, Indonesia
Photo by Suikotei via Wikimedia Commons.

MUFG buying 80.6% shares in Indonesia’s PT Mandala Multifinance Tbk for $468m

MUFG will hold 70.6% of shares whilst PT Adira Dinamika Multi Finance Tbk will hold 10%.

MUFG Bank has agreed to acquire 80.6% shares in PT Mandala Multifinance Tbk (MFIN) for over $468.5m (IDR7,042b).

The acquisition will be conducted through MUFG’s Indonesian subsidiary PT Adira Dinamika Multi Finance Tbk (ADMF). Shares to be acquired are from PT Jayamandiri Gemasejati and other shareholders.

With this, MUFG Bank will become MFIN’s largest shareholder, holding 70.6% of shares, whilst ADMF will hold 10% of the shares.

ALSO READ: MUFG halfway to its 2030 sustainable finance target

MUFG anticipates conducting a mandatory tender offer for the remaining 19.4% stake in MFIN.

The acquisition is expected to be completed by early 2024, subject to approvals from the relevant regulatory authorities.

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