DBS has signed a conditional share purchase agreement with Fullerton Financial Pte Ltd to take 100% shares of FFH at Asia Financial (Indonesia) Pte Ltd which has a 63.37% stake in PT Bank Danamon Indonesia Tbk valued at Rp 45.2 trillion or the equivalent of U.S. $ 6.2 billion. This figure is based on the agreed exchange rate of Rp 7318 per dollar Singapore.
The values are based on the price of Rp 7,000 per share that gripped Asia Financial Danamon Indonesia. This value is 52% higher than the closing price on Friday (30/3) at $ 4600 per share.
The total transaction value will be paid in the form of 439 million new shares at a price of DBS shares issued U.S. $ 14.07 per new share DBS.
This is revealed in a release issued by DBS, Monday (2/4). Once the takeover is completed, the DBS will do the mandatory tender offer to buy the stocks listed on the Stock Exchange's per share.
Danamon's stock price of Rp 7,000 per share is the price for a 56.3% premium over the price of the volume weighted average price per share last month, which is Rp 4480. Currently, DBS is not registered as shareholders of Danamon.
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