TEMPO.CO, Jakarta – The acquisition price of 99.99 percent stake in Bank Mutiara to a Japanese investment company, J Trust Co. Ltd., reportedly amounts to Rp4 trillion to Rp5 trillion. For that price, a Tempo source in the financial industry said, J Trust can take over the bank formerly known as Bank Century from the Deposit Insurance Agency (LPS).
"The value is three or four times of Mutiara's current price-to-book value," the source told Tempo yesterday, disclosing that J Trust's offer was the highest compared to five other potential investors including Bank Rakyat Indonesia and Artha Graha.
As of June 2014, Bank Mutiara's net equity amounted to Rp1.43 trillion. The sales price to J Trust is around 3.5 times the current equity value, but it is still lower than what the government paid—via LPS—to bail Bank Century in 2008 and 2013, which was approximately Rp8 trillion.
On Friday last week, J Trust announced that they were designated by LPS as a potential bidwinner for the Bank Mutiara auction. JTrust will undergo fit and proper tests at the OJK. If they pass, J Trust is entitled to have 99.996 percent stake in Bank Mutiara. The remaining 0.004 percent will be publicly owned.
J Trust spokesman said if the company wins the bid, they would improve the Mjutiara's performances by, among others, boosting consumers' and credit card financing as well as improving operational and risk management efficiency. "We will increase the leverage its customers' base that currently resides in Japan and South Korea," he said.
Tjandra Lienandjaja, deputy equity researcher at Mandiri Sekuritas, said the aforementioned sales price is 2.9 to 3.6 times of Bank Mutiara's actual PBV. "This figure is higher than the average sales price of Indonesian banks that averages at 2.5 times the PBV," he said.
FAIZ NASHRILLAH | DINI PRAMITA | GANGSAR PARIKESIT | A MALIK