Maybank could suspend the divestment of BII 20% shares

The Capital Market and Finance Institution Supervisory Agency (Bapepam-LK) eventually tolerates Malayan Banking Berhad (Maybank) to extend the divestment period of the 20 percent shares of PT Bank Internasional Indonesia Tbk.
Formerly, the divestment of BII 20 percent was only two years following the tender offer.
Bank Negara Malaysia re-opened the permit the Malayan Banking to acquire PT Bank Internasional Indonesia Tbk.
The information was addressed by Maybank in the public expose in the Malaysian Stock Exchange following the extended period given by Bapepam on the ongoing BII acquisition.
Maybank currently with Fullerton Financial Holding and Kookmin Bank attempted to finalize the acquisition proposal with reference to the share sale agreement dated on March 26, 2008. Article 21 of the Bapepam-LK regulation No. IX. H. 1 on the Go Public Company Takeover stipulates Bapepam-LK could extend the period for the new ultimate shareholder to meet the liability on condition that it is in emergency state.
Letter No. S-6428/BL/2008from Bapepam-LK chairman Ahmad Fuad Rahmany dated September 15 to the CEO of Maybank Dato Sri Abdul Wahid Omar informing the suspension of the refloating BII shares that might cause potentiall losses to the new ultimate shareholder. Secondly, the material losses condition is about 10 percent of the total investment in the acquisition of go public company.
Bapepam called for Maybank responses dealing with the letter and expected the BII acquisition to go on the positive direction.
The letter copy also goes to the Finance Minister, Sri Mulyani Indrawati, Bank Indonesia Governor Boediono, and Bank Negara Malaysia Governor Tan Sri Dato' Sri Zeti Akhtar Aziz.