JAKARTA (Yosefardi) – PT MNC Kapital Indonesia Tbk (BCAP) plans to expand its insurance business through merger or joint venture.
It prefers to place capital in the insurance companies with capital of less than Rp100 billion, a minimum paid-up capital as required by the regulation.
BCAP intends to become a financial supermarket in next 3-5 years. The company will raise Rp2.35 trillion from issuing 2.62 billion new shares, priced at Rp900 per unit, scheduled for third quarter of this year.
BCAP will increase its investment in Bank ICB Bumiputera Tbk (BABP). Now it holds 25% stake in BABP and will increase to 40% through buying new shares to be issued by BABP.
HT Capital Investment Ltd, investment company owned by Hary Tanoesoedibjo, will act as standby buyer. BCAP targets to boost its assets to Rp10-11 trillion from Rp8.17 trillion by end 2013.