TEMPO Interactive, Jakarta:The government is to divest Bank Niaga following the same process as in the Bank Central Asia (BCA) divestment. Twenty percent of shares will be sold through money market and then a further 51 percent will be sold through strategic investor, according to State Minister for State Enterprises Laksamana Sukardi. Minister Laksamana explained that this was aimed at increasing the amount of shares circulating in the market. “Therefore the trading of shares trade will be more liquid (easily convertible to cash) and the market price will show the company’s value more accurately,” he told the Commission IX of the House of Representatives (DPR) at the legislature complex on Wednesday (26/6). Afterwards, the 51 percent of shares will be sold through strategic investors by implementing three methods: strategic sale, tender offer and option. Strategic sale method is a good one to select buyer, but it is a limited offer and it needs a long time. The second method, tender offer, is a general offer made publicly but it is possible that no one investor will make a bid, especially as money markets rule on tender offers are relatively more complex. The third method, option, is a more simple method of general offer that merely needs shorter time. (Istiqomatul Hayati-Tempo News Room)
