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View all search resultsBCA to acquire Rabobank Indonesia by end of Q3
BCA shareholders gave their consent to the bank’s plan to acquire Rabobank’s 3.72 million shares during an extraordinary general meeting on July 30.
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ublicly listed Bank Central Asia (BCA) expects to complete its acquisition of agriculture-focused Rabobank Indonesia by the end of the third quarter of this year, having received approval from shareholders.
BCA shareholders gave their consent to the bank’s plan to acquire Rabobank’s 3.72 million shares during an extraordinary general meeting on July 30.
The shares represent full ownership of the company, which is currently owned by Dutch bank Cooperative Rabobank UA, PT Aditirta Suryasentosa, PT Antarindo Optima, PT Antariksabuana Citranagara and PT Mitra Usaha Kencana Sejati.
“The total value of this acquisition will refer to a fixed premium of US$20.5 million plus a one-time adjusted book value on closing in September 2020,” BCA said in a statement.
After getting the approval of its shareholders, BCA said it would submit applications to the Financial Services Authority (OJK) to get the body’s approval for the acquisition. The process is expected to be complete by the end of the third quarter of this year.
BCA stocks, traded on the Indonesia Stock Exchange (IDX) under the symbol BBCA, had dropped 1.52 percent as of 11:04 Jakarta time on Monday as the exchange’s main gauge, the Jakarta Composite Index (JCI), plunged 2.75 percent.
Foreign investors dumped, on net, Rp 135.8 billion worth of BCA stocks during Monday morning trading as the local stock market was hit by negative sentiments because of contractions announced by big economies such as the United States, France and Germany, last week. The bourse as a whole recorded a foreign net sell of over Rp 878 billion.
