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The government through a state-sanctioned agency the Assets
Management Company (PPA) will start selling its remaining 25.9 percent
stake in Bank Permata on Tuesday.
The sale is part of the government's divestment program with proceeds
to be used to help plug the budget deficit.
"We have received an order from the finance minister (Boediono) this
(Monday) afternoon to prepare the divestment of (government) assets in
Permata Bank, through a market placement mechanism," PPA corporate
secretary Renny O. Rorong told The Jakarta Post on Monday.
Renny would not speculate how long the process would take, only saying
"the company expects to conclude the sale as soon as possible, and
bring in as much proceeds as possible."
Permata was set up under the auspices of the Finance Ministry to manage
assets taken over by the government from hugely indebted banks hit by
the Asian financial crisis of 1997.
Renny said the timing was right for the sale because the stock market
was bullish.
"Principally, the finance minister has only ordered us to prepare all
the necessary details for the stock offering," he said.
"No (revenue) target has been estimated yet. We will see the results
soon enough. Even so, we are optimistic that the stocks will command a
premium price," Renny said.
Permata shares closed Tuesday at Rp 790, about 4 percent higher that
Friday's close of Rp 760.
This year, PPA was budgeted to contribute Rp 2.35 trillion to state
coffers in asset sales, although so far the agency has delivered a
little over a 10th of that amount, at only Rp 250 billion.
Currently a consortium, which includes Standard Chartered Bank Plc and
PT Astra International, owns the majority stake in Permata.
The PPA also oversees a 28.39 percent public stake in Bank Tabungan
Pensiunan Nasional, a 2.35 percent share in Bank Lippo, 5.53 percent in
Bank International Indonesia (BII), 6.08 percent in MayBank Indocorp
and a 0.0005 percent stake in Bank Panin.
Renny said the PPA held a business forum last month to outline its plan
to sell its stakes in the banks.
"We explained to those who attended the meeting the plan of the
government share divestments and the procedures on how to buy them," he
said.
However, no time frame has been decided yet for the sale of other
assets, he said.
"Permata is the only one tomorrow," he said.
The PPA has chosen a consortium of Bahana Securities and Deutsche
Securities Indonesia as the underwriter and the financial advisor, to
help it sell the government's assets in Permata, Renny said.
The consortium won the job from 26 other financial consultants in a
tight competition, he said.
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