11 March 2003 01:42 [Source: ICIS news]
JAKARTA (CNI)--Indonesia's purified terephthalic acid (PTA) and textile producer PT Polysindo Eka Perkasa is aiming at growing its exports by 27% this year although the company admits that target will only be possible with a recovery of textile markets in Europe and USA.
Polysindo is looking for $225m (Euro203.7m) in export sales 2003, a significant increase on the $177m it booked in 2002. Last year's achievement was 6.2% higher than the $166m it booked in 2001. Polysindo did not go into details about how it would reach its 2003 target.
Polysindo is owned by Texmaco Group, a group which has debts amounting to Rp30trn ($3.38bn/Euro3.06bn) which is owed to the Indonesia Bank Restructuring Agency (IBRA). The agency is scheduled to dispose of these debts through an open bid by the middle of this year.
The Texmaco Group holds a 64% stake in
Polysindo, with the balance being publicly held.
Under IBRA's debt restructuring of the company, Texmaco will establish a new holding company for its chemical and textile operations including Polysindo. IBRA will control 70% of the shares and the founders of the company will take the balance.
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