Friday, December 22, 2006

PPA offloads Texmaco loans

After repeated failures to get qualified investors, PT Perusahaan Pengelola Aset (PPA) is betting its luck in divesting almost Rp30 trillion debts of Texmaco Group. It's strange to divest assets when most people are on their way for long holidays. The debts are the single largest batch left after the closure of Indonesia Bank Restructuring Agency (IBRA) two-and-half years ago. Mirzan Mahathir, son of former Malaysia PM Mahathir Mohammad was among the early bidders when IBRA launched the Texmaco divestment few years back. Farallon Capital, the owner of BCA, once submitted few dollars bid. But all of them didn't match government's minimum requirements. Considering the group's assets & huge workforce, it's still worth-watching the bidders!




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