M'SIAN CENTRAL BANK REINSTATES APPROVAL FOR MAYBANK TO ACQUIRE BII

KUALA LUMPUR, Sept 16 (Bernama) -- Malaysia's largest bank Malayan Banking Bhd (Maybank)is set to complete its acquisition of PT Bank Internasional Indonesia tBK (BII) on time after the country's central bank Bank Negara Malaysia reinstated its approval for the deal following a move by the Indonesian regulator to conditionally relax its new takeover rules.

In a filing to Bursa Malaysia, Aseambankers Malaysia Berhad, on behalf of
Maybank, said Bank Negara, via its letter dated today, reinstated its earlier
approval granted on March 25 for Maybank to undertake the proposal given that
Badan Pengawas Pasar Modal and Lembaga Keuangan (Bapepam) has agreed to grant
the aforesaid flexibilities.

Aseambankers said with the reinstatement of Bank Negara's approval, barring
any unforeseen circumstances, all conditions precedent to the Share Sale
Agreement dated March 26 have been met.

Maybank will engage Fullerton Financial Holdings Pte Ltd and Kookmin Bank
to complete the proposed acquisition, it said.

It said Maybank received a letter yesterday from Bapepam informing of the
possibility of a conditional extension to the timeframe of the 20 per cent
re-float requirement based on the New Take-Over Rule (Sell-Down
Requirement).

Aseambankers said Bapepam also stated that it shall provide a conditional
extension to the stipulated two-year timeframe to execute the public re-float
requirement after the new controlling party has succeeded in acquiring in excess
of 80 per cent via a mandatory tender offer subject to the following conditions:
i) in the event that a re-float exercise would risk potential material
losses to the new controlling party;
ii) the material losses condition mentioned above shall be triggered
whereby the potential losses incurred by the new controlling party exceeds 10
per cent of the total investment value incurred in acquiring the listed company.
-- BERNAMA