Media Statement by Maybank on the Proposed Acquisition of Bank Internasional Indonesia (BII)
Maybank wishes to state that its Board of Directors had conducted itself professionally in the best interest of the Bank and its shareholders, adhering at all times to standards of good governance and integrity. The proposed acquisition has been evaluated and considered by the Board as a strategic initiative to strengthen Maybank as a regional bank. The proposal was presented to the shareholders in an Extraordinary General Meeting held on 15 May, 2008. Shareholders voted overwhelmingly in favour of the proposed acquisition.
As explained in an earlier announcement to Bursa Malaysia on 29 July, 2008, the move by Bank Negara Malaysia to revoke its earlier approval for the proposed acquisition of BII followed the recent changes of the new regulation on Take-Over Rule IX by Badan Pengawas Pasar Modal dan Lembaga Keuangan (Bapepam), Department, Keuangan, Republik Indonesia which was enacted on 30 June, 2008. The proposal may result in Maybank potentially incurring material losses from selling down of the shares and write-down of investment upon the implementation of the New Take-Over Rule.
Maybank, however, continues to engage with all relevant parties with a view to finding the best resolution for the way forward.