The State Assets Management Corporation (PPA) has rejected the proposal of three investors to acquire the assets of Texmaco Group as they bidding price below the floor price.
The three companies, 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. But the bid price below the floor price," said Corporate Secretary PPA Renny O. Rorong this night.
Since December 22 2006, PPA has started the program to sell credit assets of Texmaco.
PPA will use the cash to cover the state budget deficit of 2007. The value of the assets is based on the assessment of PT Bahana Securities and PT Satyatama Graha Tara. Based on such assessment, the Finance Minister will take the decision on the floor price of the asset.
PPA has assigned PT Indo Premier Securities to sell the credit asset of Texmaco Group. PPA also has assigned the law office of Marsinih, Martoadmodjo Iskandar and Kusdiharjo (MMIK) as the legal consultant.
The total debt of technical unit of Texmaco is US$1.48 billion, while the debt of the textile unit is US$833.93 million, and the debt on letter of credit is US$87.36 million so that the total debt of Texmaco to PPA is US$2.98 billion.
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.
Tuesday, February 20, 2007
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment