Indonesia sells out of Danamon

Government raises $274 million from the sale of its 10.5% stake in Bank Danamon.

As part of its ongoing effort to sell off stakes in the nation's banks, the Indonesian government raised Rp2.68 trillion $274 million on Wednesday from the sale of its remaining 10.5% stake in PT Bank Danamon, the country's fifth largest lender by assets. The shares were priced at Rp5,200 each, a 1.9% discount to the Rp5,300 closing share price on the Jakarta Stock Exchange on Wednesday.

The offering was 1.36 times oversubscribed for the 515.22 million shares of Bank Danamon, which is controlled by Deutsche Bank and Temasek Holdings, Singapore's state-owned investment company that has been on an Asia-wide buying spree recently. According to a statement issued by the Indonesian Minister...

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