Singapore-based financial services group DBS Group Holdings (DBSDY.PK, DBSDF.PK) agreed to extend a deadline to acquire a controlling stake in PT Bank Danamon Indonesia from Temasek Holdings Pte.
The conditional share purchase agreement between DBS Group Holdings Ltd and Fullerton Financial Holdings Pte. Ltd to acquire 100% of its wholly-owned subsidiary Asia Financial (Indonesia) Pte Ltd which holds a 67.37% stake in PT Bank Danamon Indonesia Tbk has a long-stop date of 2 June 2013.
DBS and Fullerton Financial Holdings have agreed to extend the long-stop date until 1 August 2013, after which the share purchase agreement will lapse unless both parties mutually agree to a further extension.
DBS said it will make further announcements when there are significant developments on the transaction.
In May, DBS Group Holdings reportedly won the approval of Indonesia's central bank to acquire a 40 percent stake in PT Bank Danamon Indonesia Tbk. There was also the possibility of enhancing the stake if reciprocity conditions between the two countries are agreed. DBS had proposed in April 2012 to buy the whole of Danamon for about $6.8 billion.
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