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M&A – Mapfre of Spain becomes controlling shareholder of Indonesia’s ABDA

JAKARTA (RambuEnergy.com) – Spanish firm Mapfre International S.A announced that it has completed the acquisition of 31% shares or 192.45 million unit shares of insurance firm PT Asuransi Bina Dana Arta Tbk (IDX:ABDA).

“With the purchase, Mapfre now holds 316.61 million units or 51% shares of the company and becomes the controlling shareholder,” Mapfre said in a published statement.

Mapfre Interantional S.A was previously known as Mapfre America S.A, based in Majadahonda, Spain.

Mapfre said the purpose of the acquisition to strengthen the grip of Mapfre group in Indonesia’s insurance industry.

As a follow-up of the purchase, Mapfre, as required by the existing capital market law, will launch tender offer of shares currently held by public shareholders.

The purchase of 31% ABDA shares is estimated to reach 90 million euro or Rp1.34 trillion.

The acquisition of ABDA shares was the latest foray of international insurance industry players into Indonesia’s insurance industry. Indonesia’s insurance remain attractive to global players as penetration rate of Indonesia’s insurance remains low, in addition to growing number of middle class of this nation of 252 million people. (*)

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