Auric buys into RI bank

Auric buys into RI bank

SINGAPORE (Reuters): Singapore's cash rich Auric Pacific Group
Ltd said yesterday it had bought 32.16 million shares in
Indonesia's Bank Niaga.

The trading-based company said it paid Rp 700 or equivalent to
Singapore $3.6 million plus commission and expenses for the
stake.

The purchase increased the group's total stake in the bank to
about 10 percent.

Auric had in November last year sold 21.65 million Bank Niaga
shares through a tender for approximately S$20 million or 2,105
rupiah a share.

It said the collapse of the rupiah in terms of Singapore
dollar caused the directors to make a provision of S$15.9 million
for diminution in value of its residual holding in Bank Niaga.

Auric held 5.31 percent of the bank valued at S$22.3 million
prior to the collapse in the rupiah.

The company said the 10 percent stake in the bank now has a
book value of S$10.1 million after the provisions.