Maybank has until year-end for BII sell down

Publish date: Fri, 19 Jul 2013, 09:28 PM
KUALA LUMPUR: Malayan Banking (Maybank) Bhd has received a further extension of time from Indonesia's financial services authority, Otoritas Jasa Keuangan, to fulfill the mandatory sell down requirement for PT Bank Internasional Indonesia TBK (BII).
Maybank, in a filing to Bursa Malaysia today, said the bank was granted an extension until Dec 31, 2013 to comply with the free float requirement of 20 per cent of the issued and paid-up share capital of BII. - Bernama

Labels: MAYBANK

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KC Loh

The way this is titled is a bit misleading. OJK time and again has given maybank extension to sell of its stake to comply with their newly made requirements. They cannot force a loss down the throat of maybank if it cannot find suitable buyers for it 511 rupiah per share equity. Current price is hovering 460-wish I think

2013-07-20 11:26

apprentice

Legally the statement is correct. Even though OJK continues to give extension, the latest extension approved this month is until end of 2013.
MBB will then have to appeal again to have it extended another 6 months which of course OJK will grant based on the same grounds.

2013-07-20 11:47

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