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