BRI take over 80% shares Bank Agro

Finally, PT Bank Rakyat Indonesia Tbk (BRI) has affirmed the decision to acquire 80% shares in PT Bank Agroniaga Tbk.
BRI only needs to seek for approval from the shareholders at the Extraordinary Meeting of Shareholders (RUPSLB).
BRI plans the acquisition completion by August 2010. The state bank takes over the bank's shares owned by the pension fund of PT Perkebunan Nusantara and allocates up to IDR200 billion to finance the acquisition process.
If the acquisition is completed, the BRI's shares in Bank Agro can be diluted since the percentage of warrants reaches 502.57 million out of 3.42 billion of shares.