Jakarta, CNBC Indonesia – Retail company fashion The Lippo Group, PT Matahari Department Store Tbk (LPPF) purchased 728 million shares of PT Bank Nationalnobu Tbk (NOBU) or the equivalent of 16.4% of the value of NOBU’s paid-up capital at a price of IDR 755 / share.
The total transaction value of the total share purchase was IDR 549.64 billion as revealed in the prospectus submitted on the Indonesia Stock Exchange (IDX), Thursday (5/11/2020).
The transaction is an affiliated party transaction that does not contain a conflict of interest as referred to in POJK (Financial Services Authority Regulation) 42. The affiliation is because the President Director of Matahari is also the President Commissioner of PT Inti Anugerah Pratama (IAP), the holder of 16.41% of the shares of Bank NOBU.
What is the big plan of the Lippo Group through Matahari’s corporate action to annex Bank Nobu’s shares?
In an explanation to the Indonesia Stock Exchange (IDX), Miranti Hadisusilo, Corporate Secretary & Legal Director of Matahari, revealed what the company’s business plan actually is.
As stated in the PJB (sale and purchase agreement), the transaction will be carried out in three stages.
The first stage, for the period of November 4, 2020, is priced at IDR 755 / share with a total of 265 million shares valued at IDR 302 billion.
The second stage, November 11, at a price of Rp 755 / share, as many as 199 million shares worth Rp. 196.30 billion.
The third stage, December 28, at a price of IDR 755 / share, totaling 198.30 million shares worth IDR 51.34 billion.
“The third stage will be carried out at or not later than the above period in accordance with the company’s own policies. All stages are a set of transactions under the transactions disclosed in this disclosure of information,” wrote Matahari management.
He explained that Nobu has the ambition to become a leading digital bank and Matahari sees Nobu as a pioneer in adopting many innovations in the field of financial technology (fintech).
“The key is launch branchless banking utilizing an extensive network of Matahari locations inside and outside Java. This will provide Nobu with a valuable consumer contact point to support decentralized banking services at a lower cost than physical branches, “Miranti said, quoted Friday (11/13/2020).
Branchless banking is a banking innovation in reaching its financial services to customers without going through a physical office.
He explained that this ambition is very much in line with Matahari’s strategic goal to become a retailer omnichannel, where the provision of financial products and services adds to the attractiveness of Matahari as outlet one stop shopping.
“In addition, we recognize that global department stores have regularly formed strategic partnerships or joint ventures with financial service providers to launch ownership or loyalty credit schemes.”
He continued, this not only contributes significantly to increasing conversions and retailer basket size, but can also serve as a significant source of non-clothing revenue for retailers as evidenced by retailers such as Tesco, Macy’s, and Courts.
He explained, by building a digital ecosystem and branchless banking will encourage increased decreased traffic to outlets.
With access to the company’s 153 physical outlets, this partnership will also create more value, both for the company and NOBU. This gives the company more customer traffic as well as new commissions and rental income for related services branchless banking.
The company, he said, will be able to assist NOBU in providing various loan requests to Matahari suppliers and other corporate networks. The company is also expected to influence its suppliers to deposit their excess funds in NOBU, not in other banks.
In addition, the company and NOBU will develop successful case studies of how large financial and consumer players can co-create business value.
According to him, this year the company has developed a 3-year strategic plan, which includes a digital ecosystem for customers. These ecosystems generally involve products, services, financial services and various partners that create a circle of added value for customers.
The next stage is to work with the NOBU management team to develop a detailed plan.
Some plans namely mlaunched about 150 distribution points branchless banking and financial services, and bring more revenue and traffic to Matahari stores.
“NOBU customers enjoy benefits at Matahari outlets. Then, beyond branches, to expand the branchless banking service to the digital space and other potential physical locations,” he explained.
He said the company views this transaction as the foundation for a long-term strategic relationship with NOBU.
The Company believes that the investment and partnership with NOBU will bring potential opportunities to develop its business by obtaining some exclusivity and long-term certainty, as well as helping to drive significant growth in its future sales, thereby contributing to the company’s profit.
“We have a working capital bank facility of Rp. 2.2 trillion, of which Rp. 1.2 trillion per day. The Rp. 1.0 trillion unused facility is sufficient to meet our working capital needs, maintain business continuity and secure future growth. ahead, “he said.
The company’s internal cash funds for the acquisition transaction will switch from Matahari to IAP. “We are not in a position to speculate or comment on the plans or intentions of the IAP,” he said.
Bank NOBU (previously PT Bank Alfindo) was established in Jakarta on February 13, 1990 in accordance with Deed No. 86 which was made before Drs. Entjoen Mansoer Wiriatmadja, SH, Notary in Jakarta.
NOBU held an Initial Public Offering (IPO) and was listed on the IDX on 20 May 2013 as the 9th issuer with the ticker code ‘NOBU’.
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