BCA mulls buying stake in Bank Permata

BCA mulls buying stake in Bank Permata

Dow Jones, Jakarta

PT Bank Central Asia said Thursday it is considering to take part in the bidding for the government's stake in state-owned PT Bank Permata.

"We are now preparing a study to buy the Bank Permata stake," said BCA spokeswoman Lena Setiawati told Dow Jones Newswires in Jakarta.

She said the bank will seek ways to raise funds to help finance the stake purchase, including possibly issuing new share or subordinated debt or forming a consortium with other investors.

She didn't elaborate.

State Enterprises Minister Laksamana Sukardi told reporters Thursday local and foreign investors have expressed interest in bidding for the Bank Permata stake.

He said local banks are allowed to bid for the stake as long as they have adequate funds.

The government owns a 91.33 percent stake in Bank Permata.

It has recently named ABN Amro as financial adviser for the planned sale of a 71 percent stake in Bank Permata.

As much as 51 percent of Bank Permata will be sold through a strategic sale, while the rest will be done through a block sale.

The government expects the stake sale to be completed by the third quarter of this year. -- Dow Jones