LONDON (Alliance News) - HSBC Holdings PLC said that it will plan for an integration of the business operations of Bank Ekonomi and HSBC's Indonesian branch.
PT Bank Ekonomi Raharja Tbk or'Bank Ekonomi', which is 98.94% owned by HSBC Asia Pacific Holdings (UK) Limited, itself an indirect wholly-owned subsidiary of HSBC Holdings, has announced that it is planning to change its status from a public listed company to a private company and to delist from the Indonesia Stock Exchange due to the illiquidity of its shares.
The transactions are subject to the approval of Bank Ekonomi's independent shareholders at an extraordinary general meeting and to the approval of the Indonesian Financial Services Authority (OJK).
Bank Ekonomi has requested that the trading of its shares be suspended by the Indonesia Stock Exchange with effect from the commencement of trading tomorrow.
Copyright RTT News/dpa-AFX
HSBC Holdings (HSBA)