Temasek increases BII stake

Another successful divestment from the Indonesian government as it sells a 15.25% stake in BII.

The Indonesian government disposed one more of its residual holdings in the domestic banking sector yesterday January 18, raising $147 million from the sale of shares in Bank Internasional Indonesia BII.

Temasek Holdings, the investment arm of the Singapore government, is said to have made a bid for the entire deal and been allocated a 6.1% stake in the bank. Based on recent ownership figures, this will boost its overall holding from about 28.5% to 34.6%.

Pre-deal Temasek owned 50% of the Sorak consortium, which successfully won a 51% stake in BII at a government auction in November 2003. As of September 2004, Sorak held...

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