JAKARTA: Shares in PT Bank Danamon Indonesia soared to their highest level in more than 17 years after Japan’s Mitsubishi UFJ Financial Group (MUFG) said it planned to buy a majority stake in the country’s fifth-largest lender.
MUFG said it had agreed with Danamon shareholders to buy 73.8 percent of the bank and would like to raise that to 100 percent as it looks to strengthen its presence in Southeast Asia’s biggest economy.
Danamon’s shares rose as much as 16.7 percent in early trade on Wednesday to 7,000 rupiah per share.
The first stage of the acquisition — a purchase of a 19.9 percent stake from Singapore state investor Temasek — was agreed at 8,323 rupiah per share or 15.88 trillion rupiah ($1.2 billion).
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Shares in Indonesia’s Danamon soar to 17-year high after MUFG deal
Shares in Indonesia’s Danamon soar to 17-year high after MUFG deal
India seals $3bn LNG agreement with UAE
- Leaders hold talks to strengthen trade, defense ties
NEW DELHI, DUBAI: India signed a $3 billion deal on Monday to buy liquefied natural gas from the UAE, making it the Gulf country’s top customer, as the leaders of both countries held talks to strengthen trade and defense ties.
The agreement was signed during a very brief two-hour visit to India by UAE President Sheikh Mohammed bin Zayed Al-Nahyan for talks with Indian Prime Minister Narendra Modi.
They pledged to double bilateral trade to $200 billion in six years and form a strategic defense partnership.
Abu Dhabi state firm ADNOC Gas will supply 0.5 million tonnes of LNG a year to India’s Hindustan Petroleum Corp. for 10 years, the companies said.
ADNOC Gas said the agreement brings the total value of its contracts with India to over $20 billion.
“India is now the UAE’s largest customer and a very important part of ADNOC Gas’ LNG strategy,” the company said.
The UAE is India’s third largest trading partner and Sheikh Mohammed was accompanied by a government delegation that included his defense and foreign ministers. The two sides signed a letter of intent to work toward forming a strategic defense partnership, India’s Foreign Secretary Vikram Misri told reporters.
Misri, however, said that the signing of the letter of intent with the UAE does not mean that India will get involved in regional conflicts.
“Our involvement on the defense and security front with a country from the region does not necessarily lead to the conclusion that we will get involved in particular ways in the conflicts of the region,” he said.
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