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Indonesia bourse to let BII trading resume

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October 6, 2008

Indonesia bourse to let BII trading resume
The Indonesia Stock Exchange will lift a trading halt on shares of PT Bank Internasional Indonesia Tbk on Monday, the exchange's president director told Reuters.

The trading halt was imposed a week ago amid lingering uncertainties over the fate of plans by Malaysia's Maybank to acquire the lender.

Maybank sealed the long-awaited purchase of a controlling stake in BII on Sept. 30 after persuading BII's core shareholders to sweeten the deal.

"Yes, God willing this morning the trading halt will be removed," Erry Firmansyah said via a mobile phone text message.

Maybank paid 4.26 billion ringgit ($1.24 billion) for the 55.6 percent stake after majority shareholders Fullerton Financial Holdings, a unit of Singapore's Temasek , and South Korea's Kookmin Bank agreed to provide a rebate of 758.9 million ringgit, Maybank said in a statement last week.

Maybank had agreed in March to pay the two shareholders $1.5 billion, or 510 rupiah per share, and to tender for all remaining equity, putting the total price tag at $2.7 billion.

The rebate effectively cut the price for the 55.6 percent holding to 433 rupiah per share.

However, the tender for outstanding shares will still be made at 510 rupiah per share, valuing the bid for the remaining 44.3 percent of BII at 3.8 billion ringgit, Maybank said in the statement to the stock exchange.

In September, Malaysia's central bank told the state-owned Maybank to lower the value of the bid, which pulled the Indonesian lender's shares down by more than a third to 310 rupiah on Sept. 26.

Malaysia's central bank had previously blocked the purchase when Indonesian regulators insisted Maybank would have to sell part of BII. That block was lifted on September 16.

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