Bisnis.com, JAKARTA--PT Batavia Prosperindo Internasional Tbk. (BPII) has realized crossing on the stock exchange or transfer of ownership rights to 1.66 billion shares of PT Batavia Prosperindo Finance Tbk. (BPFI) to Woori Card Co., Ltd.

Based on the information disclosure of the Indonesia Stock Exchange, quoted on Friday (2/9/2022), the transfer of ownership rights which is equivalent to 62.039 percent of the total issued and paid-up capital in BPFI consists of 1.36 billion shares at a price of Rp. 655 per share and as many as 297.46 million shares at a price of Rp654 per share.

"The total value of the sale transaction for the shares sold is IDR 1.08 trillion," said BPII President Director Rudi Setiadi in his report to the Financial Services Authority.

Rudi said that the purpose of the sale transaction and transfer of ownership rights to the shares of its subsidiary engaged in financing or leasing was to improve the company's financial performance. The company will use the proceeds from the transaction to invest in various financial instruments that can provide additional income from the investment results for the company.

In addition, the company can focus more on business development in its subsidiaries in the areas of investment management, general insurance, and transportation services and see the potential for new businesses that can increase the company's value in the future.

"The sale transaction and transfer of ownership rights to the shares sold do not have an adverse impact on operational activities, law, financial condition or business continuity of the company," said Rudi.

Meanwhile, BPFI shareholders have approved the plan to take over or change the company's controlling shareholder with the entry of a South Korean company, Woori Card. The approval is the result of the extraordinary general meeting of shareholders (EGMS) of PT Batavia Prosperindo Finance Tbk. on Tuesday, August 16, 2022.

Approved the takeover or change of the controlling shareholder of the company in connection with the takeover of 2.19 billion shares or equivalent to 82.03 percent of all issued and paid-up shares in the company owned by the current shareholders of the company as stated in the details of the company's shares which will be sold by the sellers mentioned earlier, to new shareholders, namely WC [Woori Card]," wrote BPFI management through the Indonesia Stock Exchange information disclosure, Thursday (18/8/2022).

With this transaction, Woori Card becomes the new controller who will hold 82.03 percent of BPFI's shares purchased from BPII and 11 other unnamed sellers.

Based on BPFI's 2021 annual report, the company's shareholders are BPII with 74.22 percent ownership, UOB Kay Hien Pte Ltd 6.03 percent, and the public 19.75 percent. The controller to the individual shareholder or ultimate beneficial owner of BPFI is Kartini Jusup through Star Malacca Pte Ltd.

Meanwhile, Woori Card is part of Woori Financial Group, the fourth largest financing company in South Korea. BPFI management said that as the new controlling shareholder, Woori Card can expand the company's cooperative relationship with vehicle manufacturers in Indonesia, especially vehicle manufacturers from South Korea.

Moreover, Woori Card is also considered to be able to provide support to the company to obtain cheaper funding so as to make the company more competitive and of course improve the company's financial performance.

Along with the takeover of BPFI by Woori Card, the company will also change its name to PT Woori Finance Indonesia Tbk.