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