Bambang's team to take over Kanindotex group
Bambang's team to take over Kanindotex group
JAKARTA (JP): A consortium led by Bambang Trihatmodjo is
almost certain to take over the debt-ridden Kanindotex group of
textile companies.
Bambang, President Soeharto's second son, told journalists
yesterday that his consortium has paid the group's investment
debts of Rp 420 billion (US$200 million) to its bank creditors --
state-owned Bank Bumi Daya and Bank Pembangunan Indonesia.
"But we are still negotiating with creditors over Kanindotex's
working capital debts, amounting Rp 400 billion," Bambang said,
adding that the amount includes Rp 120 billion accrued by the
Federation of Indonesian Batik Cooperatives -- the group's
present caretaker.
He said that his consortium has proposed the rescheduling of
its working capital debts. "We want an eight-year term to pay
them all."
When asked, Bambang explained that his consortium got the
money from foreign fund managers. He declined to give details.
After the planned takeover, Bambang's consortium will hold 90
percent of the company's shares, while the rest will be awarded
to 100 cooperatives.
"The cooperatives will pay their parts from their future
annual dividends," Bambang said.
In the consortium, Bambang Trihatmodjo owns a stake of 70
percent, Bambang Yoga Soegama, the son of a former chief of the
national intelligence agency, 10 percent, Johannes Kotjo, a
former executive of the Salim Group, 10 percent, and Wisnu
Srihardono the other 10 percent.
Robby Tjahjadi and his family, current owners of the
Kanindotex Group, will not have any shares in the group.
Bambang said that his consortium will also take over the
management of the company from the federation, which has been
taking care of the company since last September.
"As its investors, we would be worried if we let Kanindotex be
run by people we don't know well. We prefer to manage the company
ourselves," Bambang said.
He explained that the planned takeover is aimed to solve the
bad debt problem posed by the Kanindotex Group, which could
endanger the cash flow of the two state banks.
Kanindotex's bad debt erupted last year after a parliamentary
investigation, led by the then Golkar legislator Bambang Warih
Koesoemo, revealed that Robby Tjahjadi failed to honor his debts
to the two state banks.
The Kanindotex Group operates PT Kanindo Prima Perkasa, PT
Kanindo Success Textile and PT Kanindo Mulia Utama -- all in
Central Java -- with more than ten thousand workers. (rid)