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The Indonesian Bank Restructuring Agency (Ibra) has received offering bids from 127 investors for the loan assets offered in the Loan Asset Sales Program III (PPAK III).

The investors consist of 101 local investors and 26 foreign investors. As has been announced, PPAK III offers 135,424 loan assets (both the restructured and unrestructured) as well as treasury assets worth Rp76tn (based on the asset transfer kit figures to Ibra).

In fact PPAK III has drawn response from 136 investors who have expressed their interest on the loan assets on offer. However, following an evaluation, the number of eligible investors for participation in this program is 127 investors. All the eligible investors have submitted their enveloped bids today. Ibra will send notification to the winners in early April 2003. To the investors who raised offering bids under the floor price, Ibra will provide them with an opportunity for a rebid.

Just as in the previous PPAK programme, Ibra expects that PPAK III can expedite the industrial sector recovery as well as reinvigorate the banking intermediatory function so as to accelerate national economic recovery.

After the completion of PPAK III, Ibra will continue asset disposal programs to put them back to the banking system through the Strategic Asset Sales Program (PPAS). In this programme will be offered loan assets each worth above Rp750bn.