JAKARTA: PT Bank Negara Indonesia Tbk has filed an acquisition proposal of PT Bahana Pembinaan Usaha Indonesia to Ministry of State Owned Enterprises. This acquisition plan happens to be an expansive attempt to widen its business coverage in financial sector.Chief Financial Officer of BNI Yap Tjay Soen said that such acquisition is in line with the merging plan of BPUIs business arms, Bahana Securities with BNI Securities. The later company is the subsidiary of BNI.We have filed BPUI acquisition proposal, yet, we will not force this proposal to be implemented soon, he said in Jakarta yesterday.According to him the acquisition and merger plan are related and supportive one to another. Merger can only be realized only if the acquisition of BPUI and BNI is approved by government.BPUI is owned by government, a grant from Bank Indonesia and PT Askrindo. Central bank is forbidden to have a subsidiary company.BPUI has four subsidiaries, Bahana Artha Ventura, Bahana Securities, Bahana TCVV Investment Management and PT Graha Niaga Tatautama.According to Yap, BNI has sent the official letter on acquisition plan to SOEs Ministry. The letter happens to be our official proposal with regard to BPUI acquisition plan. We have sent it to SOEs ministry two months ago.Yap further explained that the proposal is yet to detail out the alternative mechanism of BPUI acquisition.Yet, in general BNI secures two alternative mechanisms on the acquisition.First, bond swap and second by acquisition using the proceeds of last years rights issue, amounting IDR10 trillion.Initially, BNI President Director Gatot M. Suwondo affirmed that BNI will only acquire BPUI with bond swap option. At the moment, the state lender secured IDR17 trillion recapitalized bonds.Responding to this matter, SOEs Minister Mustafa Abubakar displayed his support upon such acquisition plan. Yet, he said that he has not received and read BNIs proposal.I have not received it yet. It is still a plan, BNI will acquire BPUI. I think it is good as the acquisition will strengthen those SOEs, he said.Separately, Yap disclosed a plan where BNI Securities will become a publicly listed company. The IPO is realized after divestment of 33.13 million shares or 25% shares of the securities companies to SBI Securities Co Ltd on 8 July. (Hery Trianto)(t02/msw)

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