PADI Acquires Bank Muamalat
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PADI Acquires Bank Muamalat

Minna Padi Investama Sekuritas Tbk (PADI) will acquire Bank Muamalat Indonesia through a rights issue scheme. The acquisition value is estimated to reach IDR 4.5 trillion.

Djoko Joelijanto, President Director of PADI, said that the company has signed a share-taking agreement in Bank Muamalat Indonesia as a standby buyer of rights issue.

“The transaction value reaches IDR 4.5 trillion and total shares to be owned by PADI is at least 51 percent of the total issued and paid-up capital by Bank Muamalat,” said Djoko. The company will seek approval from the Extraordinary General Meeting of Shareholders (EGMS) on the plan.

Under the rules of the Financial Services Authority (FSA), maximum ownership by non-bank financial institutions in banking is limited by 40 percent. The financial institution can own above 40 percent if it gets approval from FSA.

The stock price in the last three months surged 347 percent to IDR 1,520 since the rumors of the acquisition of Bank Muamalat. This is allegedly a backdoor listing effort from Bank Muamalat in the Indonesia Stock Exchange. (*)

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