The Indonesian Bank Restructuring Agency [IBRA] has finally opted to accept offer from PT HM Sampoerna to buy its 51 percent stake in PT Indomarco Prismatama [Indomart].
Sources at IBRA said the Financial Sector Policy Committee [KKSK] gave the approval last Friday based on a decision of the chief economics minister Rizal Ramli as the committee chairman.
Earlier IBRA planned to sell the shares through an initial public offering scheduled for November 22-24 and the shares were to be listed on the Jakarta Stock Exchange on December 13.
IBRA wanted to sell 46.15 million shares or 35 percent of the company's shares through IPO but before it was implemented an offer came from PT HM Sampoerna to buy the entire 51 percent stake at a price of Rp300 billion.
The IPO plan, therefore was cancelled.