www.theindonesiatoday.com -
KUALA LUMPUR, Indonesia Today
- Malayan Banking Berhad (Maybank) has been granted a further extension
of six months to fulfill the sell-down of Bank Internasional Indonesia
(BNII) shares.
Maybank informed Bursa Malaysia
Friday (July 6) that on 5 July 2012, the bank received an approval
letter dated 29 June 2012 from Badan Pengawas Pasar Modal dan Lembaga
Keuangan (Bapepam), wherein Bapepam has granted a further extension of
time of six (6) months starting from the date of the Approval Letter for
Maybank to fulfill the Sell-Down Requirement (source)
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)
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