JAKARTA: The Indonesian Bank Restructuring Agency (IBRA) plans to

JAKARTA: The Indonesian Bank Restructuring Agency (IBRA) plans to sell debt and equity in Texmaco Group, the country's biggest textile maker, in a third attempt to woo overseas investors to buy 29 trillion rupiah (US$3.4 billion) of assets, IBRA chairman Syafruddin Temenggung said.

Indonesia is selling banks and bad assets to raise money and narrow a budget deficit estimated at Rp 24.4 trillion, or 1.2 percent of the country's gross domestic product, this year.

Last year, Texmaco lost its strongest bidder when Utara Capital Sdn., an investment company linked to the eldest son of Malaysian Prime Minister Mahathir Mohamad, withdrew its bid. Texmaco is an integrated textile and engineering company founded by Marimutu Sinivassan. -- Bloomberg