S'pore firm vying for RI food company<\/p>\n
SINGAPORE (DPA): Singapore Food Industries (SFI) has emerged
\nas one of three international companies bidding to take over a
\nfood processing company once owned by a close ally and golfing
\nbuddy of former Indonesian President Suharto, a published report
\nsaid on Friday.<\/p>\n
The move comes as a number of Singapore government-linked
\ncompanies raised their interests in assets currently controlled
\nby the Indonesian Bank Restructuring Agency (IBRA).<\/p>\n
Sources in Jakarta told The Business Times that IBRA expects
\nthe sale of PT Pangansari Utama to generate between US$30 million
\nand $50 million.<\/p>\n
\"The parties will be requested to submit their final bids and
\nthe winner will be selected sometime in early November,\" one was
\nquoted as saying.<\/p>\n
The acquisition of Pangansari would enable SFI to further
\nexpand its regional business interests. It has operations in
\nMalaysia, China and Australia as well as the United Kingdom.<\/p>\n
PT Pangansasri is one of 30 companies that was pledged to IBRA
\nby Mohamad \"Bob\" Hasan as repayment for liquidity assistance
\nextended to his bank by Bank Indonesia in 1998.<\/p>\n
Known as a timber baron, Hasan has been put under house arrest
\nfor alleged corruption.<\/p>\n
It is the first time IBRA has put one of his companies on the
\nmarket.<\/p>\n
Pengansari is regarded as one of the few profitable companies
\nunder the group, the newspaper account said. Its main source of
\nrevenue is from its exclusive catering contracts with large
\nmining and oil companies as well as from its warehousing
\noperations.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/spore-firm-vying-for-ri-food-company-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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