Bimantara sells stake in AMI

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)