Auric divests of Bank Niaga

Thu, 13 Nov 1997 | Source: REUTERS

SINGAPORE (Reuters): Auric Pacific Group said yesterday it sold 21.65 million Bank Niaga shares amounting to Singapore US$20 million to the Tirtamas Group.

A company statement said as at Sept.30, Auric held a total of 59.84 million shares or 8.3 percent of Indonesian-based Bank Niaga. Total cost of investment was about S$35 million.

Auric had on Oct.9 tendered for sale its entire stake in Bank Niaga to the Tirtamas Group, which was mounting a takeover of the bank.

Auric said only 36 percent of its holdings in Bank Niaga was accepted and it still holds 38.19 million shares in the bank.

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