The shareholders of Polyprima, with approval from Bank Mandiri, want to sell the company. So far, the State Oil Company (PT Pertamina) and Petronas Malaysia are touted to be interested in acquiring the entire stake in Polyprima.
Polyprima owes IDR1.3trillion in liability and US$60 million in loan facility to Bank Mandiri. Meanwhile, outside of Pertamina and Petronas, investment manager Ashmore is also interested in buying Polyprima, a purified terephathalic acid (raw material to produce plastic and polyester) producer.
Some executives who knew about the plan confided that Polyprima had appointed PT Mandiri Sekuritas to handle their share disposal. "Polyprima may dispose its entire stake," said one executive to Bisnis yesterday.
When asked for confirmation, President Director of Polyprima Airlangga Hartarto declined to explain in details. "You should ask this to Mandiri Sekuritas, which handles the sale of Polyprima," when I call him last month
Sunday, February 18, 2007
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