Govt expects to sell BNI, BTN next year

Govt expects to sell BNI, BTN next year

Dow Jones, Jakarta

Indonesia's is planning to sell stakes in heavyweight PT Bank
Negara Indonesia and unlisted PT Bank Tabungan Negara next year,
a minister told reporters on Wednesday.

"The two banks are on the list for sale," said State
Enterprise Minister Laksamana Sukardi.

He didn't give any other details.

The sale of the two banks is part of the government's effort
to cover its 2004 budget deficit which is expected at around
Rp 24.9 trillion (US$2.95 billion) next year.

The government currently has a 99.12 percent stake in BNI and
100 percent stake in Bank Tabungan.

Besides the sale of BNI and Bank Tabungan, the government has
earlier said it plans to sell majority stakes in PT Bank Permata
in February next year.

For this year, the government has said it plans to sell
majority stakes in PT Bank Lippo and PT Bank Internasional
Indonesia by November.

It has also said it plans to sell up to 30 percent in unlisted
state-owned PT Bank Rakyat Indonesia through an initial public
offering in September this year.

The proceeds from selling the stakes in the banks this year
will be used to cover its 2003 budget deficit which is expected
to reach Rp 34.4 trillion.