Co-ops get Kanindo shares

Co-ops get Kanindo shares

JAKARTA (JP): Members of the Federation of Indonesian Batik
Cooperatives (GKBI) will get portions of the 25 million shares of
the debt-ridden Kanindo group of textile companies.

"All primary cooperatives at GKBI will get some of the shares
and GKBI's chairman, Noorbasha Juned, is happy about it,"
Minister of Cooperatives and Small Enterprises Subiakto
Tjakrawerdaya was quoted by Antara as saying yesterday.

Subiakto's statement was in answer to calls from many parties
who wanted PT Asia Pasific Century, the current owner of Kanindo,
to give shares to GKBI which had run the management of Kanindo
until it was taken over by the company last month.

The company, which is controlled by Bambang Trihatmodjo of the
Bimantara Group, holds 90 percent of the Kanindo shares, while
cooperatives will hold the remaining 25 million shares. (rid)