Humpuss pulls out of GKG

Humpuss pulls out of GKG

JAKARTA (JP): The Humpuss Group has canceled its plans to take
over the assets and liabilities of a petrochemical project
formerly controlled by the Golden Key Group (GKG).

Humpuss Group chairman, Hutomo Mandala Putra, said Monday
evening his group had pulled out of the GKG project, initially
worth Rp 1.4 trillion, because it was too risky.

He said large additional amounts of funds -- aside from the Rp
1.4 trillion -- would be needed to start up the project.

He acknowledged that businessman Jusuf Kalla had invited
Humpuss to join in the project. But after a detailed study of the
project, the company considered it unfeasible.

"We decided to concentrate on the petrochemical projects we
already have," Hutomo said. (pwn)