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)