Holdiko aims for Rp 20 trillion by November<\/p>\n
The Jakarta Post, Jakarta<\/p>\n
PT Holdiko Perkasa targets a total proceeds of Rp 20 trillion
\n(about US$1.95 bilion) by November this year, for which it must
\nraise another Rp 3.8 trillion from the sale of former Salim Group
\nassets.<\/p>\n
Holdiko Perkasa finance director Scott Coffey said on Friday
\nthat November was its deadline for disposing of the Salim assets.<\/p>\n
\"We're hoping to finish everything by November 4th,\" he told
\nThe Jakarta Post over the phone.<\/p>\n
Based on an agreement, known as the Master of Settlement and
\nAcquisition Agreement (MSAA), Holdiko has been given four years
\nto finish the sale of Salim assets.<\/p>\n
Holdiko is a joint company with Salim and is in charge of
\nselling the latter's assets that have been handed over to the
\nIndonesian Bank Restructuring Agency (IBRA).<\/p>\n
Salim owed IBRA some Rp 58 trillion in liquidity loans that
\nwere injected into Bank Central Asia, which it once owned.<\/p>\n
To repay the debts, Salim surrendered assets of ostensible
\nequal value to IBRA but an audit later revealed that they were
\nworth only some Rp 20 trillion. The MSAA does not require Salim
\nto cover the shortfall.<\/p>\n
Coffey said the MSAA deal expired on November 4, meaning
\nHoldiko must finalize its work by then.<\/p>\n
He said Holdiko had sold some Rp 16.2 trillion worth of Salim
\nassets during the past three years.<\/p>\n
Among the Salim assets that had been sold were its stake in
\ncar manufacturer PT Astra International (Rp 2.07 trillion), the
\nSalim Palm Plantation (US$368 million), and television
\nbroadcasting company PT Indosiar Visual Mandiri (Rp 755 billion).<\/p>\n
Among the remaining top assets slated for sale this year are
\nPT Metropolitan Kencana, to which belongs Wisma Metropolitan and
\nPondok Indah Mall, real estate Bumi Serpong Damai, and several
\nSalim resorts in Bintan.<\/p>\n
Due to the size and quality of many of Salim's assets, Holdiko
\nis seen as vital to sustaining the appetite of investors for
\nlocal assets amid an unfriendly investment climate.<\/p>\n
For the same reasons though, many believe Holdiko's asset
\nsales have become a hotbed of politicking among interest groups.<\/p>\n
Its sale of PT Indomobil Sukses Internasional late last year
\ndrew controversy, as critics charged foul-play in the bidding
\nprocess.<\/p>\n
Suspicions arose that Salim had illegally repurchased
\nIndomobil through a nominee. Although the identities of the
\ninvestors have been revealed, their funding sources remain
\nsomewhat unclear.<\/p>\n
Responding to this, Holdiko initiated an independent legal
\naudit by Todung Mulya Lubis' law firm had been carried out.<\/p>\n
The audit discharged Holdiko of any wrongdoing in regard to
\nthe company's compliance with the laws and regulations. However
\nit did not look into the question of legal compliance outside of
\nHoldiko.<\/p>\n
The audit results were issued last Wednesday and come as an
\ninvestigation into Indomobil's sale process by the Business
\nCompetition Supervisory Commission (KPPU) is underway.<\/p>\n
Coffey said despite Todung clearing Holdiko of any charges, he
\nwould need to comply with whatever the KPPU decided in its probe.<\/p>\n
KPPU is grilling Holdiko and IBRA over a possible violation of
\nthe antimonopoly law stemming from irregularities in the tender
\nprocess for Indomobil.<\/p>\n
The investigation began last week, during which time Holdiko
\nand IBRA have been summoned by KPPU three times without results.<\/p>",
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