IBRA achieves highest recovery<\/p>\n
The Jakarta Post, Jakarta<\/p>\n
The Indonesian Bank Restructuring Agency (IBRA) achieved the
\nhighest recovery rate so far, of 152 percent -- compared to
\nprevious programs -- in the third property assets sale program,
\nan observer said over the weekend.<\/p>\n
\"I think the PPAP-3 (the third property assets sale program)
\nis the most successful program,\" Panangian Simanungkalit,
\nproperty consultant, told newswireAntara.<\/p>\n
Panangian said IBRA had achieved the recovery rate of 139
\npercent in the first sale program and 136 percent in the second
\nprogram.<\/p>\n
Last week, IBRA announced that it had raked in some Rp715
\nbillion (about US$85 million) in proceeds from 894 winning
\nbidders in the individual assets category and 15 winners for
\nassets offered under packages, or the bulk assets category.<\/p>\n
IBRA's version of a recovery rate is the comparison between
\nthe value of achieved sales and the floor price of the assets
\nsold. The floor price of the assets in the third program was Rp
\n469 billion, for 1,346 assets sold.<\/p>\n
Actually, IBRA tried to sell a total of 2,647 assets during
\nthe third program. But IBRA did not reveal the floor price of the
\ntotal assets offered.<\/p>\n
Panangian added that the property IBRA offered \"sold out\" with
\nits marketability rate reaching 51 percent.<\/p>\n
Previously IBRA reported that, during the third program, 4,771
\nbidders were interested in the individual assets and 65 bidders
\nin the bulk asset categories.<\/p>\n
The assets were part of the collateral of bad loans,
\ntransferred by local banks to the agency after the banking crisis
\nin late 1990s.<\/p>\n
IBRA raised Rp 650 billion from the previous sale of property
\nassets.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/ibra-achieves-highest-recovery-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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