JAKARTA (TheInsiderStories) – Public listed securities firm PT Minna Padi Investama Sekuritas Tbk has failed to acquire sharia bank PT Bank Muamalat after Minna missed the deadline to reach an agreement on share subscription.

The agreement came to a halt as the grace period of the conditional share subscription agreement (CSSA) ended last December 31. This causes the list of standby buyers to be rearranged.

Minna Padi is supposedly become the standby buyer for Bank Muamalat’s planned rights offering where it will issue 80 billion new shares. The securities firm would then subscribe the Muamalat’s unabsorbed shares and would hold 51 per cent shares.

President Director of Muamalat Achmad K. Permana said the company will set up new strategy to look for new investor based on shareholder’s commitment to support the rights issue.

“We hope the rights issue process can be completed as soon as possible,” Permana told TheInsiderStories, Friday (9/2)

Permana expects the new investor can boost performance, increase the size of business and develop the business of Muamalat Bank.

Email: elisa.valenta@theinsiderstories.com