Malaysia's ICB takes over Bumiputera

Wed, 19 May 2004, 00:00 WIB | Source: JP

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

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