Foreign creditors offer to acquire Ibra's stake in Texmaco

30 December 2003 01:32  [Source: ICIS news]

JAKARTA (CNI)--Foreign creditors of Indonesian chemical and textile group Texmaco have expressed interest in acquiring the Indonesian Bank Restructuring Agency's (Ibra's) 70% stake in the struggling company, according to Ibra deputy chairman Mohamad Syahrial.

Syahrial said the final bid for Texmaco would be held on 16 January 2004.

He said he was also expecting the Utara Capital consortium, led by Mirzan Mahathir - the son of former Malaysian prime minister - to enter the bid as it had done in two earlier failed bids.

Under Texmaco's Rp29trn debt restructuring, Ibra controls 70% of PT Bina Prima Perdana, a new holding company for Texmaco's textile and chemical business, while 30% is owned by Marimutu Sinivasan.

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