Malaysia c.bank tells Maybank to cut BII price

State-controlled Maybank said it had been told by the Malaysian central bank to cut the price of its proposed $2.7 billion acquisition of Bank Internasional Indonesia.

Trading in Maybank shares was suspended until 0630 GMT as the deal was supposed to complete on Friday.

The path to a deal has been troubled, and the Malaysian central bank, Bank Negara Malaysia (BNM), had previously blocked the purchase when Indonesian regulators insisted Maybank would have to sell part of its stake in the future.

That block was only lifted on Sept. 16.

"(BNM told) Maybank to obtain a new agreement on a purchase price that will not result in substantial impairment under international reporting standards that would impact the fundamental soundness of Maybank," Maybank said in a statement.

BII stock has fallen nearly 8 percent to 470 rupiah since the deal was announced.

Maybank said it would hold talks with Fullerton Financial Holdings, part of Singapore's Temasek [TEM.UL], and South Korea's Kookmin Bank , majority stakeholders in BII.