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Consortium to acquire 60% stake in Bank Muamalat Indonesia

A consortium of investors led by Indonesian businessman Ilham Habibie will buy an approximately 60% stake in PT Bank Muamalat Indonesia Tbk for 2 trillion rupiah, the Jakarta Globe reported Oct. 4, citing a statement.

Under the deal, Bank Muamalat Indonesia will sell 20 billion new shares at 100 rupiah apiece to the consortium, subject to an extraordinary shareholder meeting Oct. 11. The consortium comprises Habibie, Singapore-based investment advisory firm Lynx Asia Partners, Hong Kong-based asset management company SSG Capital and the Panigoro family.

The transaction is expected to close by the end of 2018.

Following the rights issue, the consortium will own a controlling stake in the bank, with the existing shareholding to be diluted later on. Currently, Bank Muamalat's main shareholders include Saudi Arabia's Atwill Holdings Ltd., Islamic Development Bank, Kuwait's Boubyan Bank KSCP and National Bank of Kuwait SAKP.

The lender's gross nonperforming financing ratio, which clocked in at 1.65% in the first half, is expected to drop after the plan, Habibie said.

In 2017, Bank Muamalat received an offer from Jakarta-listed securities company PT Minna Padi Investama Sekuritas Tbk to buy a 51% stake in the lender. However, the bid was dropped with the expiry of the companies' conditional share subscription agreement on Dec. 31, 2017. Bank Islam Malaysia Bhd. had also lodged an offer for a stake in Bank Muamalat, but the bid was withdrawn in early 2011.

As of Oct. 4, US$1 was equivalent to 15,205.00 Indonesian rupiah.