Texmaco, what price?
Feb 20, investors should submit final bid for Texmaco assets (Rp29 trillion or around USD3.3 billion) currently controlled by PT Perusahaan Pengelola Aset (PPA)---successor of IBRA. Three investors are reportedly expressed their interests to acquire the assets. The problem, how much of these assets could be recovered by the state?
Detik.com reported VP Jusuf Kalla visited Texmaco's main site in Purwakarta today. There, he met Texmaco management. Texmaco's facilities are running at a very low rate at 20% of installed capacity. Kalla, unusually, said only few words during the visit. Kalla's visit was no coincidence as he knew for sure the bidding will be conducted next week.
"But before we let someone takeover the company, we have to see first what's the company all about. We clearly need investor who could revive Texmaco," Kalla said as quoted by Detik.com.
Kalla is not the first high level officer to visit the plant site. President Soeharto was there to officially inaugurate some facilities, BJ Habibie promised to revive the company, Wahid even asked everybody not to 'touch' Texmaco for the sake of exports, and Megawati's husband Taufik Kiemas visited the factory many times with the same promises.
As for Marimutu Sinivasan, the former controlling owner, he is currently on the police wanted list. Rumors said last week that the businessman had been caught in India and on his way back home to stand the trial on corruption allegation, but no follow up of the story.
Sinivasan's relatives urged government to restructure Texmaco, and that's probably why Kalla visited the plant site today.
Should PPA proceed with the bidding next week, whoever wins would have access to control 70% of PT Bina Prima Perdana (BPP), a holding company established by IBRA pursuant to debt restructuring of Texmaco. BPP has controlling stakes in some of Texmaco's key assets such as PT Polysindo Eka Perkasa (PTA, chips & staple fiber), PT Texmaco Jaya (garment), etc.
At what price?
Well, the previous bids were range between Rp90 billion to Rp290 billion or less than 1% of recovery or 99% haircut. I imagine the next administration might launch an investigation toward this administration if haircut is still considered a 'corruption' like what this administration has done to some haircuts given by the previous administrations.
READ MORE!!!
Detik.com reported VP Jusuf Kalla visited Texmaco's main site in Purwakarta today. There, he met Texmaco management. Texmaco's facilities are running at a very low rate at 20% of installed capacity. Kalla, unusually, said only few words during the visit. Kalla's visit was no coincidence as he knew for sure the bidding will be conducted next week.
"But before we let someone takeover the company, we have to see first what's the company all about. We clearly need investor who could revive Texmaco," Kalla said as quoted by Detik.com.
Kalla is not the first high level officer to visit the plant site. President Soeharto was there to officially inaugurate some facilities, BJ Habibie promised to revive the company, Wahid even asked everybody not to 'touch' Texmaco for the sake of exports, and Megawati's husband Taufik Kiemas visited the factory many times with the same promises.
As for Marimutu Sinivasan, the former controlling owner, he is currently on the police wanted list. Rumors said last week that the businessman had been caught in India and on his way back home to stand the trial on corruption allegation, but no follow up of the story.
Sinivasan's relatives urged government to restructure Texmaco, and that's probably why Kalla visited the plant site today.
Should PPA proceed with the bidding next week, whoever wins would have access to control 70% of PT Bina Prima Perdana (BPP), a holding company established by IBRA pursuant to debt restructuring of Texmaco. BPP has controlling stakes in some of Texmaco's key assets such as PT Polysindo Eka Perkasa (PTA, chips & staple fiber), PT Texmaco Jaya (garment), etc.
At what price?
Well, the previous bids were range between Rp90 billion to Rp290 billion or less than 1% of recovery or 99% haircut. I imagine the next administration might launch an investigation toward this administration if haircut is still considered a 'corruption' like what this administration has done to some haircuts given by the previous administrations.
READ MORE!!!
posted by yosef at 7:22 PM
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