Jakarta, CNBC Indonesia – PT Bank BTPN Tbk (BTPN) officially acquired two financing companies PT Oto Multiartha (OTO) and PT Summit Oto Finance (SOF) with a value of IDR 6.55 trillion.

President Director of Bank BTPN Henoch Munandar said that his party had completed it rights issue to carry out this action IDR 6.73 trillion. Meanwhile, the total acquisition of the Oto Group carried out by BTPN bank is IDR 6.5 trillion.

“Together with the Oto Group, we will create synergies in the future in providing better service to customers and will also be an important milestone for Bank BTPN in expanding the joint financing segment or joint finance,” said Henoch at a press conference in Jakarta, Wednesday (27/ 3/2024).

On the other hand, President Director of PT Summit Oto Finance, and CEO of OTO Group Victoria Rusna is targeting greater growth after this action. So far, he said, the distribution of financing has reached IDR 15 trillion – IDR 16 trillion in 2023.

“Well, this year we are of course planning or targeting growth. So by joining us under the auspices of Bank BTPN, we hope that the growth will be greater than normal,” he explained.

Previously, the bank belonging to the Sumitomo Mitsui Banking Corporation (SMBC) group PT Bank BTPN Tbk. (BTPN) has received approval to carry out additional capital by granting pre-emptive rights II (PMHMETD II) or rights issue. BTPN issued 3,095,000,000 shares with a nominal value of IDR 20 per share.

Quoting the bank’s prospectus, BTPN apparently intends to acquire two finance companies. As much as 62.4% of the rights issue proceeds, after deducting emission costs, will be used to acquire PT Oto Multiartha (OTO). Then 37.2% will be used to acquire PT Summit Oto Finance (SOF). Both companies are subsidiaries of the Sumitomo Corporation (SC) and SMBC Group.

“The takeover price for OTO and SOF shares is a total valuation based on audited financial reports as of 31 December 2023,” said Bank BTPN in the prospectus, quoted Friday (15/12/2023).

The price for the takeover of OTO and SOF shares is also subject to a price adjustment mechanism which will be calculated based on the financial statements for the period ending on the date at the end of the month which falls 1 month before the date of signing the takeover deed or another date mutually agreed upon by the parties in writing.

Then, 0.4% of the proceeds from the rights issue will be used for BTPN’s working capital. If the proceeds from PMHMETD II exceed the company takeover value, the Company will use the funds for working capital.

[Gambas:Video CNBC]

(mkh/mkh)