Indonesia to raise $277.2 million in bank sales

Indonesia's government hopes to raise 2.8 trillion rupiah ($277.2 million) from the sale of 10 percent of the country's largest lender, PT Bank Mandiri Tbk, the state enterprise minister said on Saturday.
Soegiharto also said in a statement the government hopes to raise 2.75 trillion rupiah from selling 5.67 percent of PT Bank Rakyat Indonesia Tbk.
The minister did not say when the sales, part of the country's privatisation programme and also aimed at helping hold down the government deficit, might come.
Soegiharto had said on Friday plans to sell shares in the two banks might be delayed because of poor market conditions.
"The market is not conducive because share prices are in distress right now," Soegiharto told reporters on Friday.
Rising interest rates, weaker rupiah currency and higher inflation have hammered sentiment on Indonesia's banking sector this year.