Admiro Corp has cancelled its plan to takeover 71.6% shares of PT Bank Tabungan Pensiunan Nasional (BTPN) as some requirements are not met. It has been informed to the central bank.
"The transaction is cancelled as some requirement could not be met. There is no payment yet except some small down payment," the President Director of PT Recapital Investment Bank Rosan Perkasa Roeslani told to me yesterday.
Admiro has signed the sales and purchase agreement over 71.6% shares of BTPN on December 7 2005 at the price of 1.75 times to book value. With such cancellation the bank still belongs to Bakrie Capital (10%), Rifan Group (22.61%), Danatama Makmur (18%), and Fuad Mansur (20%).
Admiro is the special purpose vehicle of Recapital to acquire BTPN. The company will get US$46 million loan arranged by Credit Suisse. The cash will be able to buy 60% of the 71.6% shares of BTPN.
Wednesday, February 21, 2007
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