IBRA upbeat on asset sales

JAKARTA (JP): The Indonesian Bank Restructuring Agency (BPPN) is optimistic that proceeds from the sales of properties under its control will be four times higher than predicted, IBRA's group head of non-core asset disposal, Jimmy Hadi said here on Tuesday.

Speaking on the sidelines of a property auction held by PT Ray Wahid Lelang, Jimmy said that this year the agency expected to book Rp 375 billion (US$44.64 million) from the sales of about 600 property units taken over from liquidated banks.

"Up until now we've raised about Rp 247 billion from the sales of about 100 property units. So, I'm optimistic we'll quadruple the target," he said.

BPPN planned to sell about 5,000 property units this year through six auction companies, namely PT Ray Wahid Lelang, PT Balai Lelang Indonesia (Balindo), PT Triagung Lumintu, PT Balai Lelang Royal, PT Balai Lelang Surabaya, PT Graha Lelang Survindo.

At Tuesday's auction PT Ray Wahid Lelang auctioned 22 property units at a value of Rp 13.17 billion. (bnt)