ing-continues-to-lead-the-way-in-indonesian-privatisations

ING continues to lead the way in Indonesian privatisations

The bank advises Blue Sphere Singapore on the full purchase of Jakarta's publicly listed pharmaceutical company Darya-Varia Laboratoria.
ING is continuing to lead the way in privatisations in Indonesia by advising on the delisting of Jakarta's publicly-listed pharmaceutical company Darya-Varia Laboratoria.

Blue Sphere Singapore, which already controls 92.7% of the company, plans to bid for the remaining 7.3% stake at Rp2,200 $0.24 per share, pending approval from Darya VariaÆs shareholders at a meeting set to be held on November 21, 2006 in Jakarta. If shareholders agree to the privatisation proposal, Blue Sphere will make a tender offer and delist the company from the Jakarta Stock Exchange.

The offer price is more than a 40% premium to the highest traded price of the shares. In addition, it also represents a substantial 77% premium to...
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