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)