Damiano will increase Polysindo shares to 75%

Damiano Investment BV will increase the shares ownership at PT Polysindo Eka Perkasa Tbk, up through to 75 percent as from 69 percent next year.
But, this corporate action has been waiting for the response from the Asset Management Company (PPA) given that the major bonds holders responded positively to the proposal here.
Corporate Secretary of PPA Renny O. Rorong formerly said the restructuring of Texmaco credit assets including the Polysindo could barely move on further due to the high cost.
"Based on the consultant calculation, it is required some US$300 million." The consultant calculating the Texmaco restructuring scheme is Bahana Securities.
PPA has billing of 28 percent of the guaranteed debt at Polysindo as from the total of US$1 billion debt. Besides, Polysindo also has US$630 million debts without guarantee.