KONTAN.CO.ID - JAKARTA. The Indonesia Stock Exchange (IDX) announced plans to delist PT Mandala Multifinance Tbk (MFIN) shares along with the merger process into PT Adira Dinamika Multi Finance Tbk (ADMF).

Based on information disclosure, Monday (5/5) Head of the Company Assessment Division 3 of the IDX, Lidia M. Panjaitan stated that the delisting of MFIN will be carried out after the merger obtains approval from the Minister of Law and authorized agencies.

Additional ADMF shares resulting from the merger will begin to be listed and traded on the same day the merger is effective on the Indonesia Stock Exchange.

For information, this step is a result of the planned merger of the two entities. This is part of the consolidation of the MUFG financial conglomerate in Indonesia.

Both entities are two of the largest multifinance companies in Indonesia, with total cumulative assets (before the merger) of IDR 38.4 trillion.

The merger plan aims to strengthen Adira Finance's position in the Indonesian multifinance industry by expanding its distribution network, improving operational services, and providing more equitable and inclusive access to financing for the Indonesian people from Aceh to Papua.

MUFG Bank and Adira Finance invested a total of IDR 7 trillion to take over 80.6% of Mandala Finance shares, with MUFG Bank and Adira Finance holding 70.6% and 10% ownership respectively. As of March 31, 2025, MUFG Bank owned 89.26% of Mandala Finance shares, and Adira Finance owned 10% of Mandala Finance shares.

The merger process is still awaiting approval from the relevant regulators, especially the Financial Services Authority (OJK), as well as shareholders who will be submitted through the Extraordinary General Meeting of Shareholders (EGMS) of each company. The merger plan is expected to be completed by October 1, 2025.

Throughout this period, the operations of both entities will continue as usual, and there will be no changes in customer service or cooperation with partners.