{
    "success": true,
    "data": {
        "id": 1370737,
        "msgid": "commerce-asset-doesnt-rule-out-bank-niaga-bid-1447893297",
        "date": "2003-07-04 00:00:00",
        "title": "Commerce Asset doesn't rule out Bank Niaga bid",
        "author": null,
        "source": "DJ",
        "tags": null,
        "topic": null,
        "summary": "Commerce Asset doesn't rule out Bank Niaga bid Dow Jones, Kuala Lumpur Malaysian financial group Commerce Asset-Holding Bhd. on Thursday said it isn't ruling out a bid for a further 20 percent stake in Indonesia's PT Bank Niaga. Commerce Asset already owns 51 percent of the bank. \"I wouldn't rule it out but neither is there any commitment on our side that we will pursue it,\" Company Secretary Jamil Hajar Abdul Muttalib told Dow Jones Newswires.",
        "content": "<p>Commerce Asset doesn't rule out Bank Niaga bid<\/p>\n<p>Dow Jones, Kuala Lumpur<\/p>\n<p>Malaysian financial group Commerce Asset-Holding Bhd. on<br>\nThursday said it isn't ruling out a bid for a further 20 percent<br>\nstake in Indonesia's PT Bank Niaga.<\/p>\n<p>Commerce Asset already owns 51 percent of the bank.<\/p>\n<p>\"I wouldn't rule it out but neither is there any commitment on<br>\nour side that we will pursue it,\" Company Secretary Jamil Hajar<br>\nAbdul Muttalib told Dow Jones Newswires.<\/p>\n<p>Tuesday, the chairman of the Indonesian Bank Restructuring<br>\nAgency, Syafruddin Temenggung, said the agency will begin<br>\ncontacting investors regarding a plan to sell the 20 percent<br>\nstake on Thursday.<\/p>\n<p>\"From what we understand, we are still early in the<br>\nprocess...they have still to appoint advisers for the sale,\"<br>\nJamil said.<\/p>\n<p>Initially, IBRA had planned to dispose of the Niaga stake and<br>\nanother 20 percent stake in PT Bank Danamon later this year, but<br>\nthe sale has been moved forward to July.<\/p>\n<p>The decision to hasten the sale shows the agency hopes to ride<br>\non the success of its oversubscribed issue of a 20 percent stake<br>\nin state-owned PT Bank Mandiri at end-June, analysts have said.<\/p>\n<p>In November, Commerce Asset completed the purchase of a 51<br>\npercent stake in Bank Niaga for US$115 million, its first<br>\ninvestment in a foreign bank, in a bid to become a regional<br>\nbanking player.<\/p>\n<p>In December, Commerce Asset Director Rozali Mohamed Ali said<br>\nthe group had no plans to buy more shares at that time.<\/p>\n<p>But even during the negotiations for the 51 percent stake, \"we<br>\nknew they had approval from parliament to sell another stake,\"<br>\nJamil said.<\/p>\n<p>Commerce Asset is the parent of Malaysia's second largest<br>\nbanking group, Bumiputra Commerce Bank Bhd.<\/p>\n<p>IBRA is the government agency set up by the Indonesian<br>\ngovernment to deal with the impact of the 1997 Asian financial<br>\ncrisis. Earlier this year, it sold a controlling stake in Bank<br>\nDanamon to the Singapore government's investment arm, Temasek<br>\nHoldings.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/commerce-asset-doesnt-rule-out-bank-niaga-bid-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}