Sierad Group to submit merger plan to Bapepam<\/p>\n
JAKARTA (JP): Sierad Group would submit a merger plan for its
\npublicly listed subsidiaries PT Anwar Sierad and PT Sierad
\nProduce to the Capital Market Supervisory Agency (Bapepam) next
\nmonth as part of the group's debt restructuring deal.<\/p>\n
\"If Bapepam has no questions or comments within 20 days after
\nreceiving our proposal, we can go ahead with the merger,\" Anwar
\nSierad's corporate secretary F.X. Awi Tantra told The Jakarta
\nPost after the company's public presentation.<\/p>\n
He said Sierad was currently completing the required financial
\nand legal opinions before submitting the merger plan to Bapepam.<\/p>\n
Sierad, he added, also needed these opinions to outline the
\nmerger sequence of Anwar and Produce.<\/p>\n
\"Those opinions on the merger are nearly complete,\" he said.<\/p>\n
Awi said that Bapepam would only review the opinions in
\naccordance with the market regulation and could neither reject
\nnor approve the merger.<\/p>\n
\"Once we've passed Bapepam, we will hold an extraordinary
\nshareholders meeting to ask for their approval,\" he said.<\/p>\n
Awi expected the meeting to be held in October and said Sierad
\nProduce would become the surviving entity of the merger.<\/p>\n
Anwar had just survived a bankruptcy petition filed at the
\nJakarta Commercial Court when its creditors voted in June to
\naccept the company's debt restructuring proposal.<\/p>\n
Sierad Group owes some US$316 million to some 48 local and
\nforeign creditors, he said.<\/p>\n
Under the debt restructuring agreement, the Group is to swap
\n$210 million in debt for equity in the newly merged company.<\/p>\n
Awi said that payment of the remaining $106 million had been
\nrescheduled, of which the Group would pay $90 million in bonds.<\/p>\n
Anwar Sierad is 50.1 percent owned by PT Sietek Nusantara and
\nthe public owns the rest. The company operates chicken
\nhatcheries, produces chicken feed and trades poultry farm
\nequipment.<\/p>\n
The company reported that sales in 1999 rose by 47 percent to
\nRp 847 billion (US$102 million) from Rp 576 billion in 1998. As
\nof June 2000, Anwar reported unaudited sales of Rp 476 billion.<\/p>\n
The company's two subsidiaries, PT Sierad Grain and PT Sierad
\nFeedmill would also merge with Produce.<\/p>\n
Sierad Produce is a chicken slaughterhouse and a meat
\nprocessing company that, based on data in 1999, is 54.72 percent
\nowned by Anwar and the rest by the public.(bkm)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/sierad-group-to-submit-merger-plan-to-bapepam-1447893297",
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"sponsor": "Okusi Associates",
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