Bhakti acquires Salim Oleochemicals for $131m

Bhakti acquires Salim Oleochemicals for $131m

JAKARTA (JP): PT Holdiko Perkasa has sold its stake in the
Salim Oleochemicals Group to a local consortium led by PT Bhakti
Investama Group for about US$131 million, the Indonesian Bank
Restructuring Agency (IBRA) announced here on Tuesday.

Dasa Susantio, the director of the agency's asset management
division said that by the closing of bidding, IBRA had received
two very competitive bids from local investors.

"Consequently, a third round of bidding had to be conducted
and we eventually chose the bid that had less prerequisites
attached to the offer," Dasa said.

Holdiko was established last year to manage the assets of more
than 100 companies surrendered by the Salim Group to IBRA as part
of the business group's debt settlement with the agency.

The Salim Oleochemicals Group consists of seven operating and
marketing companies, which produce and sell natural fatty
alcohol, the main raw material for the production of detergents
and personal toiletries.

According to IBRA, two companies within the group, PT Batamas
Megah and PT Prima Inti Perkasa, are the only producers of
natural fatty alcohol in the country, and have a combined
production capacity of 90,000 metric tons of fatty alcohol per
year

Salim Oleochemicals also owns assets in four other countries.

"We are very pleased to have won this sale, and believe that
we have made a good business decision," Bhakti president Harry
Tanoesoedibyo said.

Holdiko director Scott Coffey said the sale of the stake would
contribute nearly 25 percent of Holdiko's target budget for this
year.(hen)