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)