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.