The Future of Batavia Finance in Woori Card's Hands

By Editorial Team 09/03/2022
Assets
Summary

South Korean company Woori Card Co Ltd acquired PT Batavia Prosperindo Finance Tbk (BPFI) from PT Batavia Prosperindo Internasional Tbk (BPII) for Rp 1 trillion, as reported in the disclosure filing on the planned sale of PT Batavia Prosperindo Internasional Tbk stake in PT Batavia Prosperindo Finance Tbk.

On March 4, BPII as one of the sellers and Woori Card Co Ltd as the buyer signed a Conditional Share Sale and Purchase Agreement. BPFI management said that BPII sold a 74.22 percent stake while other shareholders sold 7.81 percent of Batavia Finance's shares.

"The seller agreed to sell and transfer 2.19 billion shares or 82.03 percent of the total paid-in capital in the company to Woori Card," Jenny Sutio, Batavia Prosperindo Finance Corporate Secretary, said in a written statement on Tuesday.

After the transaction, Woori Card will become the new controlling shareholder of Batavia Prosperindo Finance. Changes in controlling shareholders will result in mandatory tender offer consequences for Woori Card. As of January 31, BPII owned a 74.22 percent stake in Batavia Finance, while the public has 12.32 percent, Suzanna Tanojo 7.43 percent, and UOB Kay Hian Pte Ltd 6.03 percent.

Register now and get free access.

If you want to get free access to our Daily Insights and Weekly Digest, please click "Sign up" button below. If you already have an account, please login.

Sign up
Log in
What do subscribers receive?

As a subscriber, you'll receive daily insights, weekly business digests, and quarterly industrial reports.

What kind of pieces will i get?

In-depth reports on assumption and impact analysis, as well as update and trends mapping, written by our credible and experienced analysts.

And, there is something else…

Register now and get free access, click here to register. Feel free to contact us with any additional questions you have.