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‘White knight’ Evergreen had been due to acquire a holding company for Bumiputera, which has more liabilities than assets.
President Soelistyo also raised the possibility of a dual-listing after Indonesia, but said a decision on where hasn’t been made.
The country currently has four unicorns – Go-Jek, travel site Traveloka, and market places Bukalapak and Tokopedia.
The Japanese lender’s CEO said last month the company is keen to raise its stake to a majority in BTPN if Indonesian authorities permit.
The sale of new shares would be part of its stake sale to a strategic investor, where it planned to sell a 20% stake.
GMF AeroAsia expects to raise $200 million from selling a 20% stake to a strategic buyer.
Indonesia and Papua have long pushed for greater control over Grasberg and the new ownership structure may ease tensions.
A successful transaction could become the biggest acquisition of an Indonesian firm on record.
Rimau will sell 13.64 billion new shares and PT Fersindo Nusantara and AirAsia Investment Ltd – the current owner of Indonesia Airasia – are acting as standby buyers.
The country’s Supreme Court has ruled that tariff ranges imposed by the government last month on online ride-hailing services are illegal.