Commonwealth Bank controls Astra CMG Life`s 80% stake

Jakarta (Antara News) - The Commonwealth Bank of Australia (CBA) said on Tuesday it has bought 80 percent of Astra CMG Life`s shares from PT Sedaya Multi Investma (SMI), a subsidiary of publicly-listed automotive company PT Astra International.

CBA will team up with local company PT Gala Arta Jaya which holds 20 percent of Astra CMG Life`s shares, CBA said in a press statement.

"Both CBA and Astra see that joint venture between Astra and CBA has reached a level of maturity. For the sake of this business` future success, we proposed that one of the parties become a majority shareholder. After indepth discussions and considerations we decided to appoint CBA as the majority shareholder of Astra CMG Life," Astra Financial Service`s group director Gunawan Geniusahardja said.(*)
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