Holdiko sells another three firms for Rp 783b

Holdiko sells another three firms for Rp 783b

JAKARTA (JP): PT Holdiko Perkasa has raised another Rp 783
billion (about US$69.91 million) from the sales of its ownership
in PT Kerismas Witikoo Makmur, PT Indopoly Swakarsa Industry, and
Yunnan Kunlene Film Industries Co.Ltd.

Holdiko, a holding company established by the Indonesian Bank
Restructuring Agency (IBRA) to manage shares and assets in more
than 100 former Salim Group companies, said here on Thursday that
the companies were sold to PT Sentralindo Bumi Persada, a
consortium company led by PT Trimegah Securities and Singaporean
holding company Jefflyne Golden Holdings.

Holdiko director Scott Coffey said those three companies were
among seven asset sales that had been concluded by Holdiko during
the first quarter of this year.

"The company has scheduled to sell 23 to 28 assets to raise
around Rp 7.2 trillion this year," Coffey said in a statement.

Holdiko said it sold its 97.69 percent ownership in the
galvanized iron sheet firm, Kerismas and 51.33 percent stake in
the company's subsidiary, PT Semarang Makmur for Rp 297 billion
(including Rp 127.3 billion in repayment of Kerismas' debt to
Holdiko) to PT Sentralindo Bumi Persada.

Kim Eng Securities acted as financial adviser to Holdiko for
the disposal, the statement said.

Holdiko also sold its 77 percent ownership in Jakarta-based
company Indopoly and 63.41 percent in Chinese firm Yunnan
Kunlene, to Singaporean holding company Jefflyne Golden Holdings,
the statement said.

Both firms are producers of Biaxally Oriented Polypropylene
(BOPP) Film, which is primarily used for food and cigarette
packaging.

From the sales of its ownership in the two companies, Holdiko
raised about US$43.55 million. Nikko Securities acted as
financial advisor to Holdiko for both asset sales, the statement
said.

Trimegah Securities president Avi Dwipayana, on behalf of
Setralindo Bumi Persada said Kerismas' future outlook was very
promising as the company's products were extensively used as
building materials in commercial and residential construction.

"We're also pleased the disposal process has been conducted in
a fair, transparent, and professional manner," Avi said.
Coffey said recently Holdiko had concluded preparatory work for
its asset sales this year, including the selection and
appointment of financial advisers in carrying out each of its
asset sales.

"We plan to launch the offering of a number of new assets to
investors by July or August this year, he added.

Holdiko, a joint venture between IBRA and the Salim Group,
manages over 100 companies transferred by the business group to
IBRA as part of its debt settlement to the government.

Holdiko has, thus far, sold its stake in companies including
among others Indomaret, First Pacific Co. Ltd, and Indocoal. (03)