IBRA collects Rp 456b from final property sale<\/p>\n
Tony Hotland, The Jakarta Post, Jakarta<\/p>\n
Thirty-three days before its official closure on Feb. 27, the
\nIndonesian Bank Restructuring Agency (IBRA) collected on Monday
\nRp 456 billion (US$53.47 million) for the state treasury from its
\nfinal property asset sale.<\/p>\n
Of the eight total property sales it has conducted, IBRA was
\nable to generate over Rp 2.66 trillion from a total of 4,528
\nindividual, 17 bulk and two superbulk property assets. The
\noverall recovery rate on the assets averaged 127.25 percent.<\/p>\n
About 939 assets, including 411 individual, nine bulk and two
\nsuperbulk items, out of the 1,618 assets on offer were sold. The
\ntotal value of the properties in the sale was about Rp 1.63
\ntrillion.<\/p>\n
The sold assets were in the form of land, buildings,
\nfactories, hotels, apartments, warehouses and shops across the
\ncountry.<\/p>\n
\"Most of the assets that were sold were in the form of land
\nand assets located in Jakarta,\" said the agency's communications
\ndivision head, Rohan Hafas.<\/p>\n
This final sale had the highest percentage of assets sold
\n(58.03 percent) with a 116 percent recovery rate, which is the
\nsecond lowest of the seven sales.<\/p>\n
The highest recovery rate, 152 percent, was recorded in the
\nthird sale.<\/p>\n
IBRA began the registration for its final sale on Jan. 7. It
\ndrew about 1,166 interested investors who submitted their bids to
\nthe agency's seven centers in Jakarta, Bandung, Semarang,
\nSurabaya, Medan, Makassar and Bandar Lampung.<\/p>\n
IBRA was set up in early 1998 during the administration of
\npresident B.J. Habibie. It was ordered to restructure the
\ncountry's ailing banking sector.<\/p>\n
One of its main tasks was to take over the assets of troubled
\nbanks and their former owners. The assets were then sold to help
\nfinance the state budget, which has been enormously burdened by
\nthe government's bank bailout program.<\/p>\n
For those assets under IBRA's control that have not yet been
\nsold, the government announced that it will set up a holding
\ncompany. The government will also set up a body under the
\nMinistry of Finance to take over the role of IBRA in implementing
\nthe government's blanket guarantee program on bank deposits.<\/p>\n
IBRA Property Asset Sale Program<\/p>\n
Sale program 1 2 3 4(1) 4(2) 4(3) 4(4) 5<\/p>\n
Assets on offer (units) 1740 1851 2611 1568 1247 1429 1690 1618<\/p>\n
Assets sold (units) 852 720 1346 383 161 256 399 939<\/p>\n
Recovery Rate (%) 140 136 152 125 118 114 117 116<\/p>\n
Profit (in Rp billion) 372 620 685 135 36 161 195 456<\/p>\n
Source: IBRA<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/ibra-collects-rp-456b-from-final-property-sale-1447893297", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }