Salim rushes RP asset sale<\/p>\n
Dow Jones, Manila<\/p>\n
First Pacific Co. of Hong Kong is rushing the sale of its
\nPhilippine assets before the end of the third quarter to meet an
\nOct. 11 deadline set by the Indonesian government for the Salim
\nfamily to pay part of its debts amounting to Rp 32.2 trillion,
\nroughly equivalent to US$3.6 billion, the Philippine Star
\nreports, citing unnamed sources from Indonesia.<\/p>\n
The Salim family controls First Pacific, which signed a
\nmemorandum of agreement with the group of companies owned by
\ntycoon John Gokongwei last month to form a joint venture that
\nwill acquire First Pacific's 24.4 percent controlling stake in
\nPhilippine Long Distance Telephone Co. and a 50.4 percent stake
\nin a major Philippine property venture. Gokongwei will own two-
\nthirds of the joint venture, which is valued at $925 million.<\/p>\n
There are persistent speculations that the deal was made in
\nhaste as the Salim group is relying heavily on the sale of its
\nPhilippine assets to pay off its debts.<\/p>\n
First Pacific has said the sale will enable it to monetize a
\nportion of the $1.3 billion it has invested in PLDT since it
\nacquired control of the company in 1998.<\/p>",
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