A Singapore-based fund manager, lead by former Chairperson of the Indonesian Banking Restructuring Agency (Badan Penyehatan Perbankan Nasional/BPPN) Glen Mohamad Surya Yusuf, plans to acquire majority shares in PT Kertas Basuki Rachmat Indonesia Tbk.
Kertas Basuki is the holding company of two paper producers, namely PT Kertas Blabak Magelang and PT Kertas Basuki Rachmat (KBR), and the operator of industrial timber estate PT HTI Basuki Rachmat. The shareholders of Kertas Basuki per April 30 were Adam Ariaji (28.13%), PT Malindo Nusantara Cemerlang (24.87%), former owner of PT Energi Mega Persada Plc Rennier A.R. Latief (13.97%), and the public (33.03%).
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