OCBC Bank acquire Transasia Securities

BI/market
12/4/2012
Irvin Avriano A.
Bisnis Indonesia

OCBC Bank acquire Transasia Securities

JAKARTA: Oversea-Chinese Banking Corporation Ltd (OCBC Bank) will acquire 80% stake on an Indonesia brokerage house PT Transasia Securities worth IDR92 billion or equal to S$12.5 million.

The matter was announced in the OCBC Bank's information disclosure to Singapore Exchange (SGX) yesterday, April 13th, 2012. OCBC Bank is a Singapore local-based bank and holding company to PT Bank OCBC NISP Tbk.

The plan already started by conditional sale and purchase agreement (CSPA) with the current owner of Transasia Securities, PT Farnella Mandiri Utama, and expect can complete in third quarter this year.

The acquisition predict will not material to OCBC Bank and OCBC Group's 2012 book. The transaction also require minimum adjusted net asset value (modal kerja bersih disesuaikan/MKBD) IDR100 bio.

After the acquisition, Transasia Securities which is a member of Indonesia Stock Exchange, will be 80% subsidiary for OCBC Bank.

Transasia Securities was known as Djohan Emir Setijoso's company. Prior to be director and president director, Setijoso currently served as PT Bank Central Asia Tbk (BCA) president commissioner. In the other way, now Transasia Securities led by Bibiana Halim.

Previously, the securities' name was PT Transpacific Securindo, which reflect the ownership by PT Transpacific Group, led by Indonesia tycoon namely Suganda Setiadi Kurnia.

In the other way, Bank OCBC NISP also already known to have other brokerage-investment bank house PT NISP Sekuritas. But there is no further information about the connection between NISP Sekuritas and the purchasing of Transasia Securities.