The Capital Market and Financial Institution Supervisory Board (Bapepam-LK) said that transaction plan between OCBC (Oversea Chinese Banking Corporation) and PT Trimegah Securities Tbk has been cancelled as the two parties could not provide transaction scheme complying with the regulation.
The Chairman of Bapepam LK A Fuad Rahmany said based on the regulation said that a party may not have ownership of up to 20% at two members of bourse. Based on this regulation, the authority could not pass the transaction.
On January 9 OCBC, through its unit Excel Holding Private, has planned to buy 25% shares of Trimegah at IDR160 per unit. The total transaction will be around IDR585 billion or US$65 million.
The Singapore's bank has planned to control Trimegah by planning to buy additional shares of 21.5% of Trimegah shares from other shareholder. But at the same time OCBC also owns some shares at NISP Bank, the owner of NISP Sekuritas.
Sunday, March 11, 2007
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