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everal local and foreign investors have expressed interest in taking over Bank Mutiara since the acquisition tender for the former Bank Century was opened in January, an official has said.

“There are a number of companies that have submitted bids,” Indonesia Deposit Insurance Corporation (LPS) executive director Mirza Adityaswara said in Jakarta on Tuesday, declining to name the firms while adding that those who passed prequalification would be announced in mid-May.

LPS, which owns a 99.9 percent stake in Bank Mutiara, met 40 potential investors overseas during recent road shows in Australia, Hong Kong, China, Singapore and the United Arab Emirates, among other nations, Mirza said.

Bank Mutiara, which was taken over by the LPS after the government’s contentious bailout of Bank Century, has been on the market for Rp 6.7 trillion (US$688.95 million) since 2011.

As required by Article 42 of Law No. 24/2004 on the LPS, all shares of any bank rescued by the LPS, including Mutiara, must be sold for their purchase price within three years of rescue.

Auctions held in 2011 and 2012 failed to find the buyers of the bank.

According to law, if no deal is made by 2014, Bank Mutiara can be sold to the highest bidder.