Kalla & Texmaco

Vice President Jusuf Kalla said that the restructuring of IDR30 trillion debt of Texmaco has to wait until the conclusion of assets sale of the company. The tender on the assets sale will be this week.

Ahaa...., is that the signal our government is likely to takeover the assets of Texmaco Group and place the asset under the strategic industry group of SOE while an investor is interested in acquiring the exchangeable bonds of the group ?????

But Kalla said that the government has not had any further plan on Texmaco. "We see the result of the tender, and then we will see the next step," said the vice president when visiting the engineering facility of Texmaco Group in Subang on last Saturday.

Reportedly three companies have been interested in acquiring the assets of Texmaco by attending a tender on February. The three companies, according to the source of Bisnis Indonesia, are PT Bhakti Aset Management, PT Amir Asia International Ltd, and PT Cipta Raharja Investment BV. "The three companies are eligible to take part in the tender."
Kalla said he visited the facility to know the real asset investors will take over. "I just want to see the assets before being taken over."

He was accompanies by Finance Minister Sri Mulyani Indrawati, Industry Minister Fahmi Idris, Trade Minister Mari E. Pangestu, Agriculture Minister Anton Apriyantono, and the Chairman of Bappenas Paskah Suzetta. Marimutu Manimanen of Texmaco Group also visited the facilities.
The vice president said that the assets are now controlled by the State Assets Management Corporation (PPA) and it should be handled well. He said that an entrepreneurship is needed to handle the facility as so far it runs at the 20% of the capacity.

"We have to find out the best solution. We have to find investor so that the facility can back to normal."

Kalla said it is not easy to restructure the bad debt of IDR30 trillion of Texmaco. It will be the burden for the people if the government takes over the asset as the government could develop 10,000 units of schools with such amount of money.

"The IDR30 trillion debt can be taken over by the government, but it will be the burden for all people. We can develop 10,000 schools with IDR30 trillion. So let's find the solution," he said.
In his presentation before the vice president and the ministers, Marimanen, the director of Texmaco Group, has regretted that the government does not restructure the debt as soon as possible.

"The facility can become the base of engineering industry, but the government does not restructure the debt as soon as possible."

Texmaco Group owns three facilities in Karawang, Kali Wungu of Semarang, and Subang of West Java at the total areas of 1,125 hectares. Some 850 hectares of the total areas are the land of the engineering division in Subang.

So....The winner is........