Bisnis Indonesia reported today that investment bank PT Renaissance Capital is searching for funding to acquire 71.6% shares of PT Bank Tabungan Pensiunan Nasional (BTPN), a bank previously controlled by Bakrie Family (who controls PT Bakrie & Brothers Tbk) with key figure Aburizal Bakrie (chief economic minister).
The acquisition value is predicted to reach US$90.3 million or 1.75 times of the bank's book value as of May 2001 at US$72.1 million.
As reported earlier by IFR Asia, Bakrie Family might be the real investor behind Renaissance. But Bakrie Family and Renaissance gave no confirmation on the rumor. BTPN was controlled by Bakrie Family before Indonesia Bank Restructuring Agency (IBRA) restructured the bank after the collapse of banking sector in 1998-1999.
PT Perusahaan Pengelola Aset (PPA), the company established to manage remaining assets under IBRA, hold 28.39% shares in BTPN, while Bakrie Capital owns 10%, Rifan Financindo 22.61%, and Mr Fuad Mansur 20%. It is not clear though whose shares Renaissance is planning to acquire. Besides, Rifan is known for its close relationship with Bakrie Group.
Credit Suisse First Boston (CSFB) is reportedly been appointed by investor to raise the funds to acquire BTPN. PPA initially approved a plan to raise BTPN's capital through initial public offering (IPO) but then back it off because the company is afraid of share dillution.
Early this week, media reported that Malaysian and Singaporean investors are vying for a majority stake in BTPN. Malaysian investors are state-investment company Khazanah Nasional Bhd and ICB Financial Group, while the Singaporean investor is Overseas-Chinese Banking Corp. But both Khazanah and ICB denied the report yesterday.
Khazanah is just completed the acquisition of 52% shares in PT Bank Lippo Tbk, while ICB is preparing a rights issue to increase capital at its subsidiary PT Bank Bumiputera Tbk.
If Bakrie really is behind Renaissance, it would be a silent comeback for the family after losing control over PT Bank Nusa Nasional (one of banks that merged into Bank Danamon). It is not clear whether Bank Indonesia would allow the family to regain control over the bank considering their track record.
Renaissance is a company established by three former partners at accounting firm Delloite Tohmatsu. They are Samin Tan, Suryadinata, and Dessi Natalegawa. The company is also financial advisor for PT Kiani Kertas, a company controlled by retired general Prabowo Subianto.