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)