18 December 2003 06:02 [Source: ICIS news]
JAKARTA (CNI)--The Indonesian Bank Restructuring Agency (IBRA) will call for a new round of bids for debt-ridden Texmaco's liabilities, a company source told CNI on Thursday.
Ibra’s latest move comes close on the heels of two failed tenders for the sale, as no investors came up with a worthy offer.
Syafruddin Temenggung, chairman of IBRA, said the latest bidding process would be conducted soon, but no details of the timetable were available.
Last week, a consortium led by unknown company PT Dian Cerah Sentosa (DCS) announced their plan to acquire all the stocks of Texmaco Group owned by debtor Marimutu Sinivasan.
DCS is a company led by an Indonesian based in Seycheless, Ali Hanapiah Madjid, who is also connected with various foreign networks in Liechtenstein, Bahamas, Netherlands Antilles, Mauritius, Virgin Island, Monaco, Liberia and Marshall Island.
A DCS spokesperson, Syahlan Wijaya, said the company’s activities cover investments and foreign loans.
"We are ready to acquire 95% shares of PT Texmaco Indonesia Group, which cover PT Bina Prima Perdana and PT Jaya Perkasa Engineering," he added.
Texmaco has liabilities of Rp29.04trn ($3.40bn/Euro2.87bn) to Ibra. Under the current restructuring agreement former Texmaco owner Marimutu Sinivasan has undertaken to inject $25m in working capital into the group.
However, that has not yet been forthcoming and Sinivasan himself has a debt of Rp1.3trn as the former owner of a bank which has been closed down by the government.
Texmaco's assets consist of its textile and chemical group which is valued at Rp7.84trn and its engineering group which has a value of Rp21.2trn.
Under the restructuring scheme, Ibra controls a 70% stake in the textile group, while Sinivasan holds a 30% share. The engineering group is 100% controlled by Sinivasan.
Ibra tried earlier this year to dispose of the restructured assets in two open bids, but failed to find a bidder. Ibra then decided to ask the Indonesian cabinet to make decision on the group.
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