Gajah Surya to buy a 51.8% share of BDNI
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)