OCBC confirms NISP stake raised

Fri, 03 Jun 2005, 00:00 WIB | Source: DJ

SINGAPORE: Oversea-Chinese Banking Corp. said on Thursday it has
raised its stake in Indonesia's PT Bank NISP to 70.6 percent from
51 percent following a tender offer that ended last week.

Singapore's third-largest lender said it bought 810.8 million
shares, or 19.61 percent of NISP, via the tender at Rp 900 a
share. Following the close of the offer, it purchased an
additional 193,500 NISP shares at Rp 899.92 each.

The additional stake in NISP cost OCBC about Rp 729.9 billion,
which is approximately S$129 million. An OCBC spokesman said the
Singapore lender did not intend to make a follow up bid for the
remaining NISP shares it did not own.

"We are pleased with the level of acceptances for our tender
offer. Our increased stake in Bank NISP will deepen our strategic
relationship, and enable us to expand our presence in Indonesia,"
OCBC chief executive David Conner said in a statement. -- Dow
Jones

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