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MUFG set to acquire local multifinance firm for Rp 7 trillion
Japan’s MUFG has agreed to purchase more than 70 percent of PT Mandala Multifinance’s issued shares from current shareholders, while Adira would buy another 10 percent.
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Posing for a photo to mark the event, PT Mandala Multifinance (Mandala) director Roberto AK Un (left to right), PT Jayamandiri Gemasejati director Bryan Guan, MUFG Bank head of global commercial banking planning Masashige Nakazono, Mandala managing director Christel Lasmana, Mandala president director Harryjanto Lasmana, PT Adira Dinamika Multi Finance (Adira) CEO I Dewa Made Susila and Adira chief of business alliance strategy officer Jin Yoshida close their sale and purchase agreement in Jakarta on June 23. (Mandala Finance/-)
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apan-based MUFG Bank and PT Adira Dinamika Multi Finance, a local auto lender owned by MUFG's Indonesian unit Bank Danamon, have entered into a conditional sale and purchase agreement to acquire publicly listed PT Mandala Multifinance.
In a statement, the firms said the deal worth around Rp 7 trillion was expected to be completed in early 2024, pending approval from the Financial Services Authority (OJK).
MUFG agreed to purchase around 70.6 percent of the total shares issued in Mandala from current owner PT Jayamandiri Gemasejati and other minority shareholders, while Adira would buy another 10 percent.
The Japanese bank said it would also make a mandatory offer for the rest of the shares.
According to the Indonesia Stock Exchange (IDX) disclosure notice, the purpose of the proposed acquisition is to expand MUFG Group and Adira's auto loan business in Indonesia while also strengthening Mandala's position in the consumer financing business.
"Mandala will collaborate with MUFG Group to build a more effective operation and accelerate our business plan, with strong support from them," Mandala president director Harryjanto Lasmana said in a statement.
Last year, Adira had around Rp 44.6 trillion (US$2.97 billion) in managed receivables, while Mandala booked Rp 5.2 trillion.
