Holdiko sells stakes in SRC for Rp 204b

Holdiko sells stakes in SRC for Rp 204b

JAKARTA (JP): PT Holdiko Perkasa, a unit of the Indonesian
Bank Restructuring Agency (IBRA) in charge of overseeing the sale
of Salim Group assets, announced on Friday that it had sold a 60
percent stake in PT Salim Rengo Containers (SRC) for Rp 204
billion (around US$21 million).

SRC was sold to Holdiko's joint venture partner, Rengo Co. of
Japan.

Scott Coffey, Holdiko's director, stated in a press release
that he expected the sale and purchase agreement to be signed
within the next few days.

If finalized, Holdiko's gross revenue from asset sales this
year will reach Rp 7.332 trillion, surpassing it's 2001 target of
Rp 7.2 trillion.

"We've been in the container business in Indonesia for almost
a decade and are therefore pleased with the acquisition as we are
optimistic about the future business growth of SRC and the
Indonesian economy," Rengo's marketing manager Seiji Kaiura said
in the statement.

SRC's sale was the ninth deal sealed by Holdiko this year.
Originally, it had targeted the sale of 12 companies.

Currently the country's second largest company operating in
the corrugated converting industry, Salim Rengo has a total
production capacity of around 102,000 tons of corrugated carton
boxes per annum.

As part of the settlement agreement with IBRA, the Salim Group
transferred shares and assets in more than 100 companies to
Holdiko.

Acting as a direct and indirect shareholder of these
companies, Holdiko is responsible for supervising each company,
with the aim of divesting a significant amount of the
shareholdings. Holdiko will then channel the disposal proceeds to
IBRA as part of the settlement agreement.

The release also said that Holdiko had issued information
memorandums to interested investors regarding its shareholdings
in broadcaster PT Indosiar Visual Mandiri; the Sugar Group; PT
Berdikari Flour Mills; the Riau industrial assets comprising PT
Batamindo Investment Corporation, PT Bintan Inti Industrial
Estate and PT Karimun Sembawang Shipyard; and Guangdong Jiangmen
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