Kasikornbank Public Company Limited (SET: KBANK) announced on Monday that its wholly-owned subsidiary Kasikorn Vision Financial Company Pte. Ltd. (KVF) has entered into a Conditional Sale and Purchase Agreement to become a major shareholder of PT Bank Maspion Indonesia Tbk. wherein KVF will conduct a transaction within an investment fund of not exceeding USD220 million, or equivalent to approximately THB7,556 million.
After completion of this transaction, KBank and KVF will altogether hold not less than 67.50 percent of total shares of PT Bank Maspion Indonesia Tbk. In this regard, such share acquisition will be completed when approvals are granted by authorities.
PT Bank Maspion Indonesia Tbk is Indonesia’s 36th largest bank based on the market capitalization on May 30, 2022, at USD436 million.
The transaction is expected to be finalized by the end of 2022.