Polysindo sells stake in Texmaco Perkasa<\/p>\n
JAKARTA (JP): PT Polysindo Eka Perkasa, Indonesia's largest
\nintegrated textile manufacturing group, sold its 80.48-percent
\nstake in PT Texmaco Perkasa Engineering to PT Multikarsa
\nInvestama yesterday for Rp 184.20 billion (US$80.1 million), or
\nRp 950 per share.<\/p>\n
The publicly-listed company announced after its extraordinary
\nshareholders meeting in Krawang, West Java, yesterday that the
\nfunds from the divestment would be used to finance its purified
\nterephthalic acid (PTA) plant currently under construction in
\nKrawang.<\/p>\n
Polysindo's chief executive officer Marimutu Sinivasan said
\npart of the proceeds from the divestment would also finance the
\nexpansion of Polysindo's polyester chip and fiber production in
\nCentral Java.<\/p>\n
Texmaco Perkasa, which is also listed on the Jakarta Stock
\nExchange (JSX), is engaged in foundry operations and the
\nconstruction of textile machinery.<\/p>\n
Texmaco Perkasa's shares closed on the JSX at Rp 900 on
\nWednesday.<\/p>\n
Multikarsa Investama which also owns 65.7 percent of Polysindo
\nis the investment vehicle of the Marimutu family.<\/p>\n
\"The divestment also will benefit Texmaco Perkasa because it
\ncan now operate in a more flexible manner in that the execution
\nof its business policy will be made more expedient,\" Marimutu
\nsaid.<\/p>\n
He said before the divestment Polysindo, as the holding
\ncompany, was required to guarantee all of Texmaco Perkasa's
\nborrowings.<\/p>\n
\"The problem, though, is that Polysindo, as a publicly listed
\ncompany, is obliged to follow certain procedures and to fulfill
\nseveral requirements before it can act as a financing guarantor,\"
\nadded Marimutu.<\/p>\n
Polysindo reported a net profit of Rp 92.83 billion for the
\nfirst nine months of this year. The company booked Rp 108.02
\nbillion in net profits last year.<\/p>\n
Texmaco Perkasa booked a net earning of Rp 15.45 billion for
\nthe first three quarters of this year and profits of Rp 19.88
\nbillion for last year.(vin)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/polysindo-sells-stake-in-texmaco-perkasa-1447893297",
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