nationwide extensive branches to sell a broad range of financial services to corporate and consumer clients," the company said.

BDNI, with total assets of Rp 14 trillion, operates 12 subsidiaries and affiliates, including Bank Dewa Rutji, PT DBS Securities and publicly-listed PT BDNI Reksa Dana.

Gajah Surya is controlled by Gajah Tunggal Mulia with 65.49 ownership. The remaining 34.51 percent shares are owned by the investing public.

BDNI's shareholders are PT Daya Patria Corporation (with 51.84 percent stake), PT Nusantara Duta Development (5.1 percent), PT Nusantour Duta Djaya Invest Corporation (3.2 percent) and the investing public (39.86 percent). (alo)