- Based on update from Malayan Banking (Maybank), we understand that there will be no financial impact from the sale of its 9% stake in PT Bank Internasional Indonesia Tbk (BII).
- To recap, Maybank sold the 9% stake at IDR355/share to UBS. The press has reported that the sale price is below the IDR510/share price paid by Maybank under the tender offer portion.
- We have confirmed that there is no financial impact from the sale, whether one-off or in relation to any requirement to do provision for impairment for Maybank’s remaining 80% stake. This is positive for Maybank.
- We believe Maybank is seeking extension for the remaining 8.3% yet to be sold. We believe the timeline is mid-2013.
- Separately, Maybank has also indicated that the recent rise in Malaysian Government Securities yield will not have a significant impact to its financial statements.
- Maybank has also indicated that the Developer Interest Bearing Scheme (DIBS) mortgage makes up about 5% of its mortgage portfolio.
- It believes there should not be any significant impact to its bottomline, if there are any curbs to the DIBS scheme.
- We maintain HOLD.
Source: AmeSecurities
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