The Sale of Shares Owned by PT Panin Financial Tbk. in PT Asuransi Multi Artha Guna Tbk.

11 October 2016

This Information Disclosure is made to follow up on the Information Disclosure submitted by the Company to FSA through Letter No. 018/Dir-PF/001.A/06.16 dated 28 June 2016 (“Preliminary Information Disclosure”) regarding the negotiation conducted by the Company in connection with the proposed sale of shares in AMAG.

We hereby inform that the proposed sale of 806,103,041 shares owned by the Company in AMAG to Fairfax Asia Limited (“Fairfax Asia”) as described in the Preliminary Information Disclosure has been completed by the execution of Deed of the Acquisition and Transfer of Shares No. 07 dated 10 October 2016, made before Kumala Tjahjani Widodo, S.H., MH., M.Kn., Notary in Jakarta (the “Shares Sale Transaction”).

Type of Assets for Sale

A total of 806,103,041 shares owned by the Company in AMAG which represents 16.1% of the paid-up capital of AMAG.

Shares Sale Transactions Value

The sale of shares will be made at the total price of Rp435,160,523,405. Such sale of shares price may be changed in accordance with price adjustment provision agreed by Fairfax Asia and the Company.

The Transacted Parties

Sellers

  • The Company;
  • Dana Pensiun Karyawan PT Pan Indonesia Bank;
  • PT Paninvest Tbk.; and
  • PT Panin Geninholdco.

​Purchaser

Fairfax Asia, a company incorporated under the laws of Barbados and having its registered address at #12 Pine Commercial, The Pine, St. Michael BB11103, Barbados.

Affiliate  Relationship

There is no affiliate relationship between the Company and Fairfax Asia.

As mentioned in the Preliminary Information Disclosure, implementation of the Shares Sale Transaction will not affect the operational activity or the business continuity of the Company. The Shares Sale Transaction will increase the Company’s funds (cash on hand) which will be used for the operational activity of the Company.

In relation to the Shares Sale Transaction, Fairfax Asia has made the announcement of the acquisition of AMAG in Bisnis Indonesia newspaper on 11 October 2016 in accordance with the provisions of Bapepam-LK Regulation No. IX.H.1 concerning the Acquisition of Public Company.

We hereby conclude the report on information or material facts. Thank you for your attention and cooperation.

 

Best Regards,

Board of Directors of PT Panin Financial Tbk.