PETALING JAYA, MALAYSIA - Malayan Banking Bhd (Maybank) did not accept Fullerton Financial Holdings' improved offer for PT Bank Internasional Indonesia (BII).

In a statement here on Saturday, the Singapore-based bank holding company said that on Friday it had sent a written offer to Maybank, offering to close the transaction as per the Share Sale Agreement (SSA) with a rebate of SGD$236.4mil (RM567.36mil).

'However, despite the offer of a rebate, Maybank did not accept the offer. We are aware that Kookmin also made an offer,' it said in the statement.

Temasek Holdings Pte and Kookmin Bank are the vendors of the BII stake.

In the statement, Fullerton said:

'On the morning of 26 September 2008, Fullerton and Kookmin replied to Maybank to confirm that they were ready, able and willing to honour the SSA and that they intended to proceed with the agreed closing. Both Fullerton and Kookmin reserved their rights.

'Fullerton and Kookmin were present from the agreed closing time at 2pm (Singapore time) and waited until 8pm to close, but neither Maybank nor its representatives presented themselves for the closing.

'At about 9.45pm on 26 September 2008, Fullerton sent a written offer to Maybank, offering to close the transaction as per the SSA with a rebate of SGD$236.4mil. However, despite the offer of a rebate, Maybank did not accept the offer. We are aware that Kookmin also made an offer.'

The Singapore firm added that it will exercise all its rights under the SSA and 'explore with Kookmin the various options with regard to their respective stakes'.

In a statement to Bursa Malaysia early Friday, Maybank said Bank Negara had asked it to renegotiate the pricing of the deal and obtain an extension to the Sept 26 deadline.

Bank Negara's approval, Maybank said, was subject to these two conditions.