(SDRA) Bank Saudara to merge with Bank Woori

JAKARTA - PT Bank Himpunan Saudara 1906 Tbk (SDRA) will merge with PT Bank Woori Indonesia, following transfer of ownership to a Korea-based lender Woori Bank.

According to a disclosure September 22, 2014, Bank Woori Indonesia and Woori Bank, Korea respectively hold 6% and 27% shares of Bank Saudara's total paid up capital, after a share transfer from Arifin Panigoro and PT Medco Intidinamika.

The merger will result in a 55.56% dilution of shareholding in Bank Saudara because of capital increase in the new formed entity. It is expected to receive effective notice from OJK by October 20, 2014 and recording date of shareholder is October 22, 2014. The merger will be effective after getting approval from shareholder's meeting on November 7, 2014.

Statement of public shareholders willing to sell their shares will be on November 11 to 17. Last trading day of Bank Saudara will be on December 18, 2014. Merger effective will be on December 19, 2014. First trading after merger in IDX December 22, 2014. Settlement of share purchase will be on January 2, 2015.