Indonesia Digest: Cita Mineral shareholder to sell stake; Bank Mitraniaga delisting

Central Park, Jakarta, Indonesia. Photo by Severinus Dewantara on Unsplash

Harita Jayaraya, the controlling shareholder of Indonesia’s bauxite mining company Cita Mineral Investindo, is reviewing a plan to sell minority stake to Glencore International Investments. Meanwhile, Bank Mitraniaga will be delisted from the Indonesia Stock Exchange (IDX) on August 23, following its merger with listed peer Bank Agris.

Cita Mineral Investindo’s shareholder to sell minority stake to Glencore

Harita Jayaraya, the controlling shareholder of Indonesia’s bauxite mining company Cita Mineral Investindo, is reviewing a plan to sell an undisclosed minority stake to Glencore International Investments, the global commodity trading and mining company, according to a stock exchange announcement.

Harita Jayaraya holds 90.96% stake in Cita Mineral, which equals 3.06 billion shares. The proposed minority stake sale will be subject to approval by concerned parties, including the government authority.

The stake sale is believed to bring advantage to Cita Mineral’s operational activities, legal, financial performance as well as the company’s business continuity, according to Lim Gunardi Hariyanto, director, Harita Jayaraya.

Bank Mitraniaga to delist from IDX following merger with Bank Agris

Indonesia’s Bank Mitraniaga will be delisted from the Indonesia Stock Exchange (IDX) following its merger with a listed peer Bank Agris, according to a stock exchange announcement.

The two banks are expected to receive a confirmation from the Ministry of Law and Human Rights on 22 August 2019, so that Bank Mitraniaga may be delisted on 23 August 2019.

Prior to delisting, one share of Bank Mitraniaga will be coverted into 1.137 share of Bank Agris on 22 August 2019.

The merger is conducted because the two banks are backed by Industrial Bank of Korea (IBK), respectively 95.79% in Bank Agris and 71.683% in Bank Mitraniaga.