Indonesia's Bank Mayapada shares jump 5 pct after stake sale

Tue Jan 7, 2014 3:07am EST

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JAKARTA, Jan 7 - Indonesian lender Bank Mayapada's shares rose as much as 5 percent on Tuesday after Japan-based investment company J Trust Co Ltd acquired a 10 percent stake in it.

J Trust bought 347.8 million shares at 1,600 rupiah per share, Bank Mayapada said in a filing with the Indonesian stock exchange.

Indonesian banks need to boost their core capital to 6 percent of risk-weighted assets from 5 percent so that they are more resilient should there be a financial crisis, its central bank had said earlier.

At 0740 GMT, Mayapada's shares were up 4.5 percent at 2,090 rupiah. The broader Jakarta Composite Index was 0.4 percent lower, while the Jakarta finance index was up 0.4 percent. (Reporting by Andjarsari Paramaditha; Editing by Prateek Chatterjee)

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