Holdiko sells Indomaret stake for Rp 162 billion

JAKARTA (JP): PT Holdiko Perkasa, a holding company, has sold its 51 percent ownership in retail chain PT Indomarco Prismatama (Indomaret), to a consortium led by Bhakti Asset Management for Rp 162 billion (US$15 million).

Dasa Sutantio, director of the Indonesian Bank Restructuring Agency's (IBRA's) asset management investment division said here on Monday that Bhakti Asset Management had offered the higher bid of the two final bids which had been received by the agency.

"We received competitive final bids from two local investors for Indomaret's shares which were above the minimum price that was set for the asset disposal," Dasa said.

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.

IBRA said PT Bhakti Capital Indonesia acted as financial adviser to Bhakti Asset Management for the transaction.

In November last year, Holdiko, through IBRA, announced its decision to dispose of ownership in Indomaret through a strategic sale after reassessing the initial plan to float the retail company's shares in the Jakarta Stock Exchange.

Targeting middle class consumers, Indomaret provided around 3,000 various daily needs through about 400 suppliers, it said.

Holdiko's director Scott Coffey said that the holding company had managed to complete the transaction within the time schedule planned.

"Since the beginning of Holdiko's asset disposal program last year, we have continuously seen strong interest in our assets." Coffey said.

The transaction took Holdiko to about Rp 650 billion, or over 65 percent toward Holdiko's goal of raising around Rp 1 trillion from assets initially scheduled for disposal last year, he remarked.

Hary Tanoesodibjo, the president of Bhakti Investama Group said that the company was grateful to win the sale and it believed that Indomaret would have great future prospects.

"We are also happy to be able to assist the government in its effort to recover funds from the sale of assets from Holdiko or IBRA," he said.

Bhakti Investama Group is one of Indonesia's largest investment holding companies. The group focuses on enhancing the country's capital market development, and has made various investments, mainly in Indonesia.

The disposal of Indomaret is Holdiko's third asset sale transaction, following the sale of Holdiko's stake in First Pacific Co. Ltd worth US$8.55 million and Indocoal worth $45.5 million. (703)