South Korea's top lender Kookmin Bank said Monday it will sell its stake in PT Bank International Indonesia (BII) to Malaysia's leading bank for 375 billion won ($378.1 million).
Kookmin Bank plans to sell 1.42 million shares, equivalent to a 14 percent stake, of BII to Malayan Banking Berhad (Maybank), the lender said in regulatory filing.
A consortium including Kookmin Bank, Temasek Holdings Pte. And others purchased a 56 percent stake in BII in 2003. As Temasek, the BII's largest shareholder, has agreed to sell Indonesia's No. 6 bank to Maybank, Kookmin Bank received an offer to sell its stake in BII under a "tag along" agreement.
Kookmin Bank said the stake sale would be completed by the third quarter of this year. Market watchers said Kookmin Bank's profit from the sale would be five times bigger than its initial investment in BII.
Shares of Kookmin Bank fell 1.07 percent to 55,300 won as of 9:34 a.m. on the main bourse. (Yonhap)