HSBC says lifts stake in Indonesia bank to 98.96 pct

Published: 11 Aug 2009 18:22:21 PST

HONG KONG, Aug 12 - HSBC Holdings <HSBA.L> <0005.HK> said it had completed a mandatory tender offer and bought an additional 10.08 percent stake in PT Bank Ekonomi Raharja Tbk <BAEK.JK>, raising its stake in the Indonesia bank to 98.96 percent.

HSBC said on Wednesday that it had bought 269.01 million shares of the Indonesia bank held by the general public for 713.4 billion rupiah ($71.98 million).

"The acquisition almost doubled HSBC's presence to 208 outlets in 26 cities in the world's fourth most populous country," HSBC said in the statement.

For statement please click http://www.hkexnews.hk/listedco/listconews/sehk/20090812/LTN20090812012.pdf

HSBC had in May set a tender offer price of 2,652 rupiah (US$0.258) per share for the remaining shares in Indonesia's Bank Ekonomi Raharja Tbk <BAEK.JK>. [ID:nJAK118837] (US$1=HK$7.75)