IBRA sells 17.5% Bank Danamon stake
IBRA sells 17.5% Bank Danamon stake
The Jakarta Post, Jakarta
The Indonesian Bank Restructuring Agency (IBRA) said on Monday it
had sold a 17.5 percent stake in publicly listed Bank Danamon at
Rp 1,325 per share, and would press ahead with the planned
divestment of other banks.
IBRA chairman Syafruddin Temenggung said the divestment of
Bank Danamon was completed late last week via a block sale
mechanism.
He said most of the shares (some 891 million) went to local
investors (55 percent), while the remainder were bought by
foreign investors including the current controlling shareholder,
a consortium called Asia Financial Indonesia.
He said the sale was oversubscribed as the agency received
offers for up to 4.4 billion shares during book building on
Thursday and Friday.
Last month, the agency sold a 2.45 percent stake in Bank
Danamon via the stock market. Proceeds from the sale of the
combined 20 percent stake totaled Rp 1.29 trillion.
The Asia Financial Indonesia consortium is owned by the
Singapore government's investment arm Temasek Holdings and
Deutsche Bank, which acquired a 51 percent stake in Danamon in
May at Rp 1,202 per share.
IBRA now owns a 28.35 percent stake in Danamon.
IBRA took over a number of ailing banks in the wake of the
late 1990s financial crisis. The agency is mandated to return the
banks to health and sell government ownership in them to raise
funds to help finance the state budget deficit, which this year
is expected to reach Rp 34.4 trillion, or about 1.8 percent of
gross domestic product.
Elsewhere, Syafruddin said the agency would start the block
sale of a 19 percent stake in Bank Niaga this week. The agency
still hold a 45.1 percent stake in the publicly listed bank after
it sold a controlling 51 percent stake to Malaysia's Commerce
Asset Holdings Bhd. last year.
He said the agency would allocate a greater portion of the 19
percent stake for local investors.
Syafruddin also said the planned sale of a 52 percent stake in
the publicly listed Bank Lippo was on track, and was expected to
be completed in October.