IBRA gets three bids for Lippo<\/p>\n
Dow Jones, Jakarta<\/p>\n
The Indonesian Bank Restructuring Agency said Wednesday it has
\nreceived bids from three new consortia for a 52 percent stake in
\nPT Bank Lippo.<\/p>\n
Previous bids from the initial consortia groups were rejected
\nby IBRA in October because the agency said they weren't credible
\nand told them to get new partners if they wanted to take part
\nagain in the Bank Lippo sale.<\/p>\n
IBRA's spokesman Rohan Hafas told reporters that the three new
\nbidders are Peregrine Eurocapital Asia Ltd., Triton Advisory Pte.
\nand Swissasia Global. All were part of the original consortia
\nconsisting of a number of international investors.<\/p>\n
Many analysts also alleged that the bank's founder, the Riady
\nfamily, was involved in the original bids to regain control of
\nthe bank.<\/p>\n
The Riadys, a powerful business family, currently holds a
\n9.57 percent stake in Bank Lippo. It lost its majority holding
\nafter the government recapitalized the bank following the 1997-98
\nAsian financial crisis.<\/p>\n
It remains unclear whether IBRA will accept the new bids
\nsubmitted by the three investors.<\/p>\n
Rohan only said that the agency is expected to make a decision
\nlater Wednesday or Thursday.<\/p>\n
IBRA has targeted to complete the Bank Lippo sale by the end
\nof the month.<\/p>\n
IBRA, a government agency set up to clean up the banking
\nsector after the Asian crisis, hopes to close down by the end of
\nFebruary, and is in the process of selling off its remaining
\nassets.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/ibra-gets-three-bids-for-lippo-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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