IBRA Raises Rp 78.8b from Indosiar

IBRA Raises Rp 78.8b from Indosiar

JAKARTA: The Indonesian Bank Restructuring Agency, or IBRA, raised Rp 78.8 billion (US$9.3 million) from a recent sale of its stake in television broadcaster PT Indosiar Visual Mandiri.

IBRA Chairman Syafruddin Temenggung told reporters late Wednesday that the state agency sold 164.4 million Indosiar shares, equal to an 8.3 percent stake in the company Tuesday at Rp 475 a piece.

The shares were part of assets pledged by Indonesia's once- most powerful conglomerate, the Salim Group, to settle over Rp 52 trillion in debts to the government.

Syafruddin said most of the Indosiar shares were bought by local investors.

IBRA, which was established in early 1998 to restructure the banking system and recover bad assets, is racing to sell its assets before the government is expected to start dissolving the agency by the end of the year. -- Dow Jones