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Minna Padi insists no plan to acquire Bank Muamalat stake
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Logo and branding of PT Minna Padi Investama Sekuritas (kontan.co.id/File)
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ecurities company PT Minna Padi Investama Sekuritas has denied reports that it plans to acquire major shares of sharia lender Bank Muamalat.
The speculation was reported in Indonesian media outlets about the possibility of Minna Padi acquiring a 75-80 percent share in Bank Muamalat, in a deal worth US$700 million.
As a result, during the past week, Minna Padi’s shares – traded under PADI – on the Indonesia Stock Exchange (IDX) jumped significantly by 141.42 percent to Rp 985 (US$0.07) per share.
Following the significant jump in share price, the IDX suspended the trading of PADI shares on Tuesday, before previously announcing its unusual market activity status on July 27.
“We do not know where the rumor came from,” Minna Padi president director Djoko Joelijanto told a press conference in Jakarta on Wednesday.
“Until this point of time, there is no deal at all regarding that [share purchase]. If we want to conduct a corporate action, we will always inform [the public] through our statements published on the IDX,” he added.
Djoko said the significant rise in shares price was probably because the market responded to its good financial performance in the first half of 2017.
From January to June its revenue climbed by 448.97 percent to Rp 40.51 billion. This was caused by a hike in income from better trading activity in the bourse of 633.39 percent to Rp 38.19 billion. (bbn)
