Cathay Life Insurance Co., Ltd. completed the acquisition of 24.9% stake in PT. Bank Mayapada Internasional Tbk from Brilliant Bazaar Pte. Ltd., Summertime Ltd for IDR 1.8 trillion.
June 03, 2015 at 12:00 am EDT
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Cathay Life Insurance Co., Ltd. executed a definitive agreement to acquire a 40% stake in PT. Bank Mayapada Internasional Tbk (JKSE:MAYA) from Brilliant Bazaar Pte. Ltd., Summertime Ltd, PT Mayapada Karunia Corporation and others for IDR 3.5 trillion on January 5, 2015. Cathay Life Insurance will acquire 1.39 billion common shares of Bank Mayapada for IDR 2,528 per share. The deal will have a two-stage settlement whereby Cathay Life Insurance will first acquire a 24.9% stake and then an additional 15.1% stake at the second stage. After the consummation of first stage and subject to approval from the Indonesian regulator, Cathay Life Insurance will have a right to recommend candidates of independent Directors and one candidate of independent commissioner. The transaction is subject to approvals from Taiwanese and Indonesian regulators and will proceed based on mutually agreed definitive agreements. As of April 10, 2015, the Financial Supervisory Commission's Insurance Bureau approved the acquisition. As of June 3, 2015, Cathay Life Insurance Co., Ltd. completed the acquisition of 24.9% stake in PT. Bank Mayapada Internasional Tbk (JKSE:MAYA) from Brilliant Bazaar Pte. Ltd., Summertime Ltd at an offer per share of IDR 2125.
Morgan Stanley acted as financial advisor for PT. Bank Mayapada Internasional, Tbk, Brilliant Bazaar Pte. Ltd. and Summertime Ltd. Credit Suisse acted as financial advisor for Cathay Life Insurance Co., Ltd. Sugianto Osman and Nathaniel Mangunsong of Allen & Overy LLP acted as legal advisor to PT Mayapada Karunia Corporation.
Cathay Life Insurance Co., Ltd. completed the acquisition of 24.9% stake in PT. Bank Mayapada Internasional Tbk (JKSE:MAYA) from Brilliant Bazaar Pte. Ltd., Summertime Ltd for IDR 1.8 trillion on June 3, 2015.
PT Bank Mayapada Internasional Tbk is an Indonesia-based commercial bank. The Company's segments include corporate business, retail business, and micro business. Its corporate business segment includes financial products and services, such as working capital credit, investment credit and consultancy services. The Company's retail business segment includes consumer credit and third-party fund collecting. The consumer credits offered by the Company are myHOME Loan, myAUTO, myCREDIT CARD and Personal Loan. It also lends to small and medium enterprises. Its savings products include mySAVING Super Benefit, myDOLLAR, TabunganKu and Tabungan SimPel. Its time deposits and giro products include myDEPO, myDEPO Valas, myGIRO and myGIRO Valas. The Company's investment and bancassurance products include myFAMILY Saving, Ziaga Jiwa, Ziaga PA Plus, Prestigio Unit Link, MahaCita Protection, Zurich Pro-Fit 8 and Q Protection. Its other services include mySAFEBOX, myPAYROLL and Layanan MPN-G2.
Cathay Life Insurance Co., Ltd. completed the acquisition of 24.9% stake in PT. Bank Mayapada Internasional Tbk from Brilliant Bazaar Pte. Ltd., Summertime Ltd for IDR 1.8 trillion.