BANKING - Bapepam Grants Maybank Extension on Mandatory Sell-Down of BII

Theindonesiatoday.com - The Capital Market Supervisory Agency (Bapepam) has on November 30, 2010 granted an extension of time for Malayan Banking Berhad to fulfill the sell-down requirement and complete the sell-down exercise of Bank International Indonesia (BII) by June 1st, 2011.


Maybank received Bapepam's decision on December 2nd, 2010 about the extension. "Maybank may request for further extension if the sell down exercise would result in Maybank incurring a potential loss in excess of 10% of Maybank's original value of BII acquisition, preferably 2 weeks before 1 June 2011," Maybank told Bursa Malaysia today.

Maybank acquired 55.6 percent shares in BII on Tuesday for US$ 1.24 billion after consortium members, Singapore’s Temasek Holdings and South Korea’s Kookmin Bank. The purchase price was Rp433 per share. Maybank then tendered offer the remaining shares for US$1.2 billion.

BII closed higher by 7.35% to Rp730 Friday (Dec 3rd). At that price, BII currently has market capitalization of Rp36.53 trillion or US$4 billion. (Theindonesiatoday.com)

Source : http://theindonesiatoday.com/banking-headline/5962-bapepam-grants-maybank-extension-on-mandatory-sell-down-of-bii.html - Dec 3, 2010