HSBC Selling The Remaining Shares Bank Ekonomi

Hongkong and Shanghai Banking Corporation Limited (HSBC) will soon make a tender offer of Ekonomi Raharja Bank 10.11 percent. Step is performed after the HSBC Asia Pacific Holding UK Limited completed the acquisition of 88.89 percent shares of Ekonomi Raharja Bank.

Executive Director HSBS Holding Plc and CEO of HSBC Asia Pacific Holding UK Limited Sandy Flockhart said the tender offer will be held after the approval of the parties concerned. "Through this acquisition, HSBC Bank Economic and can play a key role in helping the SMEs in Indonesia," Sandy said in Jakarta on Monday (25 / 5).

He explains, HSBC will complete the acquisition of all documents in a week. The Company also has to do crossing Ekonomi Raharja Bank shares worth Rp 6.293 trillion in the Indonesia Stock Exchange on May 22, 2009. Acquisition price was changed to Rp 2,652 per share from the original Rp 2,452 per share. Acquisition of all funds paid in cash in United States dollars.

At the end of 2008, HSBC signed an agreement on the sale and purchase 88.89 percent of shareholders of Ekonomi Raharja Bank. At that, the agreed price of Rp 2,452 per share with total value of U.S. $ 607.5 million or Rp 5.953 trillion.

The price of the tender offer will be made to HSBC the remaining public shareholders of Ekonomi Raharja Bank 10.11 percent, the same as previously defined acquisition price of Rp 2,452 per share. But the tender offer price will likely change to Rp 2,652 per share.




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