Thu, 03 Aug 2000

IBRA to sell catering firm

JAKARTA (JP): The Indonesian Bank Restructuring Agency (IBRA) said on Wednesday that it would sell all of its stake in industrial catering company PT Pangansari Utama, which was formerly owned by Mohamad "Bob" Hasan.

"Pangansari will be sold this year to help raise Rp 18.9 trillion for the state budget," IBRA head of asset disposals Dasa Sutantio said in a statement.

Pangansari is one of 20 companies transferred by business tycoon Hasan as payment to the government's liquidity support for his closed Bank Umum Nasional.

The companies are now controlled by holding company PT Kiani Wirudha, which was specially established to manage assets formerly owned by Hasan.

"Successful completion of PT Pangansari Utama's disposal will set the stage for subsequent asset disposals at Kiani Wirudha," Kiani chief executive Dessi Natalegawa said.

IBRA said several local and foreign investors had expressed interest in buying the company, which has total assets of Rp 80.9 billion and net earnings of Rp 24.2 billion as of December 1999. (10)