Tamara Bank sells shares

JAKARTA (JP): Publicly listed Bank Tamara plans to sell 10 percent of its founding shareholder's stake to an overseas interest.

The bank is negotiating with an American investor, Bisnis Indonesia reported yesterday.

The sale to the American investor is aimed at forming a strategic alliance.

Last year Taiwan's China Development Corporation bought 10 percent or 72 million shares in the bank. The aim of the sale was to form a strategic alliance with the Taiwan investor.

Foreign ownership of the bank is still less than less than 49 percent, the maximum level allowed.

In a related development the bank launched a rights issue to raise about Rp 141.83 billion in the third quarter of last year. (09)