Danamon's final bid deadline extended

Danamon's final bid deadline extended

JAKARTA: The Indonesian Bank Restructuring Agency (IBRA) has extended until Jan. 28 the deadline for three consortia vying for a 51 percent stake in Bank Danamon to submit their final bids.

IBRA deputy chairman I Nyoman Sender said the extension was given on the request of the three bidders.

"They have yet to complete their due diligence. The three said they needed more time," Sender said on Wednesday, adding that such an extension was normal in such business transactions.

The deadline was earlier set for Jan. 21.

The three bidders in question are: the Asia Financial Indonesia consortium, the Bank Artha Graha consortium and the Bhakti Capital Indonesia consortium.

IBRA, the owner of 99 percent of Danamon, is auctioning the bank's majority stake as part of its efforts to restructure the country's banking sector. Danamon is the third bank to be sold under this program, following PT Bank Central Asia (BCA) and PT Bank Niaga. -- JP