Kuala Lumpur: Affin Holdings Bhd has become the first casualty of a possible foreign ownership cap rule for Indonesian banks when it calls off plans to buy PT Bank Ina Perdana.
Read more: Affin scraps plan to buy Indonesian bank http://www.btimes.com.my/articles/afnobuy/Article/#ixzz1UAo2OITR
Read more: Affin scraps plan to buy Indonesian bank http://www.btimes.com.my/articles/afnobuy/Article/#ixzz1UAo2OITR
"In view of the study (by Bank Indonesia to cap foreign ownership) ... Affin and the (selling) parties are of the view that it would be in the best interest of all parties to discontinue with the existing agreements," Affin said in a statement to Bursa Malaysia yesterday. However, it may renegotiate the deal to buy 80 per cent of Bank Ina for RM138 million after Indonesia's central bank announces its new policy. Current rules in Indonesia make it possible for foreigners to hold up to 99.9 per cent stake in banks. This may be cut to 50 per cent, Bank Indonesia deputy governor Halim Alamsyah told Financial Times in an interview on Wednesday. Affin was in the final stages of completing the deal, which was signed a year ago. The bank's shares closed unchanged at RM3.39 yesterday.
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