Holdiko sells Salim's property firm

The Jakarta Post, Jakarta

Holding company PT Holdiko Perkasa said on Wednesday it has sold a 47.5 percent stake in property firm PT Metropolitan Kentjana, which was formerly owned by the Salim Group.

Metropolitan's properties include the Pondok Indah shopping mall and estate, and the World Trade Center building.

Holdiko sold Metropolitan to local investor PT Karuna Paramita Propertindo for Rp 605 billion (about US$67.22 million). The deal included Holdiko's accounts receivables in Metropolitan valued at $6.2 million

Karuna, a unit of PT Berca Indonesia, was chosen from among 11 local and foreign bidders after the company submitted the highest final bid, Holdiko said in a statement. Siti Hartati Murdaya is Karuna's president director and chairman of Berca.

Metropolitan is one of several remaining Salim Group assets under Holdiko, which was established to manage and sell the assets.

Holdiko said the proceeds of the sale would be transferred to the Indonesian Bank Restructuring Agency (IBRA), which will use the money to help cover the state budget deficit this year.

Salim surrendered several assets to IBRA to repay some Rp 52.7 trillion in state loans that it abused.

Holdiko has raised Rp 17.13 trillion from the sale of Salim assets since it was founded in 1999.