TEMPO.CO, Jakarta - PT Bank Mutiara Tbk, formerly named Bank Century, is planning to hold a general meeting of shareholders soon, to decide whether they will have Japanese investment company J Trust Co. Ltd. (TYO: 8508) as the majority shareholder.
Samsu Adi Nugroho, corporate secretary of Indonesian Deposit Insurance Corporation, or Lembaga Penjamin Simpanan (LPS)—the state institution that runs the bank since it was bailed by the government in 2008, said the AGM will be held in the third week of October.
Samsu said that following the AGM Bank Mutiara will submit J Trust's bidding documents to the Financial Services Authority (OJK), after which the Japanese company will undergo a fit and proper test. The test is estimated to last for a maximum of 20 days.
On September 12, J Trust announced that it had been appointed by LPS as the winning bidder on the divestment of Bank Mutiara. J Trust wants an ownership of a 99.99 percent, for a reported offer of Rp4 trillion to Rp5 trillion. The Japanese firm's bid beat those of five other potential investors, including PT Bank Rakyat Indonesia Tbk and PT Artha Graha Tbk.