REPUBLIKA.CO.ID, JAKARTA -- Indonesia's Financial Service Authority (OJK) approved Japan finance company, J-Trust, to buy PT Bank Mutiara, Tbk. The Indonesian Deposit Insurance Corporation (LPS) is preparing technical document for general meeting of shareholders.

"We will hold general meeting of shareholders next week," LPS Corporate Secretary Samsu Adi Nugroho said on Wednesday, November 12. LPS will hold a meeting for a transfer in the share ownership and complete the transaction.

J-Trust offered to buy Bank Mutiara for a range of 4.3-5.7 trillion IDR. Nugroho refused to give the exact price as J-Trust haven't paid off the stocks. The company has paid 10 percent for down payment. It has to finalize the remaining before November 21.

Bank Mutiara, formerly Bank Century, was bailed out by the Indonesian government during the global financial crisis in 2008. LPS started a public bidding process for its 99.996 percent interest in Bank Mutiara in April.

Head Commissioner of OJK Muliaman D Hadad said the Japan company must not sell Bank Mutiara up to ten years. "J-Trust has to focus on developing Indonesia," he said. J-Trust must also maintain nonperforming loan (NPL) less than 5 percent and capital adequacy ratio (CAR) at least 16-17 percent.

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