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Govt fails to sell Bank Mutiara
The government failed to sell Bank Mutiara to investors for the third time
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The government failed to sell Bank Mutiara to investors for the third time.
The Deposit Insurance Fund (LPS) stipulated that the bank's shares had to be sold for at least Rp 6.7 trillion (US$616.4 million) in 2013. This figure was equal to the amount of the bailout disbursed by the government to save Bank Century, the former name of Bank Mutiara.
The LPS, as quoted by Kontan.co.id, said that six investors had initially been enlisted to purchase the shares as of July 1.
Only five out of six investors submitted their official offer letters. After pre-qualification, the LPS only gave two investors the chance to participate in the initial offer phase.
However, both investors had not yet submitted their initial offers and decided to not proceed further.
The LPS then decided to temporarily close down the selling of Bank Mutiara shares. Another offer for the sale of Mutiara shares is to be immediately announced.
