Bumiputera in uphill battle to find white knight
Regulator keen on private sector solution but little progress; backdoor listing plans marred by confusion
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Jakarta
INDONESIAN authorities seeking to shore up troubled life insurer Bumiputera have had little luck in finding a strategic investor and engineering a backdoor listing, increasing the likelihood that some form of state aid may have to be considered.
Despite restructuring under the stewardship of Indonesia's Financial Services Authority (OJK) since 2013, the century-old firm still has liabilities of around 20 trillion rupiah (S$2.15 billion) - far more than its assets worth 13-14 trillion rupiah, according to its statutory manager.
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