* 51 pct stake valued at around $300 mln - sources
* Bank Muamalat says several investors interested in stake
* OCBC looked at the deal, no longer keen-sources
(Adds Muamalat comment, details on shareholders)
By Harry Suhartono
SINGAPORE, May 25 Top shareholders of
Indonesia's PT Bank Muamalat are looking to sell at least a 51
percent stake in the unlisted Islamic lender, in a deal that may
be valued at about $300 million, sources with knowledge of the
plans said on Wednesday.
Bank Muamalat confirmed the sale process and said several
investors have conducted due diligence to buy the stake.
Singapore's second-biggest lender Oversea-Chinese
Banking Corp had looked at the bank in the first
round, but is no longer interested, two sources told Reuters.
Bloomberg, which first reported the sale plan, said PT Bank
Permata, a unit of Standard Chartered , Qatar Islamic
Bank and OCBC were among bidders. The deal may value the bank at
$600 million, it reported.
Muamalat's total assets are 21.4 trillion rupiah ($2.5
billion). Its top three shareholders who are trying to sell the
stake are Islamic Development Bank, Boubyan Bank Kuwait
, and Saudi Arabia's Atwill Holdings Ltd, according to
a source with direct knowledge of the deal.
These shareholders collectively control 75.7 percent of the
lender, according to its website.
Indonesia, the world's most populous Muslim
nation, has a huge untapped market for Islamic banking, which
local and international investors are trying to capture.
Qatar National Bank last year bought an 82 percent stake in
small local lender Bank Kesawan for $82 million.
Bank Danamon , controlled by Singapore state
investor Temasek , and TPG-backed Bank Tabungan
Pensiunan Nasional also plan to expand their shariah business.
Morgan Stanley is advising the shareholders on the
sale, sources said, adding second-round bids are due in June.
Spokeswomen for OCBC and Morgan Stanley declined
Last year, Malaysian Islamic lender Bank Islam was trying to
buy a stake in Bank Muamalat but dropped the plan earlier this
(Additional reporting by Denny Thomas in Hong Kong, Fathiya
Dahrul in Jakarta and Saeed Azhar in Singapore; Editing by