Probosutedjo to take over Dayak Besar<\/p>\n
JAKARTA (JP): Probosutedjo, the chairman of the automotive-
\nGarmak group, will soon take over PT Dayak Besar Group (DBG),
\nwhich has defaulted on loans worth an estimated Rp 350 billion
\n(US$166 million).<\/p>\n
Solichin GP, the chief commissioner of the troubled timber
\ngroup, said here yesterday that the memorandum of understanding
\non the takeover of the timber group would be signed formally next
\nweek.<\/p>\n
\"Probosutedjo has come up with a firm commitment to take over
\nthe company. We hope to sign the memorandum agreement next week,\"
\nsaid Solichin, a member of a special team recently set up by the
\ngovernment to rescue the timber group.<\/p>\n
He predicted that the activities of the timber group's logging
\nand plywood manufacturing units, which have been suspended for
\nnearly one month, would be resumed next month.<\/p>\n
DBG, which controls forest concessions of around 200,000
\nhectares and a number of timber mills in East Kalimantan, was
\nrecently reported to have failed to settle its bad debts of
\naround Rp 350 billion. Around Rp 200 billion of the debts are
\nowed to the state-owned Bank Rakyat Indonesia and another Rp 150
\nbillion to a number of private banks.<\/p>\n
Solichin refused to reveal the transaction value of the
\ntakeover deal but said that Probosutedjo, under the provisional
\narrangement, would be responsible for the settlement of the
\ntimber group's debts of around Rp 200 billion to Bank Rakyat
\nIndonesia.<\/p>\n
\"The present shareholders are required to repay the timber
\ngroup's debts to the private banks. They are, in return, given
\nthe right to receive the group's unpaid claims,\" he said of the
\nprovisional takeover arrangement.<\/p>\n
Solichin added that the present shareholders would be allowed
\nto retain a portion of the timber group's equity shares.<\/p>\n
According to the valuation by PT Maharani Dharma Sakti, an
\nappraisal company owned by the Dharmala Group, the assets of the
\ntimber group, excluding logging equipment, are valued around Rp
\n240 billion.<\/p>\n
Solichin said if the logging equipment is included, the value
\nof the timber group's assets could reach Rp 300 billion.<\/p>\n
DBG, controlled by businessmen Yusuf Hamka, dismissed its
\n2,400 workers last month after the forestry ministry banned two
\nof its subsidiaries from transporting their logs and sawn timber
\nfor violating forestry regulations.<\/p>\n
Solichin, a former presidential assistant on rural development
\naffairs, said the labor settlement would be part of the whole
\ntakeover arrangement.<\/p>\n
\"We hope the business group will resume operations in May so
\nthe workers can work again,\" he said. He did not, however,
\nconfirm that the dismissed workers would be reemployed.(hen)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/probosutedjo-to-take-over-dayak-besar-1447893297",
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"sponsor_url": "https:\/\/okusiassociates.com"
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