BCA's Announcement Sends Three Bank Stocks Soaring

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23/06/2017 10:29 WIB

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Increase in Share Prices of Three Banks, December 30, 2016 – June 22, 2017

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BCA's Announcement Sends Three Bank Stocks Soaring

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Increase in Share Prices of Three Banks, December 30, 2016 – June 22, 2017

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PT Bank Central Asia Tbk (BBCA) had planned a corporate action to acquire two small banks since 2016. However, due to unfavorable conditions and the implementation of a tax amnesty program, the plan was delayed. This news caused the share prices of several small banks listed on the Indonesia Stock Exchange to surge throughout 2017.

For example, PT Bank Ina Perdana Tbk (BINA)'s share price soared 626 percent to Rp 1,370 per share on June 22, 2017, from its position on December 30, 2016. Similarly, PT Bank Agris Tbk (AGRS)'s shares also surged 390 percent to Rp 446 per share, and Bank Harda International Tbk (HRDA) rose 315 percent to Rp 274 per share.

The plan is to merge the two banks to be acquired by the Djarum Group conglomerate's bank before the acquisition. Subsequently, this subsidiary of Bank BCA will focus on the digital segment.

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."