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View all search resultsMandiri to acquire InHealth before year-end
State-owned lender Bank Mandiri is expected to soon complete the acquisition of life insurance firm PT Asuransi Jiwa InHealth Indonesia, a subsidiary of state-run health insurer PT Askes
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tate-owned lender Bank Mandiri is expected to soon complete the acquisition of life insurance firm PT Asuransi Jiwa InHealth Indonesia, a subsidiary of state-run health insurer PT Askes.
According to State-Owned Enterprises Minister Dahlan Iskan, Mandiri will become the majority shareholder by controlling 60 percent of InHealth. 'Askes will control 20 percent, [state pharmaceutical company] Kimia Farma will control 10 percent and [state insurer] Asuransi Jasindo 10 percent,' he said on Thursday as quoted by kontan.co.id.
As previously reported, the government instructed Askes to release some of its shares in InHealth, following the appointment of Askes as the healthcare operator of the Social Security Provider (BPJS) program.
When contacted, Mandiri president director Budi Gunadi Sadikin confirmed that the bank would have a new subsidiary dealing in insurance before year-end. Budi, however, declined to provide details, saying, 'We are looking to complete the process in a few days.'
Currently, Mandiri has two subsidiaries in insurance, namely life insurer AXA Mandiri Financial Services and general insurance firm Mandiri AXA General Insurance.
An appraisal of InHealth is being carried out by Bahana Securities and Danareksa Sekuritas. Mandiri has allocated Rp 10 trillion (US$820.28 million) to Rp 11 trillion to finance inorganic growth, including by acquiring the new life insurance company.
