J Trust Co., Ltd. and PT J Trust Investment Indonesia completed the acquisition of 99.97% stake in PT Bank Mutiara Tbk from Indonesia Deposit Insurance Corporation for IDR 4.1 trillion.
June 25, 2015
Share
J Trust Co., Ltd. (TSE:8508) signed a conditional share sale and purchase agreement to acquire 99.97% stake in PT Bank Mutiara Tbk from Indonesia Deposit Insurance Corporation on September 12, 2014. J Trust Co., Ltd. has been selected as the successful bidder and submitted a letter of interest to acquire Indonesia Deposit Insurance Corporation interest in PT Bank Mutiara Tbk before signing the agreement. Indonesia Deposit Insurance Corporation will sell 801.2 trillion shares of PT Bank Mutiara Tbk. The transaction is conditional upon the successful completion of certain regulatory procedures including obtaining approval from Financial Services Authority of Indonesia. As on November 11, 2014, the transaction was approved by OJK (Indonesia's Financial Services Authority). PT Bank Mutiara's shareholders approved the transaction on January 5, 2015. N M Rothschild & Sons Limited acted as financial advisor to J Trust Co. Rambun Tjajo of Hadiputranto, Hadinoto & Partners acted as the legal advisor for Indonesia Deposit Insurance Corporation. J Trust Co., Ltd. (TSE:8508) completed the acquisition of 99% stake in PT Bank Mutiara Tbk from Indonesia Deposit Insurance Corporation for ¥39.7 billion (IDR 4.39 trillion) on November 20, 2014. PT J Trust Investment Indonesia is appointed to acquire remaining 0.996% stake in PT Bank Mutiara Tbk. William Kirschner of Linklaters along with alliance partner, Widyawan & Partners acted as legal advisor for J trust. Advisory costs will amount to ¥620 million (IDR 64 billion). The currency conversion was done through www.oanda.com on November 20, 2014.
J Trust Co., Ltd. (TSE:8508) and PT J Trust Investment Indonesia completed the acquisition of 99.97% stake in PT Bank Mutiara Tbk from Indonesia Deposit Insurance Corporation for IDR 4.4 trillion on June 26, 2015.
PT Bank JTrust Indonesia Tbk (the Bank) is an Indonesia-based banking company. The Bankâs segments include Retail Funding, Loan and Export Import, and Treasury. Its products and services include loan products, which include mortgage loan (KPR), unsecured loan (KTA), working capital loan, term installment loan, agricultural equipment and machinery investment credit; deposit products and technology based services, which include savings, technology-based services, demand deposit in rupiah and forex, term deposit in rupiah and forex, and bancassurance products from insurance providers; treasury, which includes banknotes transaction, general foreign exchange transaction and securities or fixed income securities (SB/FIS), and other services, which include bank guarantee, tender bond, advance payment bond, performance bond and maintenance bond, which includes shipping guarantee, bank reference, letter of credit, buy and sell of foreign exchange, clearing, safe deposit box and others.
J Trust Co., Ltd. and PT J Trust Investment Indonesia completed the acquisition of 99.97% stake in PT Bank Mutiara Tbk from Indonesia Deposit Insurance Corporation for IDR 4.1 trillion.