Bisnis.com, JAKARTA - Two multifinance issuers that are currently undergoing a merger process, PT Adira Dinamika Multi Finance Tbk. (ADMF) or Adira Finance and PT Mandala Multifinance Tbk. (MFIN) or Mandala Finance announced a plan to buy back shares.

In a disclosure submitted to the Indonesia Stock Exchange (IDX) on Thursday (3/7/2025), Adira management conveyed the plan in accordance with the provisions of Article 62 paragraph (1) letter (c) of Law Number. 40 of 2007 concerning Limited Liability Companies.

Then, also based on Article 3 POJK No. 29 of 2023 concerning the Buyback of Shares Issued by Public Companies, each shareholder has the right to request to buy back shares at a fair price if the person concerned does not agree with the company's actions that are considered detrimental to shareholders or the company, including in the form of a merger.

Previously, AMDF had held an EGMS on Monday (30/6/2025) with one of its agendas being to approve the merger plan with Mandala Finance. "The Company [Adira] will be the recipient company of the merger, while MFIN will be the merging company," wrote Adira management.

Given that the total nominal value of all ADMF public shareholders is IDR 7.93 billion, the total nominal value of all shares to be bought back by the company will not exceed 10.00% of the issued capital, which is IDR 10 billion.

"The Share Buyback will be carried out at a fair price, where the Company uses a Share Buyback price reference of IDR 9,082 per share which is the average closing price of daily trading on the Indonesia Stock Exchange, during the last 90 calendar days before the date of approval of the Company's Board of Commissioners on April 28, 2025 for the Merger."

Adira Management also stated that the submission period for share repurchase applications will take place from July 3, 2025 to July 15, 2025 at 16.00 WIB with an estimated payment date and delivery of shares from shareholders who sell their shares no later than September 26, 2025.

Mandala Finance Share Buyback

On the same day, Mandala Finance also announced a share buyback plan related to the merger plan, which is estimated to be completed on October 1, 2025.

Considering that the total nominal value of all MFIN public shareholders is IDR1.849 billion, the total nominal value of all shares repurchased will not exceed 10.00% of the Company's issued capital, which is IDR25 billion.

The share repurchase will be carried out at a fair price, where the company uses a Share Buyback price reference of IDR3,426 per share. This price is the average closing price of daily trading on the IDX for the last 90 calendar days before the date of approval of the Company's Board of Commissioners on April 28, 2025 for the merger.

Meanwhile, after this merger, Adira as the recipient entity will have more than 2.6 million active users, supported by more than 850 business service point networks throughout Indonesia and more than 109,000 active agents ready to go into the field.

As a subsidiary of Bank Danamon, Adira Finance Chief Executive Officer Dewa Made Susila said ADMF has wide open space to move agilely in the banking business ecosystem to carry out various cross-line synergies.

"Mandala has a lot of two-wheeled financing businesses. While Adira already has much more diverse products. With this merger, we have more solutions for customers," he said.