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IBJ Leasing's Indonesian auto finance acquisition delayed

Japan's IBJ Leasing Co. Ltd. postponed the scheduled acquisition of Indonesia's PT Verena Multi Finance Tbk due to regulatory delays.

It said Dec. 17 that it pushed back the purchase of Verena's rights shares as Indonesia's Financial Services Authority is still reviewing Verena's rights issuance. The company will announce an amended schedule once the review is done.

IBJ Leasing is acquiring a 63.63% stake in Verena through a two-step transaction process. First, it acquired a 19.99% stake in Verena from Germany's DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH through a shares transfer that was completed Oct. 5.

The next step involves the buying of rights shares that Verena issued to existing shareholders, which was originally set to take place Dec. 19.