Malayan Banking Berhad ("Maybank" Or "Company")

Oct 07, 2008 Back
Type Announcement
Subject MALAYAN BANKING BERHAD (“MAYBANK” OR “COMPANY”)
Contents PROPOSED ACQUISITION OF UP TO 100% EQUITY IN PT BANK INTERNASIONAL INDONESIA TBK (“BII”) PURSUANT TO:

(A) PROPOSED ACQUISITION OF THE ENTIRE EQUITY INTEREST IN SORAK FINANCIAL HOLDINGS PTE. LTD. (“SORAK”) FOR A TOTAL CASH CONSIDERATION OF APPROXIMATELY INDONESIAN RUPIAH (“RP”)13.9 TRILLION OR THE EQUIVALENT OF APPROXIMATELY RM4.8 BILLION (“PROPOSED ACQUISITION”); AND

(B) TENDER OFFER BY MAYBANK ARISING FROM THE PROPOSED ACQUISITION FOR THE REMAINING EQUITY INTEREST IN BII NOT OWNED BY SORAK AND ANY NEW ORDINARY SHARES IN BII THAT MAY BE ISSUED PURSUANT TO THE EXERCISE OF OPTIONS UNDER BII’S EMPLOYEE SHARE OPTION PLAN TO BE SATISFIED IN CASH (“TENDER OFFER”).

COLLECTIVELY REFERRED TO AS THE “PROPOSAL”
We refer to the announcement dated 30 September 2008 in relation to the Proposal.

On behalf of the Company, Aseambankers Malaysia Berhad is pleased to announce that Badan Pengawas Pasar Modal dan Lembaga Keuangan Indonesia (“Bapepam & LK”) vide its letter dated 6 October 2008 in response to Maybank's letter dated 30 September 2008, has informed Maybank of the following:

(i) Bapepam & LK has no objection on proposed acquisition by Maybank of at least 15% shares in BII from certain shareholders with the price lower than the Tender Offer price of Rp510 per share; and

(ii) Bapepam & LK has no objection to Maybank acquiring BII shares from the market at or below the proposed Tender Offer price of Rp510 per share.

Bapepam & LK has further stated that Maybank is also required to disclose the aforesaid items (1) and (2) in the announcement to undertake the Tender Offer, and acquisition of shares from the market can be executed during the period after the announcement to undertake the Tender Offer up to the effective date of the Tender Offer. Further, the Tender Offer for the remaining minority shareholders who are not participating in the sale of BII shares under items (1) and (2), must be made at the Tender Offer price of Rp510 per share.

Pursuant to the above, Maybank wishes to inform that it has entered into agreements with certain shareholders of BII to acquire a minimum of 7,947,019,338 shares in BII or approximately 16.26% of the total issued shares of BII (as of 31 March 2008) at a price of Rp433 per share. This involves a total purchase consideration of Rp3.44 trillion or approximately RM1.26 billion. With the abovementioned purchase of approximately 16.26% shares in BII, the total purchase consideration for approximately 71.86% equity interest in BII acquired by Maybank todate would amount to approximately RM5.52 billion. This represents a total reduction in price of approximately RM987.23 million from the previously agreed price of Rp510 per share in BII. The aforesaid agreements are scheduled to be completed not later than 10 October 2008.

This announcement is dated 7 October 2008.

 

Announcement Info

Company Name MALAYAN BANKING BERHAD  
Stock Name MAYBANK    
Date Announced 7 Oct 2008  
Category General Announcement
Reference No CU-081007-66375