CIMB Group Holdings Bhd is promply to posses 19.76 percent shares of PT Bank CIMB Niaga Tbk through acquisition form Khazanah Nasional Berhad worth IDR5.41 trillion.
The sign of conditional sale and purchase agreement (SPA) with Khazanah Nasional Berhad for the acquisition of 17.10 percent shares of CIMB Niaga will make CIMB Group owns 97.93 percent shares of CIMB Niaga.
The sign of conditional sale and purchase agreement (SPA) with Khazanah Nasional Berhad for the acquisition of 17.10 percent shares of CIMB Niaga will make CIMB Group owns 97.93 percent shares of CIMB Niaga.
CIMB Group owns 97.93 percent shares of CIMB Niaga as from the current possession of 78.26 percent. The acquisition strengthens our existence in Indonesia," said Chief Executive Group of CIMB Group Dato' Sri Nazir Razak in press release last week.
The Khazanah stocks will be sold at a par value of IDR1,155 for 17.1 percent shares of CIMB Niaga worth IDR4.7 trillion.
Khazanah also plans to divest another 2.57 percent of CIMB Niaga shares to CIMB Group which cost IDR711 billion. "All will be financed from the rights issue of CIMB Group with issuance price of 14.5 ringgit per share unit," he said.
Following the acquisition of 19.67 percent shares of CIMB Niaga, the CIMB Group new shares will be 134,000 shares.
Nazir said based on the finance statement of CIMB Group and CIMB Niaga by end of 2009, the stock price of CIMB Group stood at 2.52 times of the book value and the stock price of CIMB Niaga was 2.47 times of the book value.
"The transaction here will expand the corporate capital and expectedly to increase the leverage ratio. We also expect to increase the revenue per share unit."
Khazanah also plans to divest another 2.57 percent of CIMB Niaga shares to CIMB Group which cost IDR711 billion. "All will be financed from the rights issue of CIMB Group with issuance price of 14.5 ringgit per share unit," he said.
Following the acquisition of 19.67 percent shares of CIMB Niaga, the CIMB Group new shares will be 134,000 shares.
Nazir said based on the finance statement of CIMB Group and CIMB Niaga by end of 2009, the stock price of CIMB Group stood at 2.52 times of the book value and the stock price of CIMB Niaga was 2.47 times of the book value.
"The transaction here will expand the corporate capital and expectedly to increase the leverage ratio. We also expect to increase the revenue per share unit."
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