Holdiko sells Karimun stake

JAKARTA (JP): PT Holdiko Perkasa, a holding company established as part of the debt settlement agreement between the Indonesian Bank Restructuring Agency (IBRA) and the Salim Group, will sell its 17.25 percent stake in PT Karimun Granite

IBRA said here on Thursday PT Siddharta Consulting-KPMG had been appointed as the financial adviser for the sale of the stake.

The sale of the stake in PT Karimun, which operates a granite quarry on Karimun island, Riau, is expected to be concluded in September this year, the agency said.

Holdiko was established last year in relation to the debt settlement agreement between the Salim Group and IBRA, with regards to loans extended by Bank Central Asia to companies affiliated with the business group.

As part of the agreement, the Salim Group transferred shares and assets in more than 100 companies to Holdiko, which will subsequently transfer the proceeds from the sale of the assets to IBRA.

Last week, the agency opened an international tender for the purchase of the Wisma BCA office building, one of the assets under the management of Holdiko. (hen)