TEMPO Interactive, Jakarta:Despite many requests to postpone the divestment of bank assets that are held by the Indonesian Bank Restructuring Agency (IBRA), the divestment process is to continue. On Wednesday (05/02), IBRA invited several potential investors and offered them the governments shares in Bank Danamon. We might not sell all of the shares. But, we still have to continue the divestment process, said IBRA Head Syafruddin Temenggung to reporters on Wednesday afternoon in Hotel Mariott, South Jakarta. In offering the governments 51-percent share in Bank Danamon, IBRA has invited some 40 investors. The divestment will be carried out through a strategic sale and a maximum of 20 percent of the shares will be sold through an Initial Public Offer (IPO). We emphasize the block sale process for a maximum of 20 percent of the shares so that possession of the shares is wide open to the public, said Temenggung. In the divestment process of Bank Danamon, IBRA is offering the shares on a block sale system at a rate of between 0.5 and 5 percent but the IBRA chief declined to explain the set share price. What was certain, according to Temenggung, was that the share price would be based on the prevailing book value. Up to Tuesday (04/02), Bank Danamon shares were being traded on the Jakarta Stock Exchange at a price ofRp 875 per share. This is lower than the initial offer price of Rp1,175 per share. According to analysts, Bank Danamons book value is estimated to be around Rp1,050 per share. In addition to inviting local investors, the IBRA team will also go to Singapore and Hongkong to attract foreign investors to the Bank Danamon divestment process. The target is to find a strategic investor willing to buy up a 51 percent share in the bank. According to Temenggung, the IBRA will prioritize investors from commercial banks or a consortium led by commercial banks so that they will get reliable investors in the possession of Bank Danamon shares and banking management. The investors should be prudent and reliable in building this business, said Temenggung. IBRA is not concerned what vehicles investors use in the transaction because Due diligence will be carried out on all investors, according to Temenggung. (Tomi Tempo News Room)