Maybank sold 5 bil BII shares, seeks time extension

Malayan Banking Bhd, the country's largest bank, had sold over 5.06 billion shares in BII as part of the sell-down requirement set by Otoritas Jasa Keuangan (OJK).

The sale of the 5.06 billion shares, representing 9 per cent stake in BII, will result in the free float of BII increasing to 11.7 per cent, versus 2.7 per cent previously.

Maybank is also seeking for a time extension to comply with the sell down requirement -- so that a 20 per cent free float can be achieved in BII.