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Jakarta, CNBC Indonesia – Recently investors appear to be actively buying shares of PT Bank BRISyariah Tbk (BRIS), which was triggered by positive sentiment about the merger with 2 other Islamic banks owned by state banks.
Referring to IDX data, the share price skyrocketed, the transaction value of BRIS shares nearly touched a trillion on a trading day last Tuesday.
In the first session, this Wednesday (10/14), BRIS shares jumped to the upper limit of automatic rejection (ARA), 24.89% at the level of 1,405 IDR / share, with a transaction value of 337,000 million IDR .
In this merger, Bank BRISyariah was determined to be a surviving bank or entity that received the merger (surviving entity) of the merger of three BUMN sharia banks.
Two sharia banks to join, namely PT Bank Mandiri Syariah (BSM) and PT Bank BNI Syariah (BNIS).
“Paying attention to the Conditional Merger Agreement, after the merger becomes effective, BRIS will become the entity that receives the merger, and the shareholders of BNI Syariah and the shareholders of BSM, will become the shareholders of the entity that receives the merger. accepts the merger, “BRIS management wrote in an information release, quoted on Tuesday (10/13/2020).
Financial report data shows that 18.34% of BRIS shares are held by the public, while BRI shares 73% and 8.6% belong to DPLK Bank Rakyat Indonesia-Syariah.
See the analysis CNBC Indonesia Research TeamBy merging the two new entities into BRIS, of course, there will be changes in the number of shares outstanding. As of June 2020, the number of BRIS shares outstanding was 9,716,113,498
BRIS valuation as surviving entity Post-merger is certainly different from before merger. The asset value of this new entity has the potential to more than double.
According to the June 2020 financial report, the total value of BRIS assets was recorded at 49.58 trillion IDR. Meanwhile, the value of BSM’s assets was even higher, namely Rs 114.34 trillion and the BNIS asset value of Rs 50.79 trillion.
The value of the total assets of the merger of the three banks reached Rs 214.71 trillion. This means that the value of the assets has been multiplied by more than four.
It is therefore natural that this asset merger will change the valuation of BRIS shares.
It is very likely that with this merger there will be an increase in the number of shares, with the option to issue new shares with pre-emptive subscription rights (rights issue) in which the new shares will be owned by PT Bank Mandiri Tbk (BMRI) and PT Bank Negara Indonesia (BBNI).
The two banks will become new shareholders, of the retained entity, or BRIS.
So what about public actions?
The number of public holdings certainly does not decrease in number, but in percentage terms, if there are new shares, it is potentially diluted if BRIS uses the scheme. private placement (without preemptive rights).
PT Samuel Sekuritas Indonesia’s head of research Suria Dharma said the scheme was unclear. However, it considered that initially BRIS shares in this merger scheme would be in the hands of BMRI, BBRI, BBNI, as well as the public.
“We don’t know if there will be any in the future entity others as shareholders. Because this will be a great bank. I should be alone, “he said Wednesday afternoon.
“The goal is for them to have assets of Rs 390 trillion by 2025. The government plans to encourage this bank to become a BUKU 4 bank. BRIS assets are roughly equal to BNIS assets at about Rs 52 trillion each. Meanwhile, Mandiri Syariah is about 2 times more. The combined total assets are around 214 trillion rupees with a capital of around 21 trillion rupees, “he said.
He assessed that the issue of dilution of public shares is not a significant problem, because this bank will become a large bank. “The problem is not ‘dilution]. It is even diluted that the value of the bank is much higher,” he told CNBC Indonesia.
The Minister of State-Owned Enterprises (BUMN), Erick Thohir, points out that the merger of the three Islamic banks will make Indonesia the center of the world economy and the sharia, surpassing other countries that are already strong in this field. This is supported by the presence of large national Islamic financial institutions and a large Muslim population.
“Indonesia should be the center of sharia economy and finance in the world. To realize this dream we must unite hand in hand, taawun and strengthen ourselves,” Erick said in a video, quoted on Tuesday (10/13/2020) .
To initiate this objective, the government has initiated the establishment of national Islamic banks by merging the existing state-owned Islamic banks. The merged bank is expected to become the largest Islamic bank in the country.
[Gambas:Video CNBC](hps / bag)
