Danamon delivers: but not to international equity investors

The new Indonesian government's first foray into the equity markets got off to a bad start yesterday (November 4), with a poorly handled and confusing block sale in Bank Danamon. As a result of the divestment, Singapore government investment agency Temasek increased its stake from 62% to 72% and Indonesian investment agency, PT Perusahaan Pengelola Aset Negara (PPA), saw its stake drop from 20.5% to 10.5%. UBS and Danareksa handled the sale.