Sign up | Log in



Related Stories
July 30, 2008
Approval for Maybank’s BII purchase revoked

July 27, 2008
Indonesia: BII must stay public after tender offer

June 21, 2008
Malaysia's CIMB to buy BankThai stake

August 2, 2008

Maybank did not complete BII deal
Temasek Holdings said Malaysia’s largest bank, Maybank, failed to complete a plan to buy the Singapore sovereign fund’s 55.5 percent stake in Bank Internasional Indonesia (BII), reported Reuters on Friday.

Temasek’s statement on Friday did not make clear if Maybank had drawn the final curtain on the $2.7 billion deal, which drew rebuke from analysts who said Malaysian lender was overpaying.

Shares of Maybank have risen after the Malaysian central bank blocked its plan to buy the controlling stake in BII.

Maybank told analysts on Wednesday that it will lose a deposit of about 480 million ringgit ($148 million) if the regulatory issue is not resolved by September.

Temasek said the deadline for completion of the deal expired on Thursday.

“The BII transaction had been scheduled for completion on July 31. Unfortunately, completion did not take place because, according to Maybank, there was no Bank Negara’s approval for the transaction,” Temasek said.

Maybank in March said it would buy 55.5 percent stake in Indonesia’s sixth-biggest lender BII for $1.5 billion from Temasek and South Korea’s Kookim and will make a tender offer for the rest, valuing the deal at $2.7 billion.

The acquisitions was priced at about 4.6 times book value, double Maybank’s 2.3 and compared with Indonesian No. 1 Bank Mandiri’s 1.98.

More on Singapore

More on Malaysia

More on Indonesia

More on Investment

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

| Terms of Use | Site Map | Privacy Policy  | DISCLAIMER |

Version 5.0
Copyright © 2006-2019 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand