JAKARTA (Yosefardi) – PT Bank Mandiri Tbk (BMRI) will acquire 80% stake in life insurer PT Asuransi Jiwa InHealth Indonesia. While state insurer PT Asuransi Jasa Indonesia (Jasindo) and state pharmaceutical firm PT Kimia Farma Tbk (KAEF) will hold 10% each.
The acquisition over InHealth is valued for Rp1.75 trillion in total. Bank Mandiri, Jasindo, and Kimia Farma had signed the sale and purchase agreement for the transaction on Monday (Dec 23).
But in first phase, Bank Mandiri will only acquire 60% of InHealth. Before end December of 2014, Bank Mandiri will acquire another 20%.
InHealth, subsidiary of PT Askes, booked net profit of Rp93 billion in first nine months of this year. Its assets totaled Rp1.6 trillion. Inhealth has paid-up capital of Rp1 trillion and equity of Rp1.57 trillion.