Bakrie forms trading holding

JAKARTA (JP): Shareholders of publicly listed PT Bakrie Sumatra Plantations approved yesterday the company's plan to inject all of its trading firms into Lewis & Peat (Rubber) Holdings Pte Ltd.

Bakrie Sumatra said it currently controlled 75 percent of the Singapore-based Lewis & Peat (Rubber) Holdings and that Enner Latex LLC of Hong Kong owned the remaining 25 percent.

"This measure is part of our efforts to restructure Lewis & Peat," Bakrie Sumatra's chief commissioner Indra U. Bakrie said.

Indra said such a move would make it easier for Bakrie Sumatra to control the operation of all trading firms and supervise their finances.

Lewis & Peat Holdings will renegotiate the credit facilities to all companies under its supervision.

After the restructuring, Lewis & Peat Holdings will own 100 percent of Lewis & Peat (Singapore) Pte Ltd, Lewis & Peat Distribution Pte Ltd also in Singapore, Lewis & Peat Rubber Inc in New York, Enron Latex Inc in Hong Kong -- the last two jointly owns Enron Bakrie Rubber LP -- and 99 percent of Lewis & Peat (Rubber) Ltd in London. (rid)