Theindonesiatoday.com - Indonesian Capital Market Supervisory Agency (Bapepam) had on May 31 granted an extension period for Malayan Banking Berhad (Maybank) until December 1, 2011 to sell-down Bank International Indonesia (BNII) shares.
BII told Indonesia Stock Exchange (IDX) today that Maybank may request for further extension of the program two weeks before December 1, 2011 if the sell-down exercise would result in Maubank incurring a potential loss in excess of 10% of Maybank's original value of BII acquisition.(source)
Maybank acquired 55.6 percent shares in BII 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.
Pursuant to the decision of the chairman of Bapepam dated June 30, 2008, Maybank, as the controlling shareholder of BII, is required to float to the public shareholders at the minimum of 20% of the issued share capital of BII.
Maybank has since launched retail sell-down of BII shares. The stock closed higher by 1.72% to Rp590 Wednesday (June 1). BII has lost 42% its value from its peak late last year. (Theindonesiatoday.com)
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