Surya sells stake to pay debts

Fri, 18 May 2001, 00:00 WIB | Source: JP

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)

View JSON | Print