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August 8, 2008

Indonesia regulator may ease BII sale rule
Indonesia’s market regulator may ease rules which would apparently require Malaysia’s Maybank to cut its stake in Bank Internasional Indonesia (BII) in two years, said Reuters Thursday.

“There is a possibility that it (the time period) can be extended with the caveat that one has to look at the market condition,” Ahmad Fuad Rahmany was quoted as telling reporters on Wednesday.

“Though for now that option isn’t there,” he said.

The deal $2.7 billion deal was stalled by Malaysia’s central bank which said that the sale requirement would destroy shareholder value at Maybank, forcing it to sell at under its purchase price.

A source familiar with the transaction in Malaysia said earlier this week that the selldown would be acceptable if the period were extended to five years.

Maybank shares sold off heavily when the acquisition was announced as investors and analysts believed it was overpaying.

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