Mon, 22 Aug 2011

Jakarta (ANTARA News) - Several investors have submitted a letter of intent (LoI) to acquire Bank Mutiara, the Deposit Insurance Agency (LPS) said.

"Three investors have submitted letters of intent to acquire PT Bank Mutiara, which is now in the process of being sold. Actually a total of nine investors have submitted letters of intent, but we have selected three of them," LPS head Firdaus Djaelani said here on Friday.

He said that we have not yet been in the stage of negotiations but still in the process of fulfilling administrative requirements.

The LPS has offered to the public the selling of Bank Mutiara since July 8, 2011. PT Danareksa Sekuritas acted as financial adviser.

Based on Law No. 24 / 2004 on LPS, the deposit insurance agency is required to offer to the public the sale of a bank under after it has handled it for three years.

In November 2008, the LPS provided Bank Century a bailout of Rp6.7 trillion through the issuance of a Short-Term Funding Facility (FPJP) and Temporary Capital Participation (PMS).

In November 2011, the bank which is now called Bank Mutiara, must be offered to the public. Based on the law, the must be sold at a price at least a value similar to PMS funds.

This means that Bank Mutiara should be sold at a price of at least Rp6.7 trillion.