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

Sep 30, 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 25 September 2008 in relation to the Proposal.

Further to the conditions of the approval by Bank Negara Malaysia (“BNM”) on the Proposal as announced on 25 September 2008, Maybank has been engaged in extensive discussions with Fullerton Financial Holdings Pte. Ltd. (“FFH”) on meeting BNM’s conditions.

Arising therefrom, Maybank has entered into a Supplemental Agreement with FFH and Kookmin Bank (“KB”) dated 30 September 2008 providing, inter-alia, the following:

(i) to complete the Proposed Acquisition on 30 September 2008; and

(ii) FFH and Kookmin Bank (“KB”) shall provide a combined rebate/reduction in price of SGD315.2 million or approximately RM758.9 million to the total purchase consideration payable by Maybank for the Proposed Acquisition resulting in the implicit price payable per BII share held by Sorak of Rp433.

For the avoidance of doubt, the Tender Offer will still be conducted at Rp510 per BII share.

Maybank wishes to announce that it has on 30 September 2008 completed the Proposed Acquisition. With the rebate/price reduction of SGD315.2 million or approximately RM758.9 million, the total cost of acquisition of the effective 55.6% equity interest in BII is approximately SGD1.77 billion or approximately RM4.26 billion.

This announcement is dated 30 September 2008.

 

Announcement Info

Company Name MALAYAN BANKING BERHAD  
Stock Name MAYBANK    
Date Announced 30 Sept 2008  
Category General Announcement
Reference No CU-080930-39352