Already answered! This is Sharia Bank’s BUMN merger new share issuance scheme

Bisnis.com, JAKARTA – The plan to merge or merge 3 Islamic banks owned by state banks has reached a new phase with the signing of the conditional merger agreement on Monday (12/10/2020).

BRISyariah was designated as the beneficiary bank or surviving entity due to its current situation as a public company.

In the merger, the capital of PT Bank Syariah Mandiri and PT Bank BNI Syariah will be accounted for as participation in PT BRI Syariah Tbk. To absorb the capital stock, how many new shares will be issued?

Based on the summary of the proposed merger between BRISyariah, Bank Syariah Mandiri and BNI Syariah published in Bisnis Indonesia Daily on Wednesday (10/21/2020), it is reported that each report on the fair market value of shares of the banks participating in the merger and the number of shares on the date The effective merger will be a reference in the calculation of the conversion of shares of the resulting bank.

According to the independent party’s evaluation report, BRIS’s fair market value was Rp781.29 per share, while BSM and BNI Syariah were Rp27.321.67 and Rp2.73 million, respectively.

Each share owned by BSM shareholders is entitled to an additional 34.9700 shares in BRIS, which includes a total addition of 20.90 billion shares. This amount represents a 51.2 percent capital increase in the beneficiary bank.

For each share owned by BNI Syariah, shareholders are entitled to an additional 3,500,2767 shares in BRIS, including a total addition of 10,220 million shares. This amount represents a 25.0 percent capital increase in the merged bank.

As of June 30, 2020, the number of shares issued by BRIS was 9.71 shares, while the total number of shares issued by BSM was 597.80 million shares and BNI Syariah issued 2.92 million shares.

Based on the share value per share of each of the banks, each BSM share equals 34.9700 shares of the merged bank and each BNIS share equals 3,500.2767 shares.

“Therefore, the number of shares issued by the merged bank on the effective date of the merger is 40.84 billion shares, of which 31.13 billion new shares will be issued,” said BUMN syariah bank’s merger prospectus.

When the merger comes into effect, the merged bank will remain a public company listed on the Indonesian Stock Exchange.

Mergers can only be effective if the conditions mentioned below are met, which are regulated based on the laws and regulations in force in Indonesia.

Previously, the Project Management Office Team Leader, who was also Deputy Director of PT Bank Mandiri (Persero) Tbk. Hery Gunardi said that the legal merger will be completed in the first quarter of 2020.

At that time, the bank’s asset position would be around Rs 200 trillion to Rs 225 trillion and would increase to Rs 390 trillion in 2025.

Meanwhile, the minister of BUMN, Erick Thohir, in a short video on the signing of a memorandum of understanding or memorandum of understanding on a merger of banks of the syariah, said that Indonesia, as a country with the largest Muslim population in the world , deserves to have a strong Islamic bank.

This merger process will be a milestone to have the largest Islamic bank in the country, which is expected to enter the top 10 Islamic banks in the world.