INDONESIA - BANKING - Maybank Granted Extension for Sell-Down of BII

Theindonesiatoday.com - The Capital Market and Financial Institution Supervisory Agency (Bapepam) has granted Maybank an extension of period to fulfill mandatory sell-down requirement for PT Bank International Indonesia (BII) Tbk shares.

Maybank informed Bursa Malaysia Tuesday (January 3rd) that Maybank is given an extension to complete the sell-down exercise by June 1st, 2012. (source)

Bapepam had on May 31, 2011 granted an extension period for Malayan Banking Berhad (Maybank) until December 1, 2011 to sell-down Bank International Indonesia (BNII) shares. Maybank requested for further extension of the program 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.

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 within two years. (Indonesia Today)

Source :  http://www.theindonesiatoday.com/Latest-News/Latest-News/Maybank-Granted-Extension-for-Sell-Down-of-BII/News - Jan 3, 2011