Aug 19, 2010

Domba Mas offered to another investor

PT Bank Mandiri Tbk will offer six companies owned by the Domba Mas group to another buyer if PT Bakrie Sumatera Plantations Tbk (UNSP) cannot complete the acquisition next month.
Treasury, Financial Institutions, & Special Assets Management Director of Bank Mandiri Thomas Arifin revealed the bank was still waiting for Bakrie Plantations to complete the acquisition.
"We give them a deadline until September. Otherwise, we will offer the six companies to another buyer," he told Bisnis Indonesia today at the State Ministry for State-owned Enterprises (SOEs) yesterday.
Through its subsidiary, PT Nibung Arthamulia, Bakrie Plantations plants to acquire 100% stake in PT Domas Agrointi Prima, which controls a 99.6% stake in PT Sawitmas Agro Perkasa, 100% stake in PT Sarana Industama Perkasa, 100% stake in PT Flora Sawita Chemindo, 100% stake in Domas Agrointi Perkasa, and 100% stake in PT Domas Sawitinti Perdana.
The sales and purchase agreement (SPA) was signed by Bakrie Plantations and Bank Mandiri in mid-June, but the transaction had not been realized so far.
Financial Director of Bakrie Plantations Harry Nadhir and Corporate Secretary Fitri Barnas didn't answer their phones when Bisnis tried to reach them for confirmation.
One Bisnis source confided Bank Mandiri actually had pocketed another investor if Bakrie Plantation failed to acquire the Domba Mas group-owned companies this year.
However, he declined to expose the identity. "They also once asked about the status of the Domba Mas group," he said.
Another source added Bakrie Plantation was currently stuck between Bank Mandiri and the family of Susanto Lim, the owner of the Domba Mas group.
On the one hand, he continued, the negotiation with the family was still tough, while on the other hand there were pressures from Bank Mandiri to settle the transaction.
Susanto Lim, through the Domba Mas group, had US$269 million in non-performing loans (NPLs) in Bank Mandiri.
The restructuring actually started in 2006, but it had been delayed until Bakrie Plantations came to become a new investor.
In its public expose in June, the management of Bakrie Plantations, which prepared Rp1.1 trillion to acquire the companies, stated they were still waiting for the Domba Mas group to meet some requirements.
In July, Bakrie placed some directors in PT Domas Agrointi Prima. Domas Agrointi is a company producing oleochemical, which is a raw material to make cosmetic products.
Disclosure: No position at the stock mentioned above.

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