Jakarta, CNBC Indonesia – The subsidiary of PT Bank Central Asia Tbk (BBCA), PT Bank BCA Syariah announced a plan to split the nominal value of shares (stock split).
This corporate action was carried out in line with the planned merger with Bank Interim Indonesia or a bank previously known as PT Bank Rabobank International Indonesia which had already been acquired.
Referring to the prospectus published by BCA on Monday (12/10/2020), the company plans to split the nominal value in which 1 share of BCAS will be split into 1,000, so that the nominal value of shares which was originally Rp. 1 million for each share becomes Rp. 1,000 per share.
In order to smooth out the plan, the company will ask for the blessing of shareholders at the Extraordinary General Meeting of Shareholders (EGMS).
“After the split of BCA Syariah shares, all Interim Bank shareholders are entitled to convertible shares totaling 258,883,207 shares in BCA Syariah, representing 11.48% of the shares of BCA Syariah as the resulting bank,” wrote BCA Syariah.
Later, the shares resulting from the conversion will be distributed to BCA for 258,883,207 shares and PT BCA Finance with 70 shares.
Meanwhile, the 100% fair value of Interim Bank refers to the prospectus as of July 31, 2020 amounting to IDR 312.98 billion or the equivalent of 3.71 million shares. This value is equivalent to IDR 84,156 per share.
Previously, the holding company of BCA Syariah, Bank Central Asia completed the acquisition of PT Bank Interim Indonesia (formerly Bank Rabobank International Indonesia) from Coöperatieve Rabobank UA (CRUA).
The transfer of Interim Bank shares was carried out on September 25, 2020 after the approval for capital participation, acquisition as well as fit and proper was obtained from the Financial Services Authority of the Republic of Indonesia.
“Thus, BCA officially owns 99.999973% of the shares of Bank Interim and PT BCA Finance, a subsidiary whose entire shares are owned directly and indirectly by BCA, owns 0.000027% of the shares. The total acquisition value is Rp 643.65 billion,” write a statement obtained by CNBC Indonesia, Tuesday (29/9/2020).
With this corporate action, BCA hopes to strengthen the financial position of BCA’s subsidiary, namely PT Bank BCA Syariah (BCA Syariah), through a planned merger (merger) between Bank Interim and BCA Syariah.
After the merger, BCA Syariah will become the surviving entity.
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