KUALA LUMPUR (Yosefardi) – Malayan Banking Berhad confirmed it has disposed of 5.67 billion ordinary shares in PT Bank Internasional Indonesia (BII) Tbk (BNII), representing approximately 9.3% of the issued and paid-up share capital of BII, to a third party investor.
The disposal was completed on 22 November 2013. The group has also entered into a commercial arrangement where the economic exposure resulting from the Disposal is being retained.
Hence, the disposal will not result in any material financial impact to the group. With the completion of the disposal, the free float of BII shares has increased from around 11.7% to 20% of the issued and paid-up share capital of BII.
The disposal was undertaken to ensure compliance with the Otoritas Jasa Keuangan (OJK)’s mandatory sell down requirement under the OJK Regulation No. IX.H.1 in respect to Maybank’s acquisition of BII in 2008.
The group is now in full compliance with the sell down requirement which seeks to achieve a 20% public float in BII.