IBRA sells part of First Pacific stake, raises $52 million

The Indonesian government sold a portion of its holdings in First Pacific, raising $52 million to help meet its budget requirements.
The Indonesian government raised $52 million through the sale of a 6% stake in First Pacific, a Hong Kong conglomerate, to help meet budgetary requirements following its rescue of the country's banks following the currency crisis of two years ago,  said a banker at ING Barings, which managed the sale.

The Indonesia Bank Restructuring Agency held 9% of First Pacific's stock through Holdiko Perkasa, an investment holding company and Badanpenyehatan Perbankan Nasional. It sold 6% of that holding, Barings said.

The agency sold 177.48 million shares at $2.28 each. The price represented a 4.8% discount to the average price of First Pacific's stock in the two weeks preceding the sale...

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