Based on the provision in Article 42 of Law on LPS, the LPS will reopen a chance and to recall a tender for the publicly listed PT Bank Mutiara. The date for the reopening of the tender will be decided later.Jakarta (ANTARA News) - Three investors had failed to acquire the government`s stake at Bank Mutiara after the Deposit Insurance Agency (LPS) which organized the divestment said they did not meet the requirements.
The LPS said here on Thursday that the three investors had submitted their confirming letters of interest and other supporting documents.
After conducting a prequalification process of the three would-be buyers, none of the three investors met the requirements based on the criteria set by Bank Indonesia (BI/the central bank).
It said that none of them had met the requirement so that they failed in the prequalification to move into the next stage in the Bank Mutiar sale process.
Based on the provision in Article 42 of Law on LPS, the LPS will reopen a chance and to recall a tender for the publicly listed PT Bank Mutiara. The date for the reopening of the tender will be decided later.
The tender process of Bank Mutiara which was formally known as Bank Century was started on July 8, 2011, when the LPS announced a bidding process for it assisted by PT Danareksa Sekuritas as its financial adviser.
The divestment of PT Bank Mutiara is carried out based on Law No. 24 / 2004 on LPS (UU LPS).
Through the invitation to the tender of PT Bank Mutiara, nine investors offered participation.
After PT Danareksa provided them with teasers on PT Bank Mutiara, only three would-be investors filed confirming letters of interest.
Based on the UU LPS, the divestment of the bank can be carried out until 2013 with a minimal price offer of Rp6.7 trillion, or equal to the bailout funds the government provided for Bank Century.
If LPS fails to sell Bank Mutiara until 2013, the bank can then be sold at any price.(*)
Editor: Heru Purwanto
Copyright © ANTARA 2011
