Heard in the street: Suba Indah acquisition
Debt-ridden corn starch producer PT Suba Indah Tbk might have new controlling shareholder. Two groups, Gudang Garam and businessman Teddy P Rahmat (former CEO at Astra International) are reportedly in discussion with Suba Indah owners about a possible takeover.
People close to the groups said the discussion is still in early stage. "It's in the approach stage with Gudang Garam and Teddy Rahmat as potential investors," the businessman said and dismissed speculation of Cargill Inc might interested in acquiring Suba Indah.
But people close to Teddy Rahmat denied the report. "No, we're not looking Suba," he said.
State-owned PT Bank Mandiri Tbk as the biggest creditor at Suba mounts pressure to the company to service its Rp994 billion bad debt (more than US$100 million). Suba reported negative equity of Rp90 billion as of December 2005.
Two weeks ago Suba Indah reported to JSX that the shareholders were willing to pledge some property and mining assets as collateral to restructure Bank Mandiri loans after the bank soften its demand from cash payments.
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People close to the groups said the discussion is still in early stage. "It's in the approach stage with Gudang Garam and Teddy Rahmat as potential investors," the businessman said and dismissed speculation of Cargill Inc might interested in acquiring Suba Indah.
But people close to Teddy Rahmat denied the report. "No, we're not looking Suba," he said.
State-owned PT Bank Mandiri Tbk as the biggest creditor at Suba mounts pressure to the company to service its Rp994 billion bad debt (more than US$100 million). Suba reported negative equity of Rp90 billion as of December 2005.
Two weeks ago Suba Indah reported to JSX that the shareholders were willing to pledge some property and mining assets as collateral to restructure Bank Mandiri loans after the bank soften its demand from cash payments.
Labels: ASTRA, Bank Mandiri, PROPERTY
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posted by yosef at 10:16 AM
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