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Jakarta Post

Bakrie sells shares of three subsidiaries to settle debts

  • The Jakarta Post

Jakarta   /   Wed, April 11 2012   /  01:37 pm

Investment company PT Bakrie & Brothers (BNBR) has sold shares in three of its subsidiaries in an attempt to pay down massive debts, raising around Rp 124.7 billion (US$13.6 million).

According to a filing to the Indonesia Stock Exchange (IDX), BNBR sold some of its shares in PT Bakrie Sumatera Plantations (UNSP), PT Bakrieland Development (ELTY) and PT Energi Mega Persada (ENRG).

BNBR sold 140.54 million shares in UNSP for Rp 305.69 apiece.

Following the transaction, which was worth Rp 42.96 billion, BNBR remained holding 3.58 billion shares, or 26.38 percent of UNSP’s outstanding shares.

The company also sold 138.73 million shares in ELTY for Rp 135.96 apiece.

That transaction totalled Rp 18.86 billion and saw BNBR’s ownership reduced to 3.25 billion shares, or 7.79 percent of ELTY’s outstanding shares.

BNBR also sold 304.3 million ...