BRI Ready to Develop Bank Mutiara

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12 June 2014 16:28 WIB

TEMPO.CO, Jakarta – State-owned bank PT Bank Rakyat Indonesia Tbk (IDX: BBRI) expressed its readiness to develop PT Bank Mutiara Tbk following as the company's plan to acquire the bank formerly known as Bank Century. BRI corporate secretary Budi Satria said BRI has made an acquisition offer to the Deposit Insurance Agency (LPS).

"BRI has prepared Rp3 trillion for inorganic growth, including funds for the acquisition," he told Tempo yesterday.

LPS spokesman Samsu Adi Nugroho said that the bidding process is still ongoing, with 10 potential investors participating, six of which are foreign companies. "We have now entered the bidding document evaluation phase," he said yesterday.

Bank Mutiara's selling price was initially set at Rp6.7 trillion, or equivalent to the equity disbursed by LPS. However, after five years of not being sold, Bank Mutiara can be sold for a lower price than its initial rescue price.

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