‘Maybank lost billions in BII acquisition’


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DAP’s Tony Pua urges Prime Minister Najib Tun Razak to look into Maybank’s acquisition of Bank International Indonesia to determine possible reckless abuse of power.

(FMT) –  Petaling Jaya Utara MP Tony Pua today disclosed that Maybank had “quietly” disposed of 5,065,380,000 ordinary shares to a third party investor on June 20 at Rp355 per share – a significant 21.9% lower than the cost of acquisition.

Maybank Berhad has incurred losses amounting to billions of ringgit since its record acquisition of Bank International Indonesia (BII) in 2008, a DAP MP claimed today.

Petaling Jaya Utara MP Tony Pua today disclosed that Maybank had “quietly” disposed of 5,065,380,000 ordinary shares to a third party investor on June 20 at Rp355 per share – a significant 21.9% lower than the cost of acquisition.

“This 9% (of the issued and paid-up share capital) stake sale will immediately translate to an estimated realised loss of RM157 million. And if these loss is extrapolated, Maybank could be looking at a potential loss of RM1.74 billion,” Pua told a press conference today.

He also said that Maybank was “staring at a staggering paper losses of RM2.5 billion” as a result of the acquisition, namely when BII shares closed at Rp315 or 30.7% drop from the acquisition price as of last week.

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