12 January 2004 07:24 [Source: ICIS news]
SINGAPORE (CNI)--The Indonesian Bank Restructuring Agency (Ibra) has set a deadline for late today (Monday) for the latest round of bidding for the sale of a 70% stake in chemicals, textiles and engineering company Texmaco.
Ibra is trying for the third time to offload Rp29.04trn in Texmaco exchangeable bonds, having failed to sell the bonds in two earlier auctions because of the low prices offered by bidders.
Ibra deputy chairman Junianto Tri Prijono said he had yet to hear if any bidders had expressed their interest in the company - either verbally or in written form. He also dismissed a previous statement by PT Dian Cerah Sentosa, a Seychelles-based company, that it wanted to acquire the bonds.
He said Ibra had to wait and see if had received any bids until the final deadline expired later today.
If Ibra fails again with the latest auction, it may hand over the bonds to a new entity to be established by the government since the agency is due to be closed for business from 27 February 2004.
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