KUALA LUMPUR:Malayan Banking Bhd’s hopes to acquire Bank Internasional Indonesia (BII) were revived after Indonesia’s regulator Bapepam said it might extend the timeframe for Maybank to sell-down the BII stake.
Maybank said on Tuesday it had received a letter from Badan Pengawas Pasar Modal and Lembaga Keuangan (Bapepam) of a possible “conditional extension to the timeframe of the 20% re-float requirement” based on the New Take-Over Rule. It added Bapepam would provide a conditional extension to the two-year timeframe to implement the public re-float rules after the new controlling party had acquired more than 80% of BII via a mandatory tender offer.
However, Bapepam said this was conditional in the event a re-float exercise would risk potential material losses to the new controlling party.
Another condition was that if the potential losses incurred by the new controlling party exceeded 10% of the total investment value incurred in acquiring the listed company.
Maybank also said Bank Negara had reinstated its earlier approval, which was granted in March, allowing Maybank to acquire BII given that Bapepam agreed to grant the flexibilities on the sell-down rule.
”With the approval of BNM being reinstated, barring any unforeseen circumstances, all conditions precedent to the Share Sale Agreement dated March 26 (SSA) have been met.
“Maybank will now engage with Fullerton Financial Holdings Pte. Ltd. and Kookmin Bank towards completing the Proposed Acquisition in accordance with the terms of the SSA,” it said.