Astra sale by end March 2000

Astra sale by end March 2000

HONG KONG (Dow Jones): The Indonesian Bank Restructuring Agency said Wednesday it will likely complete the sale of its stake in PT Astra International (P.ASI) by the end of March 2000.

"We have identified three or four genuinely interested bidders," IBRA Deputy Chairman Farid Harianto told reporters on the sidelines of a Euromoney conference in Hong Kong, confirming its sale of a 20 percent-30 percent stake should be completed in the first quarter.

IBRA said last week it would set a minimum price based on a bid by a consortium of foreign buyers, led by U.S. investment funds Newbridge Capital and Gilbert Global Equity Capital.

With bids already received by that consortium, IBRA - which owns 40 percent of PT Astra - has said it would open a second round of bidding for part of its stake this week, giving a chance for others to bid on the stake.

IBRA owns 40 percent of Astra as a result of its assumption of a big block of shares pledged to the agency by debt-ridden Indonesian companies and individuals last year.