Holdiko sells Karimun stake

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)