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JAKARTA. The attempted sale of Bank Mutiara has once ended with no buyers. The Indonesian Deposit Insurance Corporation (LPS) announced on Wednesday that no investors had submitted initial offering proposals during the advanced stage of the sale.
"Up until the deadline, the two investors which had passed the prequalification stage did not submit their initial offering proposals and stated that they would not participate further in the next stage of the Bank Mutiara sale process," it said in a statement.
The LPS announced in July that two out of six investors passed the prequalification stage, which mainly dealt with paperwork. Now that the sale process has concluded, Bank Mutiara -- previously known as Bank Century -- will most likely be auctioned off next year.
As reported previously, LPS divestment team chairman Mirza Mochtar acknowledged that the bank's Rp 6.7 trillion (US$594.76 million) price tag had deterred potential investors. The bank has been on sale since 2011 after it was rescued by the LPS in a bailout in 2008.
