Maspion predicts higher exports<\/p>\n
JAKARTA (JP): Widely diversified Maspion Group expects higher
\nexport earnings this year thanks to a growing demand for its
\nhousehold electronics appliance, the company's senior executive
\nsaid on Thursday.<\/p>\n
The group's president, Alim Markus, said a growing overseas
\ndemand was expected to boost export earnings by 16 percent to
\nUS$180 million this year from $155 million in 1998.<\/p>\n
\"In the first semester of 1999, our exports were expected to
\nreach $85 million. We target it could reach $180 million by the
\nend of 1999,\" he said.<\/p>\n
He also said the group's growth in exports increased from a
\npre-crisis level of 12 percent per year to an average of 15
\npercent per year amid the crisis.<\/p>\n
The group's subsidiaries exported products to 45 countries.<\/p>\n
Alim acknowledged the group was still facing several problems
\nin boosting exports.<\/p>\n
\"Lack of containers, lack of cargo space and importers'
\nconcerns over the country's security are among the problems we
\nhave to face in boosting exports,\" he said.<\/p>\n
He said a lack of containers and cargo space resulted from
\nlower imports due to the country's economic crisis.<\/p>\n
Maspion Group has 33 subsidiaries involved in producing
\nelectronic goods, plasticware, kitchenware, luggage, polyfoam,
\npackaging, chemical industry, pipes, aluminum, cables, industrial
\nestates, construction, banking and others.<\/p>\n
Two of its subsidiaries, aluminum makers PT Indal Aluminum
\nIndustry and PT Alumindo Light Metal Industry, are listed on the
\nJakarta Stock Exchange.<\/p>\n
Alim also said Maspion Group currently had an outstanding
\nforeign debt of $139 million.<\/p>\n
The company's debt to domestic banks currently stands at Rp
\n200 billion.<\/p>\n
\"We have successfully restructured our foreign debt from $150
\nmillion last year to $139 million,\" he said.<\/p>\n
Alim said Maspion used the group's own scheme as well as one
\nimplemented by the Indonesian Debts Restructuring Agency (INDRA)
\nin restructuring its foreign debt.<\/p>\n
\"We let the creditors choose between Maspion's or INDRA's
\nscheme. However, most of them decided to use Maspion's because it
\nwas more simple and it was faster by one or two years than using
\nINDRA's scheme.\"<\/p>\n
He refused, however, to give details of the debt restructuring
\nscheme, saying the group paid its debts in monthly installments.
\n(gis)<\/p>",
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