UOB raises stake in Bank Buana

Fri, 23 Dec 2005 | Source: DJ

SINGAPORE: United Overseas Bank Ltd. (UOB) said on Wednesday its stake in Bank Buana Indonesia had risen to 61.1 percent from 53 percent following a tender offer for shares in the Indonesian lender.

UOB, Singapore's second-largest banking group by market capitalization, said it received acceptances for 466.8 million Bank Buana shares, representing approximately 8.1 percent of the Indonesian bank's total share capital, at the close of the offer on Monday.

The offer of Rp 954 per Bank Buana share was made on Nov. 21, 2005.

Besides Singapore and Indonesia, UOB also has a large presence in Malaysia and Thailand. -- Dow Jones

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