IBRA garners Rp 554b from asset sale

JAKARTA: The Indonesian Bank Restructuring Agency (IBRA) announced on Tuesday that it had raised around Rp 554 billion (US$53.79 million) from the sale of some Rp 2.8 trillion worth of corporate loans in the latest loan sale program.

IBRA said in a statement that the sale represented a 21.97 percent recovery rate.

The agency said that four investors from Singapore won the bank loan assets out of 12 bidders.

IBRA controls various forms of assets, including bad loans transferred from ailing banks and closed-down banks. The agency is in charge of restructuring the assets and selling them to raise cash to help finance the state budget.

The agency is targeted to raise around Rp 42.8 trillion in cash this year. -- JP