JAKARTA -(Dow Jones)- Bidders have pulled out of negotiations to buy a stake in Indonesian Shariah lender PT Bank Muamalat, a person familiar with the matter said Thursday.
"All bidders are out now. They don't agree with the terms and conditions, which also include the price," said the person, who declined to be named. (source)
He didn't specify the price of the stake, although other people familiar with the situation said the deal could reach around $300 million.
Standard Chartered (STAN.LN) was the latest to pull out, following a similar move by Qatar Islamic Bank SAQ (QIBK.DO), or QIB, earlier this week. Other bidders were Oversea-Chinese Banking Corp. (039.SG) and Bank Permata (BNLI.JK), an Indonesian lender 45% owned by Standard Chartered.
In May, shareholders of Bank Muamalat, Indonesia's oldest Islamic lender, had put 51% of the bank's shares up for sale, a person close to the deal told Dow Jones Newswires at the time, adding that OCBC pulled out before the second round.
Herwidayatmo, the vice president of Bank Permata, confirmed Thursday that the bank has pulled out of the Muamalat race, without specifying the reason. He also declined to comment about Standard Chartered's move.
Standard Chartered said it won't comment on "any market speculation."
Founded in late 1991, the privately held Muamalat was Indonesia's first fully fledged Shariah bank, operating in accordance with Islamic law. It has 275 branches in Indonesia, serving 2.5 million customers and posted net profit of IDR170.9 billion ($20 million) last year.
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