BI to Issue Policy on Majority Ownership
The regulation does not favor retroactivity.
VIVAnews – The regulation of majority shares ownership has yet to be issued by Bank Indonesia. However, the central bank indicated limitation of single ownership of a maximum of 40 percent for new investments out of the current 99 percent.
Deputy Governor of Bank Indonesia, Halim Alamsyah, said on Thursday that individuals or families can only own 30 percent of the local banking shares. Meanwhile, financial institutions can own up to 40 percent.
“The new regulation only applies for new initiatives, new investments. The regulation does not favor retroactivity,” said Halim as quoted from Reuters.
If applicable, the regulation could take down the offer of DBS Group to PT Bank Danamon Tbk with US$7.3 billion worth of acquisition. To that end, DBS refused to give comments until further official announcement from the Bank Indonesia is presented. Temasek, who owned Danamon also refused to give comments.
DBS Group Holdings Ltd has signed the conditional share trading agreement with Fullerton Financial Holdings Pte Ltd (FFH) to take over 100 percent of Fullerton’s shares in the Asia Financial Indonesia Pte Ltd (AFI). Asia Financial Indonesia owns 67.37 percent of PT Bank Danamon Tbk’s shares.
WGovernor of Bank Indonesia, Darmin Nasution, refused to comment on the statement. The regulation will be delivered in a timely manner. “I do not want to comment on it yet. I will explain it to you next week,” said Darmin on Friday.
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