IBRA to sell Bank Permata in January
IBRA to sell Bank Permata in January
The Jakarta Post, Jakarta
The Indonesian Bank Restructuring Agency (IBRA) said on Wednesday
that it would sell up to 71 percent stake in Bank Permata in
January next year.
Agency chairman Syafruddin Temenggung said that 51 percent
stake would be sold to strategic investors, while the remainder
20 percent would be sold via block sale on the Jakarta Stock
Exchange.
He said that the sale process would start in January and would
be completed in February.
The government via IBRA currently holds a 91.3 percent stake
in Bank Permata, which is one of the country's 10 largest banks.
The bank is a result of a merger of five banks: Bank
Universal, Bank Bali, Bank Patriot, Bank Arthamedia, and Bank
Prima Expresses. It has total assets of Rp 29 trillion (about
US$3.43 billion).
IBRA, set up in 1998 following the regional financial crisis,
took over a number of troubled banks. It is mandated to
restructure the banks and sell them to raise cash to help finance
the state budget, which is heavily burdened by the cost of the
government bank bailout program. For this year, the agency is
targeted to raise around Rp 26 trillion.
The government plans to close the agency in February next
year.
During the past couple of years, the agency has sold a
majority stake in a number of banks. In addition to Bank
Permata, IBRA is also planning to sell a 52 percent stake in the
publicly listed Bank Lippo.
The sale of the Bank Lippo stake was supposed to be completed
in October, but the agency decided to postpone it due to low bids
from investors.
The three initial bidders for the Bank Lippo stake were
Eurocapital Asia Ltd., Summit Investment Ltd. and Swissasia
Global.
The agency relaunched the sale earlier this month and expects
to complete it sometime in February.
IBRA, currently holds a 54.9 percent stake in Bank Lippo,
while the remainders of the shares are held by public investors,
and Lippo E-Net (9.6 percent), which is controlled by the Riyadi
family, the founder and former controlling owner of the bank.
The bank's non-audited consolidated financial report said that
as of September, Lippo had booked a net profit of 27.6 billion
(US$3.27 billion), with total assets of Rp 25.8 trillion.
Meanwhile, the Office of the State Minister of State
Enterprises said on Wednesday that the government might sell more
shares in the state-owned tin miner PT Timah next year amid
strong global tin prices.
Ministry senior official Aloysius Ro said the shares of the
publicly listed firm could be sold via a secondary public
offering.
The government now owns a 65 percent state in the world's
largest integrated tin miner, with the remainder is in the hands
of public investors.
The government is targeting to raise around Rp 5 trillion from
next year's privatization program.