Tirtamas Group owned by Hashim Djojohadikusumo makes a bid to pay its IDR3.2 trillion in debts to the Assets Management Company (PPA) in order to regain control of majority stakes in TPPI.
Due to restructuring of Tirtamas Majutama Group made by the Indonesian Banking Restructuring Agency (BPPN), PT PPA currently controls shares and credit assets of PT Tuban Petrochemical Industries (Tuban Petro) in forms of Multi Years Bond (IDR3.266 trillion) and Mandatory Convertible Bond (MCB) (IDR4.167 trillion).
The MCB reflects the control of a 21%-25% stake in PT Trans Pacific Petrochemical Indotama (TPPI).
Tuban Petro controls a 59.5% stake in TPPI and 80% stake in PT Polytama Propindo. The shareholders other than PT PPA are Itochu Corporation, Tuban Petrochemicals Pte Ltd (subsidiary of Siam Cement PCL) and Sojitz Corporation.
Corporate Secretary of PT PPA Renny O. Rorong confirmed to me that Tirtamas had expressed its wish to pay its debts to PPA. "But now PPA is studying further for the plan
When asked for confirmation, Commissioner of TPPI Amir Sambodo said he had not known the Tirtamas' wish in details. "As far as I know, there are indications that they (Tirtamas) will try to regain control of TPPI and PT PPA will ask them to pay their entire debts."
He exposed that TPPI had signed an agreement with Singaporean United Overseas Bank (UOB) in which the bank was ready to provide US$90 million in working capital to TPPI.
The Letter of Credit (L/C) is going to be used to import condensate and to meet TPPI's needs for six months.
Sunday, February 18, 2007
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