Santubong Investments BV. (“Santubong”), a wholly-owned subsidiary of Khazanah Nasional Berhad, is pleased to announce the completion of its proposed acquisition of a 52.05% equity stake in PT Bank Lippo Tbk (“LB”) from Swissasia Global for approximately IDR3.30 trillion. WIth 52.05% stake, Santubong is now the new controlling shareholder of LB.
The purchase consideration represents a price-to-book multiple of 2.6x based on the audited accounts of LB as at 30 June 2005. Santubong has obtained all regulatory approvals in Malaysia and Indonesia, including Bank of Indonesia’s Fit and Proper Test on 27 September 2005.
Four new commissioners and three new directors were appointed and approved by the Shareholders in the Extraordinary General Shareholders meeting in August, 2005. The key position of President Commissioner in the Board of Commissioners will be hled by Mohd Ali Dewal, a Malaysian, a banker and professional with over 30 years of experience in the field. Their appointments are subject to approval by Bank Indonesia.
Pursuant to the completion and in accordance with applicable Indonesian Capital Market’s rules and regulations, Santubong will be making a Tender Offer for the remaining shares in LB it does not own.