OCBC confirms NISP stake raised<\/p>\n
SINGAPORE: Oversea-Chinese Banking Corp. said on Thursday it has
\nraised its stake in Indonesia's PT Bank NISP to 70.6 percent from
\n51 percent following a tender offer that ended last week.<\/p>\n
Singapore's third-largest lender said it bought 810.8 million
\nshares, or 19.61 percent of NISP, via the tender at Rp 900 a
\nshare. Following the close of the offer, it purchased an
\nadditional 193,500 NISP shares at Rp 899.92 each.<\/p>\n
The additional stake in NISP cost OCBC about Rp 729.9 billion,
\nwhich is approximately S$129 million. An OCBC spokesman said the
\nSingapore lender did not intend to make a follow up bid for the
\nremaining NISP shares it did not own.<\/p>\n
"We are pleased with the level of acceptances for our tender
\noffer. Our increased stake in Bank NISP will deepen our strategic
\nrelationship, and enable us to expand our presence in Indonesia,"
\nOCBC chief executive David Conner said in a statement. -- Dow
\nJones<\/p>",
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