ID :
19599
Mon, 09/15/2008 - 19:38
Auther :
Shortlink :
https://oananews.org//node/19599
The shortlink copeid
INDONESIAN REGULATOR REJECTS MAYBANK'S PROPOSAL ON PT BANK
KUALA LUMPUR, Sept 15 (Bernama) -- Maybank's proposed acquisition of PT Bank Internasional Indonesia Tbk (BII) is set to fail as a proposal to resolve the issue has been rejected by the Indonesian regulator.
In a filing to Bursa Malaysia Monday, Maybank said the rejection was conveyed by the Badan Pengawas Pasar Modal(Bapepam)in a letter dated Sept 9. Maybank, Malaysia's largest bank, had submitted the proposal on Sept 4.
Bapepam had stated in its response that it was unable to consider the request for Maybank to be exempted from the provisions of the new take over rule or allow it to undertake a partial tender offer on the shares of BII as proposed.
The Indonesian regulator reasoned that such an exemption would create a negative precedent for the newly introduced regulation and would undermine the fundamental objective of the new take over rule as well as the redibility of Bapepam's regulatory function.
Maybank had proposed earlier to Bapepam to conduct a partial tender offer up to 80 percent of the shares of BII as this approach would meet the authority's objective of achieving a 20 percent public free float upon the close of the tender.
It said that it respected the latest decision of Bapepam.
Maybank explained that under the terms of the share sale agreement dated March 26, 2008, in the event of any conditions in it not being fulfilled by Sept 26, it would lapse.
In a filing to Bursa Malaysia Monday, Maybank said the rejection was conveyed by the Badan Pengawas Pasar Modal(Bapepam)in a letter dated Sept 9. Maybank, Malaysia's largest bank, had submitted the proposal on Sept 4.
Bapepam had stated in its response that it was unable to consider the request for Maybank to be exempted from the provisions of the new take over rule or allow it to undertake a partial tender offer on the shares of BII as proposed.
The Indonesian regulator reasoned that such an exemption would create a negative precedent for the newly introduced regulation and would undermine the fundamental objective of the new take over rule as well as the redibility of Bapepam's regulatory function.
Maybank had proposed earlier to Bapepam to conduct a partial tender offer up to 80 percent of the shares of BII as this approach would meet the authority's objective of achieving a 20 percent public free float upon the close of the tender.
It said that it respected the latest decision of Bapepam.
Maybank explained that under the terms of the share sale agreement dated March 26, 2008, in the event of any conditions in it not being fulfilled by Sept 26, it would lapse.
