Bahana, Morgan to underwrite BNI sale

Bahana, Morgan to underwrite BNI sale

JAKARTA: Indonesia has appointed PT Bahana Securities and JP Morgan as underwriters for its plan to sell a stake in PT Bank Negara Indonesia, an official with the government said Tuesday.

Assistant State Enterprises Minister Parikesit Suprapto said the two securities houses were elected from among eight foreign and local securities houses that had bid for the positions.

The government plans to sell up to a 51 percent stake in Bank Negara, the nation's second largest bank in terms of assets, in the first half of this year.

It will use the proceeds from the sale to narrow its budget deficit this year.

The government currently owns a 99.12 percent stake in Bank Negara. -- Dow Jones