• Most Popular
  • Most Shared

UPDATE 1-Indonesia's bourse halts trading in BII shares

Mon Sep 29, 2008 12:22am EDT

Stocks

   

(Adds comments from stock exchange)

JAKARTA, Sept 29 (Reuters) - The Indonesian stock exchange halted trading in PT Bank Internasional Indonesia Tbk (BNII.JK) on Monday following lingering uncertainties over the fate of plans by Malaysia's Maybank (MBBM.KL) to acquire the lender.

Malaysia's central bank told the state-owned Maybank to lower the price of its $2.7-billion bid for BII last week, which pulled BII shares by more than a third on Friday.

The trading halt came after Fullerton Financial Holdings, a unit of Singapore's Temasek [TEM.UL], said on Saturday it had offered an improved deal for the sale of its stake in BII, but Maybank did not accept it.

"We are waiting for more developments because there were talks this morning between Maybank, Fullerton and Kookmin on the transaction," Erry Firmansyah, president director of Indonesia Stock Exchange, told Reuters through a mobile phone text message.

Maybank agreed in March to pay $1.5 billion, or 510 rupiah per share, for a 55.5 percent stake in BII From Fullerton and South Korea's Kookmin Bank 060000.KS, and to make a tender offer for the remaining shares, putting the total price tag at $2.7 billion.

Several analysts criticised the deal at the time, saying the Malaysian bank had overpaid for BII. (Reporting by Harry Suhartono, editing by Sugita Katyal)



More from Reuters

Joint Terminal Attack Controller SSgt Clinton J. Herbison, a U.S. Airman from the 817 Expeditionary Air Support Operations Squadron (EASOS) takes a break during a night mission near Honaker Miracle camp at the Pesh valley of Kunar Province August 12, 2009. Credit: REUTERS/Carlos Barria

Pictures of the Year

A look at the best photos of 2009.  Slideshow 

    PICTURES
    The Dalai Lama jokes with a nasal spray after being asked his opinion on the swine flu during a press conference after his first lecture in Lausanne, Switzerland, August 4, 2009. REUTERS/ Valentin Flauraud

    What a wacky year it's been...

    Um, what's up the Dalai Lama's nose? "Oddly Enough" editor Bob Basler rounds up the goofiest photos of the year.  Full Article 

    Oddly Enough
    A caution sign is seen next to a stock board at the Australian Securities Exchange (ASX) in Sydney September 5, 2008. REUTERS/Daniel Munoz
    Political Risk in 2010:

    Don't say we didn't warn you

    With the financial crisis (mostly) in the past, U.S. investors are eying a fresh start to the coming year. Here's a look at what speedbumps lie ahead.  Full Article 

    Global Markets