AFTER nearly 12 years, recapitalization bonds are once again being discussed. State-owned bank BNI will use recap bonds as an instrument to acquire PT Bahana Pembinaan Usaha Indonesia. Bahana Pembinaan is the holding company of PT Bahana Securities, PT Bahana Artha Ventra, and PT Bahana TCW Investment Management. “If possible using bonds,” said BNI Director of Finance Yap Tjay Soen to Tempo in Jakarta on Wednesday of last week.

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