Fadel invites investors into Golden Key Group<\/p>\n
JAKARTA (JP): Fadel Muhammad, one of the new owners of the
\nformer Golden Key Group companies, has invited foreign investors
\nto buy into the group's West Java chemical projects.<\/p>\n
Fadel said yesterday, Hutomo \"Tommy\" Mandala Putra, President
\nSoeharto's youngest son, would also join the projects when they
\ncame on line.<\/p>\n
He said the government had approved PT Serang Industri Utama
\n(SIU) to take over the bankrupt Golden Key Group and its Rp 1.4
\ntrillion (US$590.7 million) debt.<\/p>\n
PT Serang Industri Utama (SIU) is 65 percent owned by Fadel,
\n25 percent by Ramles Manampang and 10 percent by Agus Gumiwang
\nKartasasmita.<\/p>\n
\"The government approved our proposal three months ago and it
\nshowed the government's confidence in us,\" he said.<\/p>\n
Under the agreement SIU will buy the group's eight
\nsubsidiaries which were seized by the government.<\/p>\n
Five of the projects have yet to be completed. The projects
\nare owned by PT Hamparan Rejeki (80 percent completed), PT
\nCilegon MWS (80 percent completed), PT Graha Swakarsa Prima (25
\npercent completed), PT Dinamika Erajaya (60 percent completed).<\/p>\n
PT Hamparan will make acrylic fiber, PT Cilegon will be a
\nutilities firm, PT Graha Swakarsa Prima will make styrene monomer
\nand its derivatives, PT Dinamika Erajaya epoxy resin and PVC
\nstabilizer.<\/p>\n
The other three have been in production. PT Glassfibindo Indah
\nmakes fiber glass, PT Materindo SMW makes molds, dies and jig and
\nPT Sukma Beta Sempurna makes circuit boards.<\/p>\n
The former owner of the Golden Key group, Eddy Tansil, was
\njailed in 1994 for manipulating Rp 1.4 trillion in loans from
\nstate-owned Bank Bapindo and several other state banks.<\/p>\n
Tansil escaped from his Jakarta jail on May 4 last year and is
\nstill at large, believed to be in China.<\/p>\n
Fadel said his company would pay the Rp 1.4 trillion debt
\nincluding interest within 20 years to Bank Bapindo and the other
\ncreditors including Bank Bumi Daya, Bank Negara Indonesia, Bank
\nExim and Bank Dagang Negara.<\/p>\n
\"We will soon invest between Rp 10 billion and Rp 15 billion
\nto optimize the operations of PT Glassfibindo Indah, PT Materindo
\nSMW and PT Sukma Beta Sempurna,\" Fadel said.<\/p>\n
He said his group also would invest an extra Rp 100 billion
\ninto the plant projects of PT Hamparan Rejeki, PT Cilegon MWS and
\nPT Dinamika Erajaya which are currently under construction.<\/p>\n
\"Our next program will complete the construction of PT Graha
\nSwakarsa Prima's project with an additional investment of around
\nRp 200 billion,\" he said.<\/p>\n
Fadel estimated all the chemical projects would be completed
\nby 2000.<\/p>\n
He said about Rp 500 billion is additional investments were
\nneeded to complete the project, of which Rp 476 billion would
\ncome from loans from domestic and foreign banks and the remainder
\nfrom SIU's equity capital.<\/p>\n
The agreement also allowed SIU to set up a new company called
\nPT Serang Komindo Utama to be the holding company for all the
\neight projects. (09)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/fadel-invites-investors-into-golden-key-group-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
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