CIMB Niaga Shares Surge 18.7% on Parent Group’s Delisting Speculation

JAKARTA, Investortrust.id — Shares of PT Bank CIMB Niaga Tbk (BNGA) jumped 18.71% to touch Rp 1,840 during intraday trading in Wednesday’s second session, Oct. 21, 2026, driven by market reports that its Malaysian parent entity, CIMB Group Holdings, is evaluating a potential voluntary delisting from the Indonesia Stock Exchange (BEI).

According to equity trading data, the benchmark banking counter gained 290 points to settle at Rp 1,840 per share following disclosures regarding a potential transaction to take CIMB Niaga private.

CIMB Niaga ranks as one of Indonesia’s primary mid-tier commercial lenders with entrenched franchises across corporate banking, wealth management, and Islamic finance. With its parent company already controlling over 91% of outstanding equity, the lender’s tradable public float has remained tightly constrained. Moving to take the unit private would resolve prolonged regulatory compliance hurdles around public free-float thresholds while providing the Malaysian banking group complete ownership of its high-performing Indonesian balance sheet at an opportune valuation.

Citing Malaysian daily The Star, a research report published Wednesday by CIMB Investment Bank revealed that CIMB Group Holdings is actively reviewing privatization options for CIMB Niaga. The analysis pointed out that BNGA's current market valuation remains depressed despite Indonesia's positive macroeconomic horizon.

The investment bank emphasized the lender's operational resilience across core business lines, including wealth management, corporate lending, cross-border ASEAN connectivity, mass affluent banking, and Sharia-compliant services.

To address statutory public shareholding minimums, the research note outlined three potential corporate pathways: placing equity with strategic institutional investors at an acceptable valuation, executing a re-IPO, or taking the entity private.

CIMB Investment Bank observed that pursuing a re-IPO remains unviable given current Indonesian equity market conditions, leaving privatization as the most credible strategic option for the parent conglomerate.

Concentrated Shareholding Profile

Capital market shareholding registries show that CIMB Group Sdn Bhd holds 22.99 billion shares, representing a 91.4452% controlling interest in BNGA.

In contrast, scriptless public holdings account for 7.4333%, or roughly 1.87 billion shares, while registered scrip-form public ownership comprises 1.0829%, or approximately 272.25 million shares.

This tight equity distribution underpins market expectations that a buyout could proceed smoothly, though the research commentary noted that a definitive delisting determination has yet to be finalized.