Buana shareholders approve takeover

Buana shareholders approve takeover

JAKARTA: Shareholders of Indonesian private bank PT Bank Buana have approved UOB International Investment Pvt Ltd's bid to raise its stake in the bank to 53 percent, Bank Buana president Jimmy Kurniawan Laihad said on Wednesday.

UOB International, a unit of Singapore's United Overseas Bank Ltd, has said it plans to buy an additional 30 percent, or 1.73 billion shares in Bank Buana from a number of investors, including the largest current shareholder PT Sari Dasa Karsa, for Rp 1.65 trillion (US$159 million), Laihad said.

The bank also plans a tender offer to buy the remaining shares in the bank.

UOB International currently owns 23 percent of Bank Buana, while PT Sari Dasa Karsa owns 43.45 percent, the World Bank's commercial lending arm IFC holds 5.32 percent and the investing public holds 28.23 percent.-- AFP