‘Maybank lost billions in BII acquisition’
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.
