2013-08-29

August Reading (1)

Govt fails to sell Bank Mutiara

The Jakarta Post, Jakarta | Thu, 08/29/2013 12:20 PM | Business

The government failed to sell Bank Mutiara to investors for the third time.

The Deposit Insurance Fund (LPS) stipulated that the bank's shares had to be sold for at least Rp 6.7 trillion (US$616.4 million) in 2013. This figure was equal to the amount of the bailout disbursed by the government to save Bank Century, the former name of Bank Mutiara.

The LPS, as quoted by Kontan.co.id, said that six investors had initially been enlisted to purchase the shares as of July 1.

Only five out of six investors submitted their official offer letters. After pre-qualification, the LPS only gave two investors the chance to participate in the initial offer phase.
However, both investors had not yet submitted their initial offers and decided to not proceed further.

The LPS then decided to temporarily close down the selling of Bank Mutiara shares. Another offer for the sale of Mutiara shares is to be immediately announced.


Please answer the following questions :
1. What is the text about?
2. What happened on the selling?
3. How many investors were allowed to joined the selling?
4. Did one of the investors buy the bank?



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Answer :
1. It is about the selling of Bank Mutiara.
2. The government failed to sell the bank.
3. There were two investors were allowed to join the selling.
4. No, it didn't.
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