OJK official hints at green light for BII’s rights issue plan | Kontan
(The Insider Stories) — A senior official at the Financial Services Authority (OJK) hinted the body will give the goahead for Bank Internasional Indonesia’s (BNII) planned rights issue, Kontan reported Tuesday.
OJK deputy commissioner Robinson Simbolon was quoted as saying the rights issue could be used as a way to re-float some of BII’s shares to the public, without elaborating on when OJK will issue a decision, it reports.
Malayan Banking Bhd (MAY) owns 97.3% of BII following an acquisition and subsequent mandatory tender offer in 2008. Under Indonesian regulations, Maybank needs to sell some of its stake back to the public, but it has requested extensions before refloating the stake with the share price persistently low after the collapse of Lehman Brothers.
