Danamon delivers: but not to international equity investors

Busy day for Temasek as it swoops on Bank Danamon and sells a stake in SingTel.

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.

While Temasek will undoubtedly consider the result a success, this was not the scenario envisaged the night before when a fully marketed equity offering was launched after the stock market's close. At this point, the deal was...

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