IBRA sells QAF stake

IBRA sells QAF stake

SINGAPORE (AFX-ASIA): BNP Prime Peregrine has sold 82 million QAF shares, equivalent to a 25 percent stake in the company, on behalf of the Indonesian Bank Restructuring Agency at S$0.45 a share through cross trades in the market, a BNP Prime Peregrine source said.

QAF officials were not available for comment.

QAF announced earlier today that Kay Hian Pte Ltd was selling a 10 percent stake in the company to QAF chairman Didi Dawis and a 3 percent stake to Qualif Pte Ltd, a holding company for Indonesia's Salim group, at S$0.45 a share.

The BNP Prime Peregrine source said the shares Kay Hian was selling had been placed to the brokerage as part of the IBRA disposal BNP is underwriting.

As of March 2000, Dawis held a 14.05 percent stake in QAF through his Watford Investments, while Qualif held a 44.20 percent stake, according to QAF's annual report.

QAF closed the morning down 0.05 at S$0.51 on volume of 85.9 million shares.