IBRA to sell another six Salim Group assets
IBRA to sell another six Salim Group assets
The Jakarta Post, Jakarta
The Indonesian Bank Restructuring Agency (IBRA) said it would
sell another six assets that it had taken over from the country's
former largest conglomerate, the Salim Group, but warned of lower
than expected proceeds due to weaker market sentiment since Oct.
12.
"Directly or indirectly the incident in Bali will affect the
market, especially as the assets we're trying to sell require
long-term investors," IBRA Asset Management Investment (AMI)
chairman Taufik Maaruf said during a media meeting on Thursday as
reported by detik.com.
The assets are main properties, including PT Bumi Serpong
Damai, in which IBRA now owns 37.84 percent. Others include PT
Ariobi Estate Perkasa (100 percent owned by IBRA), PT Cibinong
Center Industrial Estate (50 percent), PT Sibatex Abadi (100
percent), PT Sriboga Ratu Raya (25 percent) and PT Tuntex Garmen
Indonesia (10 percent).
IBRA acquired the assets under a debt settlement scheme from
Salim after the group's Bank Central Asia (BCA) took up
government-funded bonds worth some Rp 52 trillion (about US$5.65
billion).
Taufik did not say how much the assets were worth, but
expected them to yield a 40 percent recovery rate as other Salim
asset sales did before.
He also did not rule out the adverse impact the Oct. 12
bombing in Bali might have on the sale of Salim's remaining
assets.
Analysts said the incident, which killed nearly 200, mostly
foreign tourists, heightened investors jitters about Indonesian
assets. IBRA, they said, might need to offer investors hefty
discount rates.
In charge of the sale will be PT Holdiko Perkasa, which is
managing IBRA's Salim assets. Taufik said the sale began on
Thursday with the distribution of "info memos" to prospective
buyers. Registration will be closed on Dec. 20, he added.
Among the top Salim assets Holdiko has sold were stakes in car
manufacturer PT Astra International (Rp 2.07 trillion), the Salim
Palm Plantation ($368 million), television broadcasting company
PT Indosiar Visual Mandiri (Rp 775 billion) and PT Indomobil
Sukses Internasional (Rp 625 billion).
IBRA's bank restructuring unit also sold a 51 percent stake in
BCA to an American investment firm for Rp 5.3 trillion last
March.