CIMB denies plan to take CIMB Niaga private amid free-float compliance questions
CIMB Group Holdings Berhad said it has neither decided on nor submitted a formal proposal to take its Indonesian subsidiary, PT Bank CIMB Niaga Tbk, private. The October 22 denial followed Malaysian media reports describing delisting as a possible response to Indonesia's higher public-shareholding requirement.
Group reaffirms commitment to Indonesia
"CIMB firmly denies any plans to privatise CIMB Niaga's shares," management said in its statement on Thursday, October 22.
The group said CIMB Niaga remains central to its regional business and reaffirmed its commitment to operating in Indonesia. It also pledged to meet Indonesian capital market rules, including minimum free-float requirements, through a timely and orderly process.
Earlier reports had identified three options under consideration: finding a new strategic investor, relisting through an initial public offering, or delisting. Several Malaysian media outlets cited a CIMB Securities research note that called delisting and privatization the "most strategic and credible" option given Indonesia's volatile and sluggish stock market.
Alongside its denial, CIMB said the considerations and proposals were still at an "early stage, with various regulatory challenges to be addressed."
Public-shareholding deadlines
CIMB owns 92.46% of CIMB Niaga as of October 2026, leaving a small minority free float, according to The Star. IDNFinancials data showed the subsidiary's free float at 7.5% in September.
An amendment to IDX Regulation No. I-A took effect on March 31, 2026, doubling the minimum free float for existing listed companies from 7.5% to 15% of total listed shares. Transition deadlines depend on companies' market capitalization as of that date, according to PwC Indonesia. CIMB Niaga must reach 12.5% by March 2027 and 15% by March 2028.
Market conditions complicate efforts to increase the public float. MSCI has warned that concerns about transparency and trading practices could lead it to downgrade Indonesia from emerging-market to standalone-market status. The warning prompted a sharp stock-market sell-off, according to DealStreetAsia.
CIMB Niaga has traded on the Indonesia Stock Exchange under the ticker BNGA since 1989. On October 21, 2026, its shares traded at 1,585 rupiah, down 10.45% from the start of the year.
Analysts assess a possible buyout
Analysts have estimated the cost of privatization, though CIMB says it has made no decision to pursue it. MBSB Investment Bank put the cost of buying out minority shareholders at about 2.95 trillion rupiah ($164 million), using the then share price of 1,550 rupiah. A 30% premium would bring the estimate to 3.84 trillion rupiah ($213.5 million), DealStreetAsia reported.
AmInvestment Bank Research separately estimated that acquiring the remaining 7.5% minority stake would cost about RM600 million to RM700 million. It judged that amount well within CIMB's capacity, noting roughly RM850 million in excess capital from the sale of the group's Thai auto financing business, according to The Star.
There is also a Thai precedent. CIMB Thai Bank's delisting from the Stock Exchange of Thailand took effect on September 12, 2026, after that exchange changed its minimum free-float requirements. CIMB cited the move as a possible precedent for minority-ownership arrangements, DealStreetAsia reported.
Upcoming earnings releases
CIMB Niaga is scheduled to report third-quarter 2026 results on October 28. CIMB Group's earnings announcement is scheduled for November 25, according to The Star.