Flooring Guide by Cinvex – , JAKARTA — PT Bank Rakyat Indonesia (Persero) Tbk. (BBRI), through its subsidiary PT Permodalan Nasional Madani (PNM), has formally entered into a Conditional Sale and Purchase Agreement (CSPA) with PT Danantara Asset Management (DAM). This strategic move involves the divestment of shares in PT PNM Investment Management (PNM IM), with the transaction valued at IDR 345 billion.
As detailed in an information disclosure released on April 2, 2026, the agreement encompasses the sale of 109,999 shares, representing a substantial 99.999% of PNM’s total ownership in PNM IM. This significant divestment underscores a pivotal shift in the corporate landscape, with the overall transaction value reaching the aforementioned IDR 345 billion.
The CSPA was officially signed on April 1, 2026. However, the completion of this intricate transaction remains contingent upon the fulfillment of several prerequisites. Notably, securing all necessary regulatory approvals, in accordance with prevailing legal stipulations, is a key condition that must be met before the deal can be finalized.
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The disclosed documents further clarify that this transaction is classified as an affiliated transaction. This designation arises from the fact that PNM, BRI, and DAM all operate under the unified control of the same entity: the Republic of Indonesia. Despite this affiliation, the company has unequivocally affirmed that this corporate action is devoid of any conflicts of interest.
“This affiliated transaction does not constitute a transaction containing a conflict of interest as defined in POJK 42/2020,” the management stated in the official information disclosure. This assertion underscores the company’s commitment to transparency and adherence to regulatory frameworks, ensuring the deal’s integrity.
From a valuation perspective, an independent appraiser, Public Appraisal Services Office Suwendho Rinaldy dan Rekan (KJPP SRR), assessed the market value of PNM IM at IDR 342.65 billion. The agreed-upon transaction price is therefore considered fair and reasonable, as it surpasses this independently determined market valuation, indicating a favorable outcome for the seller.
Furthermore, a comprehensive study conducted on the transaction highlights its potential to significantly enhance the company’s financial performance. Beyond bolstering corporate finances, this divestment is also anticipated to generate substantial added value for shareholders, promising a positive return on their investment and a strengthened market position.
Management elaborated that this strategic maneuver aligns perfectly with DAM’s overarching strategy as an operational holding company. The goal is to cultivate a more competitive and highly efficient asset management firm. The synergistic business relationships forged through this transaction are expected to reinforce capabilities across the board, ultimately delivering broader benefits to all stakeholders involved.