IBRA owns 98.23% of Bank Bali

IBRA owns 98.23% of Bank Bali

JAKARTA (JP): The Indonesian Bank Restructuring Agency (IBRA),
in its position as a standby buyer of the publicly listed Bank
Bali's recent limited public offering, will own 98.23 percent of
the bank's shares after existing majority shareholders did not
exercise their rights.

Bank Bali said in a statement that the bank had raised about
Rp 41 billion (about US$4.8 million) in fresh funds from the
sales of its rights shares last month, far lower than the Rp 5.35
trillion needed to raise its capital to the minimum level set by
the government.

Banking AG of Germany, which held a majority stake in Bank
Bali on behalf of individual investors, was barred by the
Indonesian capital watchdog from exercise its rights due to its
refusal to disclose the names of the people it represented.

The bank said that PT Sari Jaya, which is owned by the Ramli
family who founded the bank, also decided not to use the rights
in the limited public offering.

The government will issue bonds in exchange for the bank's
shares. (hen)