Malaysia's ICB takes over Bumiputera

JAKARTA: State-owned investment company PT Danareksa decided late on Monday to sell its controlling stake in mid-size Bank Bumiputera to Malaysian-based ICB Financial Holdings Ltd., after declaring the company the highest bidder.

In a press statement, ICB said that it would buy 58.41 percent of Danareksa's stake in Bumiputera at a price of more than Rp 150 per share.

The ICB, which is controlled by former Malaysian finance minister Tun Daim Zainuddin, managed to beat of bids from two other potential investors: the Bank Panin consortium and local insurance firm AJB Bumiputera.

Danareksa's shares in Bumiputera are managed by its three subsidiaries: PT Cipta Usaha Citra Dana, PT Reksasentosa Dinamika and PT Reksatama Dinamika. -- JP