Probosutedjo to take over Dayak Besar
Probosutedjo to take over Dayak Besar
JAKARTA (JP): Probosutedjo, the chairman of the automotive-
Garmak group, will soon take over PT Dayak Besar Group (DBG),
which has defaulted on loans worth an estimated Rp 350 billion
(US$166 million).
Solichin GP, the chief commissioner of the troubled timber
group, said here yesterday that the memorandum of understanding
on the takeover of the timber group would be signed formally next
week.
"Probosutedjo has come up with a firm commitment to take over
the company. We hope to sign the memorandum agreement next week,"
said Solichin, a member of a special team recently set up by the
government to rescue the timber group.
He predicted that the activities of the timber group's logging
and plywood manufacturing units, which have been suspended for
nearly one month, would be resumed next month.
DBG, which controls forest concessions of around 200,000
hectares and a number of timber mills in East Kalimantan, was
recently reported to have failed to settle its bad debts of
around Rp 350 billion. Around Rp 200 billion of the debts are
owed to the state-owned Bank Rakyat Indonesia and another Rp 150
billion to a number of private banks.
Solichin refused to reveal the transaction value of the
takeover deal but said that Probosutedjo, under the provisional
arrangement, would be responsible for the settlement of the
timber group's debts of around Rp 200 billion to Bank Rakyat
Indonesia.
"The present shareholders are required to repay the timber
group's debts to the private banks. They are, in return, given
the right to receive the group's unpaid claims," he said of the
provisional takeover arrangement.
Solichin added that the present shareholders would be allowed
to retain a portion of the timber group's equity shares.
According to the valuation by PT Maharani Dharma Sakti, an
appraisal company owned by the Dharmala Group, the assets of the
timber group, excluding logging equipment, are valued around Rp
240 billion.
Solichin said if the logging equipment is included, the value
of the timber group's assets could reach Rp 300 billion.
DBG, controlled by businessmen Yusuf Hamka, dismissed its
2,400 workers last month after the forestry ministry banned two
of its subsidiaries from transporting their logs and sawn timber
for violating forestry regulations.
Solichin, a former presidential assistant on rural development
affairs, said the labor settlement would be part of the whole
takeover arrangement.
"We hope the business group will resume operations in May so
the workers can work again," he said. He did not, however,
confirm that the dismissed workers would be reemployed.(hen)