Bank of Singapore Divests Entire Stake in Bank Capital Indonesia

Rapid Divestment After Strategic Acquisition

Bank of Singapore Limited has completely divested its 14.03% stake in PT Bank Capital Indonesia Tbk (BACA), merely weeks after acquiring the shares. The divestment involved 2.8 billion shares, representing the entire 14.03% stake, at a nominal price of Rp1 per share. This transaction was executed through a repurchase agreement and was completed on December 24, 2025.

Transaction Details and Implications

The shares were originally acquired on December 19, 2025, through GIA Ventures Pte Ltd at Rp168 per share. The rapid divestment at a significantly lower price raises questions about the strategic rationale behind both the acquisition and subsequent sale. Bank of Singapore has confirmed that it was not considered a controlling shareholder before or after the transaction.

Market Reaction and Stock Performance

Following this news, BACA's stock price showed a positive reaction, rising 9.01% to Rp242 per share during trading. On a year-to-date basis, the stock has increased by 1.17%. The stock has been trading in the range of Rp224 to Rp252 per share. Bank Capital Indonesia maintains a market capitalization of Rp4.78 trillion.

Regulatory Compliance and Ownership Structure

The transaction was reported to the Financial Services Authority (OJK) and disclosed through the Indonesia Stock Exchange (BEI). Bank of Singapore's divestment brings its ownership stake in Bank Capital to zero from 14.03%. The divestment was structured as a 'free of payment - transfer out' transaction, indicating no additional financial considerations beyond the initial sale.