In today’s briefing:
- IDX30/LQ45 Index Rebalance: Four Changes for Each Index
- Mandala Multifinance (MFIN IJ): 13th Feb Change Of Control Vote
IDX30/LQ45 Index Rebalance: Four Changes for Each Index
- There are 4 changes each for the IDX30 Index and the LQ45 Index at the upcoming rebalance to be implemented at the close on 31 January.
- The largest passive inflows are expected in Indofood CBP Sukses (ICBP IJ), Merdeka Battery Materials (MBMA IJ), Indah Kiat Pulp & Paper (INKP IJ) and Pertamina Geothermal Energy (PGEO IJ).
- With only 4 days to implementation, there could be relatively big moves on stocks that have large flow/impact from passive fund trading.
Mandala Multifinance (MFIN IJ): 13th Feb Change Of Control Vote
- On the 26th June 2023, MUFG (8306 JP) and 92.7%-held Adira Dinamika (ADMF IJ) entered into SPAs with key shareholders to acquire an 80.6% stake in Mandala Multifinance (MFIN IJ).
- Although not explicit in various company announcements, MUFG/Adira are paying an estimated IDR 3,297/share. The SPAs are subject to regulatory approvals, primarily Indonesia’s OJK.
- An EGM for MFIN’s shareholders has now been tabled for 13th Feb to vote on this change of control. Presumably, you wouldn’t progress to the EGM without OJK’s conditional approval.
💡 Before it’s here, it’s on Smartkarma
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