NISP to buy Daiwa stake

NISP to buy Daiwa stake

JAKARTA (JP): Shareholders of publicly listed Bank NISP
approved on Saturday a plan to increase the bank's ownership in
Bank Daiwa Perdania to 20.10 percent from 11.93 percent.

The bank said the increase in ownership in the joint venture
bank would be carried out through the purchase of Daiwa
Perdania's new shares, and through the acquisition of Japanese
Daiwa Bank's stake holdings in the bank.

"From the two transactions, Bank NISP will increase its stake
in Daiwa Perdania to 20.10 percent," the bank said, adding that
the two transactions cost Bank NISP about Rp 50.9 billion.

Daiwa Bank also said in a statement on Saturday that it had
agreed to transfer some of its equity holdings in Daiwa Perdania
to the Bank of East Asia, a major bank based in Hong Kong, in
addition to Bank NISP.

After the transfer, the Japanese bank's stake in the
Indonesian joint venture bank will decline to 47 percent from the
current 84.95 percent.

Daiwa Perdania plans to issue new shares to boost its capital
to Rp 200 billion from the current Rp 125 billion. Bank of East
Asia will buy part of the new shares to take a stake of about 25
percent in the Indonesian bank. (hen)