Dharmala Intiland not part of Dharmala Sakti

Dharmala Intiland not part of Dharmala Sakti

JAKARTA (JP): Disturbed by the bankruptcy status of its sister
company, PT Dharmala Intiland clarified on Friday that it had
separate operations with the recently bankrupt company, PT
Dharmala Sakti Sejahtera.

"The two companies operate separately and independently from
each other," Dharmala Intiland said in a statement available to
The Jakarta Post.

It said, however, that both Dharmala Intiland and Dharmala
Sakti Sejahtera are majority owned by parent company PT Dharmala
Intiutama.

Dharmala Intiutama, as per end of 1999, owns 43.23 percent of
Dharmala Intiland shares and 59.7 percent of Dharmala Sakti
Sejahtera shares.

Creditors of Dharmala Sakti Sejahtera voted on Wednesday to
bankrupt the company after they turned down the holding company's
debt restructuring proposal.

"Dharmala Sakti did not offer a workable and binding debt
restructuring proposal to us," one of the creditors'
representatives said.

Dharmala Sakti is a holding company of Dharmala Group, owned
by the Gondokusumo family.

There are five companies affiliated with the Dharmala Group
which have been declared bankrupt: PT Dharmala Agrifood, PT Putra
Surya Multidana, PT Deemte Sakti Indo, PT Putra Sejahtera Persada
and foreign affiliate Detron Ltd. of Singapore. (udi)