Bimantara sells stake in AMI

JAKARTA (JP): PT Bimantara Citra, the publicly listed business group controlled by former president Soeharto's second son Bambang Trihatmodjo, has sold all of its stake in PT Aqualindo Mitra Industri (AMI), a company executive said.

Company director Edwin Kawilarang said Bimantara's stake in AMI was sold to businessman Aziz Mochtar, who is chief commissioner of PT Elektrindo Nusantara and director of PT Bimagraha Telekomindo, a subsidiary of Bimantara Citra, for Rp 5 billion (about US$588,250).

Edwin said that the sale of AMI's stake was part of Bimantara's consolidation measure introduced recently to back up its debt restructuring program.

He did not mention the percentage of Bimantara's ownership in AMI. Edwin said the company only provided a small contribution to Bimantara's total revenues.

AMI, with total assets of Rp 18.1 billion at the end of 1999, contributed about Rp 1.45 billion or 0.1 percent to Bimantara's total revenues during the year, Edwin said in a letter sent to the Jakarta Stock Exchange.(02)