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Tuesday December 11, 12:11 PMSingapore's Temasek raises Sorak stake to 75 pctSINGAPORE, Dec 11 (Reuters) - Singapore state investor Temasek [TEM.UL] said on Tuesday it had raised its stake in Sorak Financial, the main shareholder of Bank Internasional Indonesia , to 75 percent from 50.02 percent.Temasek bought 4.98 percent of Sorak from Barclays and 20 percent from Switzerland-incorporated ICB Financial Group , Temasek spokeswoman Myrna Thomas said. Singapore-based Sorak controls Bank Internasional Indonesia Tbk , Indonesia's sixth-largest lender by stock market value. Bank Internasional Indonesia's Web site shows that Sorak owns 56.13 percent of the Indonesian lender. Temasek's move comes ahead of a year-end deadline for foreign investors to reveal their plans for consolidating their holdings in Indonesian banks by 2010, meeting a requirement set by Bank Indonesia, the country's central bank. The Indonesian central bank has asked shareholders who own more than one bank in Indonesia to consolidate ownership by either merging the banks, divesting their stakes, or setting up a holding company which controls those stakes by 2010. "We are reviewing our options to comply with the single presence policy and we will submit our proposal to Bank Indonesia before the end of the year," Thomas said. Apart from Bank Internasional Indonesia, Temasek also controls a stake in Indonesia's PT Bank Danamon Tbk , the fourth-largest lender by stock market value. Last month, Indonesia ordered Temasek to sell its stakes in one of two major mobile phone firms -- PT Telekomunikasi Selular and PT Indosat -- within two years and fined the Singapore entity for a breach of competition law. Temasek said it would challenge the order in an international court if need be, noting it got the approval of Indonesian authorities at the time of the investments some five years ago. (Editing by Kevin Lim and Jacqueline Wong) |
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