Holdiko sells Indomaret stake for Rp 162 billion
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)