Executive Summary

Key insights and market outlook

Bank of Singapore Limited has acquired 2.8 billion shares (14.03% stake) in PT Bank Capital Indonesia Tbk. (BACA) through a repurchase agreement (repo) transaction priced at Rp168 per share ¹

. The investment doesn't constitute controlling ownership, with Capital Global Investama remaining the majority shareholder at 50.66% ¹. The transaction caused BACA's share price to surge 27.27% to Rp238, significantly above the repo price, reflecting strong market interest ².

Full Analysis

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Deep Dive Analysis

Bank of Singapore Enters Indonesian Banking Sector through Strategic Investment

Significant Stake Acquisition in Bank Capital

Bank of Singapore Limited has made a strategic investment in PT Bank Capital Indonesia Tbk. (BACA) by acquiring 2.8 billion shares representing 14.03% of voting rights through a repurchase agreement (repo) transaction ¹

. The deal, executed on December 19, 2025, was priced at Rp168 per share, below the current market price that subsequently rose to Rp238 following the announcement ².

Investment Structure and Implications

The investment was made through GIA Ventures Pte Ltd and was classified as a 'married trade', meaning it was executed outside regular market mechanisms ¹

. Bank of Singapore explicitly stated that this acquisition doesn't constitute controlling ownership or plans to take over Bank Capital's management. Capital Global Investama, the existing majority shareholder, reduced its stake from 63.69% to 50.66% but remains the controlling shareholder ¹.

Market Reaction and Valuation

The announcement triggered a significant market reaction, with BACA's share price surging 27.27% to Rp238 during trading on December 29, 2025 ²

. The stock showed high volatility, trading between Rp216 and Rp252, with the market capitalization reaching approximately Rp4.70 trillion. The P/E ratio stood at around 51.9 times based on intraday data ².

Strategic Significance

This investment by Bank of Singapore marks another instance of global investors entering Indonesia's banking sector through strategic share purchases. The use of repo transactions provides a viable alternative to direct acquisitions, allowing investors to gain significant stakes without immediate control implications. The substantial premium between the repo price (Rp168) and market price (Rp238) highlights the market's positive perception of Bank Capital's prospects ¹

².

References