Merger with Interim Bank, BCA Syariah will be stock split

ILLUSTRATION. Bank BCA Syariah will split the stock value, aka stock split with a ratio of 1: 1,000

Reporter: Fencing Septiadi | Editor: Wahyu T. Rahmawati

KONTAN.CO.ID – JAKARTA. PT Bank BCA Syariah will hold a stock split stock split with a ratio of 1: 1,000 for the purpose of merging with PT Bank Interim Indonesia, previously known as PT Bank Rabobank International Indonesia.

“BCA Syariah as the merged bank will conduct a stock split in which 1 share will be split into 1,000, so that the original share nominal value of Rp. 1,000,000 per share will become Rp. 1,000 per share,” wrote the company in the prospectus of its merger plan.

Before stock split, BCA Syariah will also hold an EGMS to ask for blessings, including requesting approval for the merger. As for the reasons stock split conducted in order to convert Interim Bank shares into BCA Syariah shares.

In the prospectus, it is explained that the results of the fair market value of Interim Bank as of July 31, 2020 with 3,719,070 shares amounted to IDR 321.98 billion or equivalent to IDR 84,156.52 per share. The fair market value of BCA Syariah as of July 31, 2020 was IDR 2.413 trillion or equivalent to IDR 1,208,977.61 per share.

Also Read: Legitimate, BCA has finally completed the acquisition of Bank Interim Indonesia

With these calculations, all 3,719,070 shares of Interim Bank will be converted into 258,883,207 shares of Bank BCA Syariah, or 1 share of Interim Bank is equivalent to 0.07 shares of BCA Syariah. The conversion represents 11.48% stake in BCA Syariah.

“The converted shares will be distributed to BCA amounting to 258,883,137 shares, and 70 shares to BCA Finance,” continued BCA Syariah.

Just so you know, at the end of last September, PT Bank Central Asia Tbk (BBCA) officially acquired Interim Bank. BCA is noted to have narrowed 99.999973% of Bank Interim’s shares, while 0.000027% sida is owned by PT BCA Finance. Meanwhile, the total acquisition value of Bank Interim is IDR 643.65 billion.

Also Read: Rabobank changes its name, what impact will it have on the planned merger with BCA Syariah?

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Reporter: Fencing Septiadi
Editor: Wahyu T. Rahmawati

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MERGER BANK

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