A frenzy of deal-making has broken out in Indonesia as corporates rush to unload their stakes in everything from property and industrial subsidiaries to banks and finance companies in the wake of the currency and stock market crisis.
Assisted by a lifting of all restrictions on foreign ownership of listed companies, indebted companies are seeking out investors overseas as well as conducting fire sales locally to shed unproductive assets.
The government has reactivated its privatization programme while the list of companies planning to launch IPOs – at virtually any price – is growing daily.
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