Bimantara to sell units

Bimantara to sell units

JAKARTA (JP): The extraordinary shareholders meeting of PT
Bimantara Citra has approved plans to sell stakes in food
conglomerate PT Nestle Indonesia, shopping center PT Plaza
Indonesia Realty and automotive manufacturer PT Bimantara Cakra
Nusa to help ease its debt burden.

Bimantara said it was planning to sell its entire stake in
Nestle and Cakra as well as 95 percent of its stake in Plaza
Indonesia to restructure debts owed to the Indonesian Bank
Restructuring Agency (IBRA) and other creditors.

Bimantara planned to use the sales to repay the debts owed by
its property subsidiary PT Usaha Gedung Bimantara to IBRA and its
creditors.

The company, however, did not specify the amount of the debt.

At present, Bimantara holds 15.53 percent of Nestle, 90
percent of Cakra and 27.55 percent of Plaza Indonesia. (bkm)