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Jakarta Post

Two investors pass first stage of Mutiara sale

Two out five investors have passed the document verification stage in the sale process of Bank Mutiara, says the Deposit Insurance Corporation (LPS)

The Jakarta Post
Jakarta
Sat, July 13, 2013

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Two investors pass first stage of Mutiara sale

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wo out five investors have passed the documentverification stage in the sale process of Bank Mutiara, says the DepositInsurance Corporation (LPS).

The LPS said on Friday said that six investors initially expressed interest in purchasing the bank but only five submitted the necessary documents during the process that ended on July 1.

'€œBased on the assessments and pre-qualifications results, there are two investors who met the administrative requirements, therefore they may proceed in the next stage of the sale process,'€ the LPS said in a press statement.

In the next stage, the investors are required to hand in their initial offering proposals.

The LPS rescued Bank Mutiara, formerly known as Bank Century, in a 2008 bailout.

It has been on sale since 2011 but has not found the right buyer due to its sky-high Rp 6.7 trillion (US$671.34 million) price tag.

If no deal is achieved by year'€™s end, Bank Mutiara will be sold to the highest bidder in an auction next year.

 

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