September 27, 2002 10:13:18 AM
IBRA Hopes To Raise Up To Rp 900B Cash From Property Asset Sales

IBRA hopes to raise some Rp 700B to Rp 900B in proceeds from its property asset sale program, which exceeds the total book value of the offered 1,740 property assets.

The figure exceeds the total book value of the offered 1,740 property assets worth Rp 600B, chief of IBRA Asset Management Credit (AMC) Mohammad Syahrial told Kompas.

The agency in its property asset sales offers 1,740 property units comprising apartments, buildings, warehouses, hotels, land, shops, and houses. Those property assets are scattered in Jakarta (1,042 units), West Java (162 units), East Java (138 units), Central Java (138 units), Sumatera, Sulawesi, Bali, and Kalimantan.

Those assets are assumed to be in free and clear condition.

IBRA will use the full access maximum entry (FAME) in the property asset sales. The system provides the same opportunity for each investor to purchase the offered property assets at IBRA's six head offices in Bandung, Surabaya, Semarang, Medan, Bandar Lampung and Makassar.

The basic sale price of the property assets offered in the sale program will be announced on Oct. 10 2002.

Syahrial said that the basic sale price of the offered assets would be announced on Oct. 17, a week before the closing date of the bidding on Oct. 24.
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