DREW & NAPIER ADVISED VENDOR IN SALE OF STAKE IN BANK INTERNASIONAL INDONESIA
26 March 2008 – Drew & Napier LLC (“Drew & Napier”) recently advised Fullerton Financial Holdings Pte Ltd (“Fullerton”), a subsidiary of Temasek Holdings, in the sale of Sorak Financial Holdings Pte Ltd (“Sorak”) to Maybank for an aggregate consideration of US$1.5 billion. Through the acquisition, Maybank effectively acquired a controlling stake in Bank Internasional Indonesia (“BII”).
Fullerton owns 75% of Sorak, a Singapore holding company, with the remaining 25% held by Kookmin Bank. Sorak holds approximately 56% equity interest in BII. In connection with the transaction, Maybank will also be making a tender offer to acquire 100% of BII. Listed on the Jakarta Stock Exchange, BII is one of the largest banks in Indonesia with an international network that comprises over 230 branches and 700 own ATMs across Indonesia, as well as a banking presence in Mauritius, Mumbai and the Cayman Islands.
The Drew & Napier team consisted Mr Ralph Lim and Mr Benedict Teo Lip Hua, Directors of the Banking & Corporate Department.
ABOUT DREW & NAPIER LLC
Established in 1889, Drew & Napier LLC is one of Singapore's leading and largest law firms, with over 220 lawyers and fee-earners. Consistently rated top tier in dispute resolution over the years by international ranking organisations such as Asia Pacific Legal 500, Chambers Global, Practical Law Company and Asia Law Profiles, to name but a few, the firm has seven senior counsel, the largest number of any law firm in Singapore. The firm is headed by chief executive officer, Davinder Singh, Senior Counsel. Drew & Napier LLC is also highly rated in Corporate Insolvency & Restructuring, Intellectual Property and Tax, with market leading practices in Banking & Corporate, Competition & Antitrust, Telecommunications, Media & Technology, and Admiralty & Shipping.
For more information please contact:
Lisa Lim
Corporate Affairs Executive
Drew & Napier LLC
Tel: +65 6531 2218
Email: lisa.lim@drewnapier.com