Rashid to sell Niaga's stake

Rashid to sell Niaga's stake

KUALA LUMPUR (Reuters): Malaysian banking and stockbroking group Rashid Hussain Bhd. said on Thursday it was looking to sell off its 20 percent stake in Indonesia's Bank Niaga, but was unable to find a buyer.

"We've not been able to sell it. We have negotiated to sell it, but unfortunately it has not been easy given the circumstances in Indonesia at the moment," said group chairman Abdul Rashid Hussain, speaking to a news conference after RHB's annual general meeting.

Rashid Hussain had bought the stake earlier this year for Rp 234.47 billion (US$66.61 million), or Rp 6,200.

"The people that have been negotiating with us to buy the shares are not able to pay us and I'm afraid we are keeping our options open," said Rashid.

Rashid said he was asking for Rp 8,000 ($2.27) per share for the stake, which comprises 37.82 million shares.

"We were asking for the restricted general offer price of Rp 8,000," he said.