PPA to name shortlisted bidders early next month
PPA to name shortlisted bidders early next month
Dadan Wijaksana, The Jakarta Post/Jakarta
The Assets Management Company (PPA), a state agency overseeing
state asset sales, will name as many as five shortlisted bidders
for the majority stake in Bank Permata early next month, its vice
president said on Thursday.
"We'll shortlist the potential bidders, probably to between
three to five, in early September. But, we still have to consult
with the minister of finance," Raden Pardede said on the
sidelines of a discussion here.
The Ministry of Finance oversees the PPA -- which is in charge
in managing and selling unsold assets formerly controlled by now-
defunct Indonesian Bank Restructuring Agency (IBRA).
Raden did not mention how many interested investors have so
far officially bid for the nation's ninth largest lender in terms
of assets, but said there were six large investors that had
received the info memo -- a list of additional information on
Permata.
UK's Standard Chartered Plc., Singapore's United Overseas Bank
Ltd., Malaysia's Malayan Banking bhd., and Bank Danamon were all
included in that group, Raden said, without naming the remaining
two.
Receiving the info memo means that the six potential bidders
have been given access to much more detailed information on the
bank, which indicates their seriousness, Raden added.
Given that many have expressed interest in the bank through
the media, the number of potential investors could well increase
before the Aug. 23 deadline to confirm their interest.
On the domestic front, Bank Rakyat Indonesia (BRI), Mandiri,
Panin, Buana, Artha Graha and Niaga are all said to be interested
in Permata, while more foreign investors are also expected to
join following a number of off-shore road shows carried out by
PPA officials.
The government, via PPA, plans to sell a 71 percent stake in
Permata with proceeds to be used to help finance the 2004 state
budget deficit.
It will first sell a 51 percent stake in the bank through
strategic investors, with the winner expected to be named by the
third week of December, to be followed by the sale of another 20
percent stake via the stock market.
At present, PPA owns a 97.17 percent stake in the publicly
listed lender.
Permata was formed two years ago through a merger of five
banks controlled by IBRA; Bank Bali, Universal, Arthamedia, Prima
Express and Patriot.