Dai-ichi Life Insurance Co has signed a purchase agreement with PT Panin Financial Tbk (PNLF, IDR 285, not rated) to buy 40% stake in Panin Life worth of IDR 3,3 trillion (USD 337 million). Prior to the acquisition, Panin Financial has 62.88% stake in Panin and Panin Life International has a 36.12%.
Dai-ichi will buy Panin Life shares through three schemes. The scheme is 5% of new shares issued by Panin Life, 35% of new shares from the rights issue of Panin International so Dai-ichi will have a 36.842% stake in Panin International, and finally 95% stake of Panin Life will be owned by Panin International where Dai-ichi owned 36.84% of its shares.
From the net profit of IDR 120 billion in 2012, Panin Life Insurance valuation is 68x stock price per earnings ratio historically (historical PE ratio). On the other hand, Panin Financial valuation which listed on the stock exchange is IDR 503 per share based on 45.5% stake in PT Bank Pan Indonesia Tbk (Bank Panin, PNBN IJ, NEUTRAL, IDR 850, IDR 890 TP) and 60% in Panin Life Insurance.
for Indonesia market Summaries 5 June 2013
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