Indonesia: Bank Dinar shareholders give approval to sell 77% stake to APRO Financial

Shareholders of publicly listed Bank Dinar have given their approval to sell 77 per cent of the bank’s shares to APRO Financial Co Ltd, a South Korean consumer finance firm. The sale is pegged at Rp 691 billion ($52.35 million).

Hendra Lie, president director of Bank Dinar, said that the shares will mostly come from three major share holders – Nio Yantony, Saiful Amir, and Andre Mirza – who will sell 29.16 per cent, 10.58 per cent and 21.15 per cent, respectively.

“Once the acquisition is completed, APRO will merge Bank Dinar with Bank Andara, 40 per cent of which they bought last year,” said Lie after a recent meeting in Jakarta.

According to the plan, Bank Dinar will continue to exist after the merger and will maintain its status as a publicly-listed company. The bank’s core capital will increase to between Rp 1 trillion and Rp 5 trillion. The new bank then will expand its operations, opening at least six branches this year.

“We believe that the acquisition by APRO will give a positive impact to Bank Dinar’s overall developments. It will strengthen the Indonesian capital market, and increase the bank’s competitiveness,” Lie explained.

Bank Dinar was established in 1990 as Bank Liman, but renamed itself in 2012 before going public in 2014. The bank engages in the retail segment.

Currently, Bank Dinar’s core capital is at Rp 431 billion, with assets of Rp 2.3 trillion as of 2016. Disbursed loans as of December 2016 was Rp 1.3 trillion, with a profit of Rp 17.2 billion. Meanwhile, its non-performing loan (NPL) was maintained at 1.35 per cent.

Also Read:

Indonesia: Banten Global plans to acquire Bank Pundi; South Korea’s Apro Financial eyes 40% in Bank Andara

Indonesia: Bank Central Asia launches VC unit, to invest $15m in fintech

Indonesia Digest: Bank Jatim’s buyback; Centratama’s rights issue; $37.2m loan for Protelindo

Thailand’s KBank mulls Indonesia foray via M&A route next year

Indonesia-focussed PE Northstar invests in MG Group’s bedbank unit

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.