IBRA to start investment assets sales
The Jakarta Post, Jakarta
The Indonesian Bank Restructuring Agency announced on Tuesday that it would begin the third Investment Asset Sales Program (PPAI) to meet the Rp 26 trillion target set by the 2003 State Budget, an agency press release said on Tuesday.
The program will be carried out in two phases.
During the first phase, 262 properties will be offered, including plots of land, buildings, stores, and six equity holdings formerly owned by PT Antang Gunung Meratus, Minarak Labuan Ltd., Bakrie Energy Ltd., PT Multikarsa Investama, PT Eficorp Sekuritas and PT Asuransi Prima Perkasa, respectively.
Also in the first phase, the agency will offer two equity holdings formerly owned by BJDA Bank Nusa Nasional.
The assets to be offered in the first phase formerly belonged to the owners of banks whose operations were frozen by the government in the wake of the economic crisis, and who later signed Deeds of Indebtedness (APU) with IBRA.
Registration for the first phase sales will run from Aug. 28 to Sept. 16 and interested buyers need to submit their bidding documents starting from Sept. 17. All transactions are expected to be completed on Oct. 23.
In the second phase, IBRA will offer 43 firms and 12 property assets consisting of land, buildings and stores taken from the owners of the banks whose operations were frozen by the government in the wake of the economic crisis, and who later signed Master of Settlement and Acquisition Agreements (MSAA) and Master of Refinancing Note Issuance Agreements (MRNIA) with the government.
Also in the second phase, IBRA will offer 86 equity holdings formerly owned by PT Tunas Sepadan Investama (2), PT Arya Mustika Mulia Abadi (19), PT Bentala Kartika Abadi (23), PT Holdiko Perkasa (20), PT Kiani Wirudha (11), PT Cakrawala Gita Pratama (1), and PT Hoswarya Persada (9).
It will also offer one company formerly owned by tycoon Sudwikatmono.
Registration of bidders for phase two will be held from Aug. 28 to Oct. 7, 2003. Bidders are to submit bid document on Oct. 31, and transactions will be completed on the same day.