Dharmala divests RP holding

Tue, 05 Jan 1999, 00:00 WIB | Source: DJ

MANILA (Dow Jones): Indonesia's Dharmala Group has divested
its entire stake in its Philippine flagship, Dharmala Philippines
Inc., or DPI, the company said in a disclosure statement released
by the stock exchange Monday.

The disclosure said Dharmala Holdings (BVI) Ltd., Well
Foundation Co. and Dharmala International Philippines Inc. - all
members of the Dharmala Group - sold their combined 230.7 million
shares, or 82.28 percent, of DPI to VR Holdings Inc., a
consortium of local businessmen.

Financial details of the sale weren't made available.

DPI shares aren't actively traded. Its A shares last closed at
1 peso (2.5 U.S. cents), while its B shares ended at 3 pesos.

Sources within the company said the sale has been a done deal
since November, when a new management group started taking over
DPI's operations.

DPI has interest is in banking, stock brokerage, and
financing.

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