DBS sells Indonesian stake

Tue, 13 Apr 1999 | Source: DJ

SINGAPORE (Dow Jones): Keppel TatLee Bank Ltd. said Monday it will sell its 20 percent stake in PT DBS Securities Indonesia to DBS Securities Holding Pte. Ltd.

The 20 percent stake will be sold for Rp 6.85 billion (US$830,000), the bank said. The stake is currently held by Tat Lee Securities Holdings Ltd, a wholly owned subsidiary of the Singapore bank.

After the sale is complete, DBS Securities Indonesia will cease to exist as a associate company in accounting terms.

The bank said the stake sale won't have any material impact on its asset value or earnings for the financial year ending Dec. 31, 1999.

DBS Securities Holding Pte. Ltd. is a unit of Development Bank of Singapore Ltd., a government-linked bank that has been on an acquisition trail in the past two years.

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