Khazanah Nasional Berhad (“Khazanah”) is pleased to announce that its wholly owned subsidiary, Santubong Investments B.V. (“Santubong”) has increased its ownership in PT Bank Lippo Tbk (“LB”) to approximately 87.5% following the completion of its mandatory tender offer on 20 December 2005 in accordance with Bapepam (Badan Pengawas Pasar Modal) regulations regarding Public Company Take Overs and Tender Offers.
Prior to the tender offer, Santubong held an aggregate interest of 56.9% in LB. As a result of the tender offer, Santubong acquired an additional 1,197,796,725 LB shares, representing approximately 30.6% of LB’s share capital. The tender offer price of Rp1,620 per share was higher than the Rp1,619.11 per share paid to the major shareholders, SwissAsia Global.
Khazanah is positive on the long term prospects of the Indonesian banking sector and views LB as a strategic investment in an important market. Khazanah is determined and committed to growing LB to be among the top 5 banks in Indonesia, and will continue to work closely with LB’s management team to position the bank for continued long-term success.
