PT Bank Negara Indonesia Tbk, fourth largest bank by asset in Indonesia, plans to acquire PT Bahana Securities. The bank plans to use recap bond for fund the transaction. BNI still handle bond recap with value IDR17.75 trilion.
The company was proposed to the State Owned Enterprises (SOE) Ministry to acquire Bahana Securities with option of merging Bahana and BNI Securities.
Bahana's is facing cash trouble since it failed to underwrite the initial public offering (IPO) of national flag carrier PT Garuda Indonesia Tbk. Bahana, PT Danareksa Sekuritas, and PT Mandiri Sekuritas absorbed IDR2.25 trillion Garuda shares.
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