Bambang's team to take over Kanindotex group<\/p>\n
JAKARTA (JP): A consortium led by Bambang Trihatmodjo is
\nalmost certain to take over the debt-ridden Kanindotex group of
\ntextile companies.<\/p>\n
Bambang, President Soeharto's second son, told journalists
\nyesterday that his consortium has paid the group's investment
\ndebts of Rp 420 billion (US$200 million) to its bank creditors --
\nstate-owned Bank Bumi Daya and Bank Pembangunan Indonesia.<\/p>\n
\"But we are still negotiating with creditors over Kanindotex's
\nworking capital debts, amounting Rp 400 billion,\" Bambang said,
\nadding that the amount includes Rp 120 billion accrued by the
\nFederation of Indonesian Batik Cooperatives -- the group's
\npresent caretaker.<\/p>\n
He said that his consortium has proposed the rescheduling of
\nits working capital debts. \"We want an eight-year term to pay
\nthem all.\"<\/p>\n
When asked, Bambang explained that his consortium got the
\nmoney from foreign fund managers. He declined to give details.<\/p>\n
After the planned takeover, Bambang's consortium will hold 90
\npercent of the company's shares, while the rest will be awarded
\nto 100 cooperatives.<\/p>\n
\"The cooperatives will pay their parts from their future
\nannual dividends,\" Bambang said.<\/p>\n
In the consortium, Bambang Trihatmodjo owns a stake of 70
\npercent, Bambang Yoga Soegama, the son of a former chief of the
\nnational intelligence agency, 10 percent, Johannes Kotjo, a
\nformer executive of the Salim Group, 10 percent, and Wisnu
\nSrihardono the other 10 percent.<\/p>\n
Robby Tjahjadi and his family, current owners of the
\nKanindotex Group, will not have any shares in the group.<\/p>\n
Bambang said that his consortium will also take over the
\nmanagement of the company from the federation, which has been
\ntaking care of the company since last September.<\/p>\n
\"As its investors, we would be worried if we let Kanindotex be
\nrun by people we don't know well. We prefer to manage the company
\nourselves,\" Bambang said.<\/p>\n
He explained that the planned takeover is aimed to solve the
\nbad debt problem posed by the Kanindotex Group, which could
\nendanger the cash flow of the two state banks.<\/p>\n
Kanindotex's bad debt erupted last year after a parliamentary
\ninvestigation, led by the then Golkar legislator Bambang Warih
\nKoesoemo, revealed that Robby Tjahjadi failed to honor his debts
\nto the two state banks.<\/p>\n
The Kanindotex Group operates PT Kanindo Prima Perkasa, PT
\nKanindo Success Textile and PT Kanindo Mulia Utama -- all in
\nCentral Java -- with more than ten thousand workers. (rid)<\/p>",
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"sponsor": "Okusi Associates",
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