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Mayapada’s new shareholder seals final approval
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Mayapada Group owner Dato' Sri Tahir (left to right), former Indonesian presidents BJ Habibie and Susilo Bambang Yudhoyono appear at the launch of the Chinese edition of Tahir's biography, "Living Sacrifice", in Singapore on Wednesday. (JP/Stefani Ribka)
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ublicly listed Bank Mayapada announced its new list of shareholders in an extraordinary shareholders meeting following the acquisition of its stake by Taiwanese insurer Cathay Life Insurance Co Ltd.
The meeting, held on Friday, approved the new shareholder as a completion for the acquisition process of 40 percent stake in the bank by Taiwan-based Cathay Life, the insurance arm of the Cathay Financial Holding.
The announcement came after the new majority shareholder obtained approval from the Financial Services Authority (OJK) on Dec. 9 last year.
(Read also: Bank Mayapada aims for moderate targets despite high growth)
“The meeting unanimously approved the confirmed the change in the list of the company’s shareholders,” Bank Mayapada director Rudy Mulyono said after the meeting.
With the approval, Cathay Life Insurance has increased its shares to 40 percent from previously 24.9 percent, absorbing shares of Brilliant Bazaar Pte Ltd which previously owned 15.6 percent shares.
Other shareholders remained unchanged, namely Mayapada Karunia (26.4 percent), Galasco Investments Ltd. (10 percent), Unity Rise Ltd. (7.31 percent) and Mayapada Kasih (3.3 percent). Meanwhile, public shares were reduced to 12.9 percent from previously 15.7 percent.
Through Mayapada Karunia, business tycoon Dato’ Sri Tahir, who owns the Mayapada Group, continues to be the controlling shareholder of the bank he founded. (ags)
