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NEWS ADMIN

Mahamad Rodzi Abdul Ghani

DATE

15/03/2001

NEWS PROVIDER

Mahamad Rodzi Abdul Ghani

NEWS SOURCE

NULL

CATEGORY

HEADLINE

Pact inked on Indon plantations sale to Guthrie
Pact inked on Indon plantations sale to GuthrieWednesday, March 14, 2001 (The Star) - The Indonesian Bank RestructuringAgency announced yesterday an agreement has been signed to sellplantations formerly owned by the Salim Group to Kumpulan Guthrie Bhd forUS$368mil, a report said.Reporting from Jakarta, the AFX news-wire quoted Guthrie group chiefexecutive officer Tan Sri Abdul Khalid Ibrahim as saying the 24 SalimGroup plantations it was acquiring would be placed under a single company,of which at least 30% would be floated on the Jakarta Stock Exchangewithin the next three years.He said the group was prepared to allocate 10% of the shares to selectedbuyers in Indonesia, like the company's labour, while the remainder wouldbe absorbed by the investing public.Separately, Guthrie said in a statement to the KLSE that it had obtainedthe approval of Bank Negara, The Investment Coordination Board ofIndonesia, and Indonesia's Ministry of Justice and Human Rights for theproposed acquisition of interests in plantation companies in Indonesia.Guthrie said Bank Negara approval was obtained on Dec 12, 2000, for thetransfer of funds abroad to the vendors.It also obtained the green light from the Investment Coordination Board ofIndonesia on Dec 14 for its investment in PT Salim Sawitindo, PTBhaskaramulti Permata, PT Minamas Gemilang and PT Anugerah Sumbermakmur(the companies).And on Dec 18, 2000, Indonesia's Ministry of Justice and Human Rights'sapproved the amendments to the companies' articles of association asregards the change in their status to foreign capital investmentcompanies.The plantation companies are held by PT Holdiko Perkasa and PT GemahripahPertiwi which are under the control of the Indonesian Bank RestructuringAgency.