Semen Cibinong deposit sale approved<\/p>\n
Shareholders of publicly listed cement producer PT Semen
\nCibinong approved on Monday the planned sale of the company's
\ncontroversial missing deposits worth US$250 million.<\/p>\n
\"... shareholders approved the sale of time deposits held by
\nit (Semen Cibinong) and its subsidiary, PT Trumix Beton, to an
\nindependent third party company. (The sale) is to be held for the
\nbenefit of (Semen Cibinong's) its nonaffiliated creditors as an
\nintegral part of the debt restructuring,\" Semen Cibinong said in
\na press release on its extraordinary shareholders' meeting in
\nJakarta.<\/p>\n
Semen Cibinong did not say whether a company was interested in
\npurchasing its deposits, and at what price it would offer them.<\/p>\n
But the approval of the planned sale may signal the end of the
\ncontroversy surrounding the missing deposits.<\/p>\n
Speculation rose that the $250 million in deposits went
\nmissing after Semen Cibinong was unable to withdraw the funds
\nfrom two banks located in Vanuatu and Cook Islands.<\/p>\n
Last June the shareholders approved a management proposal to
\nwrite off the deposits from the balance sheet, but demanded
\nefforts be made to recoup the missing funds.<\/p>\n
The write-off was a vital part of the company's $1.2 billion
\ndebt restructuring deal with creditors.<\/p>\n
Under a debt to equity deal, Semen Cibinong's creditors would
\nsell the debts to Swiss-based cement company Holcim Ltd. The
\nlatter would convert the debts into a controlling stake in Semen
\nCibinong.<\/p>\n
Holcim will purchase all remaining stake from Semen Cibinong's
\ncurrent single majority shareholder, PT Tirtamas Majutama, owned
\nby business tycoon Hashim Djojohadikusumo. - JP<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/semen-cibinong-deposit-sale-approved-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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