Singapore first stop on RI asset sale road show<\/p>\n
SINGAPORE (AFP): An international roadshow for the sale of a
\nmajor Indonesian commercial bank will begin in Singapore next
\nweek, the chief of the Indonesian Bank Restructuring Agency
\n(IBRA) said in remarks published here Wednesday.<\/p>\n
IBRA, buoyed by the successful sale of Indonesian automotive
\ngiant PT Astra International to a Singapore-led consortium last
\nmonth, hopes to clear a backlog of sales of other Indonesian
\nassets in a bid to raise much-needed cash.<\/p>\n
Next up on the block is Bank Central Asia, from which IBRA
\nhoped to raise Rp 3 trillion (US$404 million), IBRA chairman
\nCacuk Sudarijanto told Singapore's Straits Times.<\/p>\n
\"Singapore will be the starting point for our international
\nmarketing,\" for the bank, he said.<\/p>\n
\"After the Astra sale, there has (been) keen interest here in
\nthe various assets that IBRA has for sale,\" he added.<\/p>\n
From Singapore, the roadshow will head to Hong Kong, Tokyo,
\nLondon, New York and San Francisco.<\/p>\n
IBRA, which is under Indonesia's finance ministry, has
\nannounced plans to sell within the year equity in at least 20
\ncompanies, and a good portion of 1,105 properties or bank
\noffices, in a bid to raise $5.1 billion by December for the
\nIndonesian budget.<\/p>\n
However, Sudarijanto has said it will only sell 10 to 15
\npercent of Bank Central Asia instead of its initial target of
\nmore than 30 percent if the price offered by bidders is not high
\nenough.<\/p>\n
Bank Central Asia was a venture between the children of former
\nIndonesian leader Soeharto and a friend, Liem Sioe Liong. It was
\nlater taken over by the government and nationalized following a
\nbank run amid the fall of Soeharto in 1998.<\/p>\n
The impetus to sell the Indonesian assets also comes from the
\nInternational Monetary Fund, which has urged Jakarta to raise
\nmoney to balance its national budget as part of its economic and
\nfinancial commitments under a multi-billion dollar bailout
\npackage.<\/p>",
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"sponsor": "Okusi Associates",
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