Three Billionaires Move to Expand BFI Finance's Business

Summary

Trinugraha Capital & Co SCA as the controlling shareholder of PT BFI Finance Tbk (BFIN) held a voluntary tender offer of 9.13 billion shares, equivalent to 57.19 percent of BFIN's public shares. BFIN shares are offered at Rp 1,200 per share in the offer. If all public shares offered are absorbed, Trinugraha Capital must spend Rp 10.96 trillion.

After the tender offer, billionaire Jerry Ng may control 57.19 percent of BFIN's shares. Furthermore, PT Bank Jago Tbk (ARTO) owned and other controlling shareholders, Garibaldi "Boy" Thohir and Patrick Walujo, plan to bring the top multi-finance company into the digital business.

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