JAKARTA (AFX) - State asset management firm PT Perusahaan Pengelola Aset (PPA) is preparing to sell the government's remaining stakes in PT Bank Permata and PT Bank Internasional Indonesia (BII), the agency's vice-chairman Raden Pardede said.
He said the government had approved the stake sales earlier this month.
'We're looking at the market conditions and are preparing the consultants for the sale,' Pardede said.
The government still owns a 26.16 pct stake in Bank Permata after selling a majority stake to a consortium of PT Astra International and Standard Chartered Bank in 2004.
The government also holds a 5.53 pct stake in BII, which is now 56.78 pct owned by a consortium consisting of, among others, South Korea's Kookmin Bank and Singapore's Temasek Holdings.
PPA is in charge of selling state assets that were taken over by the now defunct Indonesian Bank Restructuring Agency (IBRA) following the 1997 financial crisis.
Proceeds from the sale will be used to help cover the state budget deficit.
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