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[26 Mar 2008 | 4 Comments | 1,039 supporters]

Maybank is pleased to announce that it has today entered into a conditional sale and purchase agreement (“SPA”) to acquire up to 100% of Sorak Financial Holdings Pte Ltd (“Sorak”) for a cash consideration of approximately USD1.5 billion (RM4.8 billion) paving the way for Malaysia’s largest financial services group to be the controlling shareholder of Bank Internasional Indonesia (“BII”). The transaction price was agreed on a willing-buyer and willing-seller basis.
Sorak is 75%-owned by Financial Fullerton Financial Holdings Pte. Ltd., a wholly owned subsidiary of Temasek Holdings (Private) Limited, and 25%-owned …