RHB halves planned purchase of Mestika Bank stake

KUALA LUMPUR, Feb 1 — RHB Capital Bhd, Malaysia’s fourth largest lender, has cut its proposed stake purchase in Indonesia’s PT Bank Mestika Dharma to 40 per cent from the 80 per cent it previously hoped to buy, according to a stock exchange filing yesterday evening.

It has offered RM651.13 million for the reduced stake, down from the RM1.1 billion it said it would pay for 80 per cent of the bank.

Indonesia’s central bank said last July it was capping single-party ownership of domestic banks at 40 per cent, but would allow exemptions that pave the way for DBS Group’s US$7.2 billion (RM21.6 billion) bid for PT Bank Danamon to proceed.

RHB has also terminated its option to buy an additional 9 per cent of Bank Mestika should the target firm list publicly, RHB said. — Reuters