IBRA expects to raise Rp 9.9t from asset sales
IBRA expects to raise Rp 9.9t from asset sales
JAKARTA (JP): The Asset Management Investment (AMI) division
of the Indonesian Bank Restructuring Agency (IBRA) announced on
Tuesday its target to obtain Rp 9.9 trillion (about $900 million)
for IBRA's 2001 target earnings.
IBRA's head of asset disposal division Phoa Bing Han said that
AMI's target would be achieved through the sale of assets under
holding companies, and from the interest and installment payments
made by the owners of liquidated banks.
The assets to be sold during the year would total more than 76
companies, of which 48 are under four holding companies, he said
in a statement.
The other 27 companies are from non-holding companies, or
assets from equity participation of liquidated banks'
subsidiaries which are mostly finance companies, Han said.
PT Holdiko Perkasa, which holds assets of the Salim Group,
will sell more than 28 assets or companies this year, including
flour mill PT Berdikari Flour Mills and property company PT Bumi
Serpong Damai.
PT Kiani Wirudha will sell five companies formerly owned by
Bob Hasan, including pulp and paper firm PT Kiani Kertas and glue
and chemical manufacturer PT Lakosta Indah.
Holding company PT Bentala Kartika Abadi will sell nine assets
or companies formerly owned by Usman Admadjaja, including
apartment and landbank company Kuningan Persada/Puri Imperium,
while PT Cakrawala Gita Pratama will sell seven assets or
companies formerly owned by the Modern Group, including the
residential estate Modern Putratama.
Other companies sold include Dharmala International Finance,
DBS Securities, Hotel Sasando Timor, and BDNI Reksadana, Han
said.
The government has assigned IBRA to raise at least Rp 27
trillion ($2.7 billion) in cash to help finance this year's state
budget.
Besides the Rp 9.9 trillion expected from AMI, IBRA also
expects Rp 12.2 trillion from its Asset Management Credit (AMC)
division and Rp 3.6 trillion from the Bank Restructuring Unit
(BRU) division, and another Rp 1.3 trillion from other income,
Han said. (tnt)