IndonesiaƆs Kerismas for sale

Another former Salim Group company is up for sale in the hope the Indonesian government meets its budget deficit.

The Indonesian Bank Restructuring Agency IBRA and PT Holdiko Perkasa Holdiko on Monday started another sale, this time its 97.69% shareholding in PT Kerismas Witikco Makmur Kerismas.

Kerismas is one of Indonesias major manufacturers of galvanized iron sheets GIS, producing both plain and coloured GIS primarily for use as roofing materials, with production locations in Jakarta and Manado. Kerismas also produces construction materials such as wall cladding, and floor plates for pouring reinforced concrete floors.

Included in the sale package is Rp127.3 billion $12.9 million of liabilities that Kerismas owes to Holdiko. Another part of this offering is Holdikos indirect 50.14% interest in PT Semarang Makmur, a subsidiary of Kerismas,...

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