Bank Niaga sells stake in CIMB

JAKARTA: Publicly listed Bank Niaga announced on Friday that it has sold its entire 49 percent stake in securities firm CIMB Niaga Securities mostly to Singapore-based CIMB-GK Pte. Ltd. in order to comply with capital market regulations.

In its statement to the Jakarta Stock Exchange, Bank Niaga said it sold 24.5 million shares for Rp 28.19 billion (US$2.82 million), with the conditional share purchase agreement being signed on Aug. 16.

Bank Niaga and CIMB Niaga Securities are both owned by Malaysian-based financial institution Commerce Asset-Holding Berhad.

According to the statement, after purchasing the stake, CIMB Niaga Securities will be merged with securities house GK Goh Indonesia. -- JP