Indonesia's Bank Muamalat Plans to Sell Over 30% Stake by July -CEO

Indonesia's Bank Muamalat plans to sell more than 30% by July through an initial public offering and private placements, Chief Executive Arviyan Arifin told reporters Wednesday. Shareholders of the country's first Shariah-compliant lender sought to sell part of their stake in 2011 and 2012 through private placement but couldn't agree on the price. The remaining shares will be offered through private placement. Bahana Securities said Muamalat's shares will be offered in a price range of IDR625-IDR975 each.