Fri, 18 May 2001

Surya sells stake to pay debts

JAKARTA (JP): Publicly listed PT Surya Semesta Internusa announced on Thursday the sale of its entire stake in PT Giri Lingga Abadi for Rp 28 billion (US$2.5 million) to help repay subsidiaries' debts.

The company said the proceeds from the sale would be injected as additional capital to its subsidiaries PT Suryacipta Swadaya and PT Pacific Prestress Indonesia, which would later use the money to partly repay their debts to the Indonesian Bank Restructuring Agency (IBRA).

"Around 75 percent of the money will be given to Suryacipta Swadaya, while the remaining 25 percent will go to Pacific Prestress," the company said in a statement.

According to the company, 12,000 shares of its total 12,500- share stake in Guri Lingga were bought by Semarang-based company PT First National Cooling Industry for Rp 26.8 billion, while the rest worth Rp 1.1 billion went to an individual buyer. (03)