BCA Clarifies Share Purchase Issue and Rp 60 Trillion Debt Rumor
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JAKARTA, Investortrust.id — PT Bank Central Asia Tbk, or BBCA, has clarified on Wednesday, Aug 20, 2025, that the information circulating about the acquisition of 51% of its shares for Rp 5 trillion was fully in line with market mechanisms at the time. The bank emphasized that its market capitalization during the acquisition was only Rp 10 trillion, not Rp 117 trillion as frequently claimed in public narratives.
Corporate Secretary BCA I Ketut Alam Wangsawijaya explained that the Rp 117 trillion figure often mentioned referred to BCA’s total assets, not its market value. He underlined that the company’s market capitalization was determined by multiplying its share price on the Indonesia Stock Exchange by the number of shares outstanding.
“Following BCA’s initial public offering in 2000, its share price was established by market forces. When the strategic private placement took place, BCA’s valuation was about Rp 10 trillion, not Rp 117 trillion,” Ketut said during an official statement at the exchange in Jakarta.
He further noted that the acquisition of 51% of BCA shares by the FarIndo consortium through a tender organized by the Indonesian Bank Restructuring Agency (BPPN) was a transparent and accountable transaction, reflecting market conditions at the time.
Ketut also addressed a separate rumor regarding Rp 60 trillion in debt to the state. He clarified that the information was false, stating, “In our balance sheet, BCA in fact held government bonds worth Rp 60 trillion, which were fully settled in 2009 in line with applicable laws and regulations.”
Senior Market Analyst Mirae Asset Sekuritas Indonesia Muhammad Nafan Aji Gusta said that calls for the government to acquire 51% of BCA shares were merely speculative narratives pushed by certain parties. He stressed that the government was likely monitoring market conditions carefully before taking any policy stance.
“Market dynamics like these can influence the government’s approach, but I believe the priority will remain on pro-market policies,” Nafan told Investortrust.id in Jakarta.
Nafan added that BBCA is one of the largest companies in Indonesia with a market capitalization of more than Rp 1,000 trillion, second only to renewable energy giant PT Barito Renewables Energy Tbk (BREN). He noted that any policy toward BCA would have a major impact on Indonesia’s stock market.
“Given its scale, I am confident the government will take a pro-market position regarding this issue,” he said.
On fundamentals, Nafan pointed out that BCA remained strong, supported by credit growth prospects surpassing state-owned lenders. With its share price having dropped sharply in recent days, he recommended investors to accumulate BBCA shares, setting an initial resistance target at Rp 8,550 and a final resistance target at Rp 12,325.
“Currently, BBCA is undergoing a mediation test phase as part of its long-term uptrend. This depreciation should be viewed as an opportunity for accumulative buying,” he explained.
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