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Bank Mutiara Sold for Rp4.41tn

21 November 2014 14:26 WIB

J Trust Terpilih karena Sanggup Bayar Tunai

TEMPO.CO, Jakarta – The extraordinary general shareholders meeting (EGM) of Bank Mutiara Tbk.—formerly Bank Century—on Thursday approved the acquisition by Japanese investor, J Trust.

The 99 percent stake was transferred for Rp4.41 trillion, a number that represents 3.5 times of the Bank's price-to-book value (PBV). "Everything was paid for in cash this morning," said Kartika Wirjoatmodjo, chief executive of the Deposit Insurance Agency (LPS), yesterday.

Kartika said the LPS will now focus on Mutiara's problematic assets located overseas where the shareowners reside, estimated to be worth Rp1.8 trillion.

Mutiara's new commissioner from J Trust, Nobiru Adachi, expressed his gratitude for smooth acquisition process. He said J Trust will focus on completing the preparation of ownership, which includes the asset transfers.

"After that we will focus on rebuilding Mutiara," Nobiru said.

ODELIA SINAGA

Century BailoutBank Mutiara


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