Tuesday, January 3, 2012

Maybank given until June to sell down stake in BII

KUALA LUMPUR (Jan 3): MALAYAN BANKING BHD [] has been given a further extension until June 1, 2012 to sell down its stake in PT Bank Internasional Indonesia Tbk (BII).

Maybank said on Tuesday it had received a letter, dated Dec 27, from Indonesia's Badan Pengawas Pasar Modal dan Lembaga Keuangan (Bapepam) where the latter had given it more time to undertake the corporate exercise.

The corporate exercise is to fulfill the mandatory sell-down requirement for BII, after several extensions.

Maybank owns 97.5% of BII which it had acquired in 2008 amid much criticism that it had paid too much for the Indonesian bank.

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