Industrial Bank of Korea (KOSE:A024110) agreed to acquire 87.34% stake in PT Bank Agris Tbk (IDX:AGRS) from PT Dian Intan Perkasa, Benjamin Jiaravanon and other public shareholders on February 6, 2018. Under the terms of the transaction, Industrial Bank of Korea will acquire an 81.59% stake from PT Dian Intan Perkasa, 0.28% from Benjamin Jiaravanon and 5.47% stake from the public. After this transaction, Industrial Bank of Korea will hold 87.34% stake, PT Dian Intan Perkasa will hold 1% and public shareholders will hold 11.66% in PT Bank Agris Tbk. The transaction is subject to approval by the shareholders of PT Bank Agris Tbk. PT Bank Agris Tbk will hold an extraordinary general shareholders meeting on March 9, 2018. Transaction was approved by The Financial Services Authority of Indonesia as of December 31, 2018.

Industrial Bank of Korea (KOSE:A024110) completed the acquisition of 87.34% stake in PT Bank Agris Tbk (IDX:AGRS) from PT Dian Intan Perkasa, Benjamin Jiaravanon and other public shareholders on January 15, 2019.