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The Indonesian Bank Restructuring Agency (IBRA) said on
Monday it would sell 30 percent of its stake in auto giant PT Astra
International in January in a bid to raise between Rp 2 trillion and Rp
3 trillion (about US$428.5 million).
IBRA chairman Glenn Yusuf said the divestment in the country's largest
automotive producer would be done through a private placement.
"We'll tender it in January... we'll first sell 30 percent," said on
the sidelines of the congress of the Indonesian Property Developers
Association.
IBRA currently controls a 40 percent stake in Astra.
Glenn said New-Bridge Capital and Gilbert Global Equity Capital
expressedinterest in buying the Astra shares.
Astra International shares lost Rp 100 to close at Rp 3,325 in active
trading on Monday.
IBRA has targeted raising Rp 17 trillion in the current fiscal year
ending March 2000 to help finance the country's bank recapitalization
program.
The agency has so far raised Rp 10.3 trillion and is confident it will
meet the target.
IBRA controls some Rp 600 trillion worth of various bank assets,
including more than Rp 230 trillion worth of nonperforming loans.
The agency also plans to sell its stake in Hong Kong-based First
Pacific to raise Rp 1.5 trillion, and to float a 30 percent stake in
Bank Central Asia (BCA) through an initial public offering in the near
future to raise Rp 3 trillion.
Coordinating Minister for the Economy, Finance and Industry Kwik Kian
Giesaid on Monday that the government would disclose the names and
status of the 80 largest indebted business groups in IBRA to expedite
the debt restructuring process.
"This is aimed at expediting the debt restructuring process," he said
on the sidelines of a seminar.
Kwik said the government was undecided on when it would disclose the
information, pending input from the business sector.
He said that if the business community opposed the plan, the government
would seek the opinion of the public and the legislature.
"Let's see whose opinion is stronger. If it's the public's, then we'll
have to disclose it," Kwik said.
IBRA recently said that it planned to disclose the restructuring status
of its 20 largest indebted business groups on Wednesday to provide
transparency.
IBRA has been criticized for not being fully transparent in handling
the bad debtors, which are mostly companies belonging to influential
businesspeople.
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