The Indonesian Bank Restructuring Agency IBRA sold down a further 10% of its stake in Bank Central Asia BCA last Friday in a Rp530 billion offering $47 million.
Led by Danareksa and Merrill Lynch, a 588.8 million share deal closed just over two times over-subscribed and was priced at Rp900, a slim 2.75% discount to Thursday's Rp925 close. By the end of the day, the stock was up to Rp950, its first rise in over a week.
The small size of the transaction ensured that demand stayed tight, with a total of about 12 investors participating in an international book that comprised roughly 25% of the overall deal. Of these dozen accounts,...
