Argha Karya sells assets<\/p>\n
JAKARTA (JP): Shareholders of PT Argha Karya Prima Industry, a
\npublicly listed manufacturer of flexible packaging, approved here
\nyesterday the company's proposal to sell its converting division.<\/p>\n
The company's president Ibrahim Risjad said the converting
\ndivision would be sold for Rp 77 billion (US$26.10 million) to
\nVAW Europack Gmbh of Germany.<\/p>\n
He said that about Rp 60 billion of the total transaction
\nvalue would be for the purchase of land and buildings, while the
\nremaining Rp 17 billion would be for the payment of other assets.<\/p>\n
\"I think this is a profitable transaction,\" he told
\njournalists after the shareholders' meeting.<\/p>\n
He denied yesterday that the divestment plan was made due to
\nfinancial problems faced by the company, saying the sale of the
\nconverting division was made as part of Argha Karya's
\nrestructuring program.<\/p>\n
\"The aim of the divestment is to make Argha Karya concentrate
\non its core business,\" he said.<\/p>\n
Risjad said yesterday that proceeds from the divestment would
\nbe used to repay the company's short-term debts but he did not
\nelaborate. (aly)<\/p>",
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