JAKARTA (Bisnis): IBRA has received the non-binding preliminary bid BPPN from three bidders in the divestment of 52.05% shares of Bank Lippo. Chairman of IBRA Syafruddin Arsyad Temenggung said IBRA would determine the shortlisted bidder. "IBRA will be helped by an independent committee to study the business plans and bid documents thoroughly before finally determining the shortlisted bidder," he said yesterday. He exposed that the independent committee consisted of Binhadi, Raden Pardede, Darmin Nasution, Rhenald Khasali, Gunarni Soeworo, Lukita Dinarsyah Tuwo, and Bacelius Ruru. Previously, he added, there were four bidders, but one of them later withdrew.

"The investor asked for extra time to enclose bid, but IBRA strictly stated it would follow the rule. Previously, we have delayed the bid time for one week, so we can grant the request." Syafruddin explained that until the drop dead test, bidders could change the member of consortium. He continued that the selection of the shortlisted bidder would be based on the bidders' financial source, experiences in managing financial institutions and managing merger and acquisitions. Besides, he added, IBRA and the independent committee would put into account the operation scale of bidders. IBRA, he said, would also put into account prices offered in the preliminary bid and the strategic vision of bidders.

Next, Syafruddin informed, the shortlisted bidder would conduct due diligence and make presentation from the last week of the month until the second week of October 2003. The enclosing of the final bid document, he added, would take place in the third week of October 2003 and the preferred bidder would be announced in the third week of October 2003. The fit & proper test evaluation would be held from the last week of October 2003 until toe mid-November. After that, IBRA would determine the winner and settle the transaction. Syafruddin said he didn't know whether or not the former owner involved in one of the consortiums. "It is Bank Indonesia that determines the policy concerning whether or not the former owner is allowed to participate in the bidding process. The central banks will conduct the fit & proper test." (mmh)

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JAKARTA (Bisnis): IBRA prepares 4 options to manage Texmaco's problems. One of the options is to provide shareholders a chance to sell their assets. Besides the option, said Deputy Chairman of IBRA for Credit Management Asset Mohammad Syahrial, IBRA would propose three other alternatives: debt restructuring, Texmaco's assets takeover, and legal management, to Financial Sector Policy Committee. "According to the plan, KKSK meeting will be held next week. But it will be better if it can be settled this week," he said yesterday. Utara Capital Consortium led by Mirzan Mahathir, son of Malaysian Prime Minister Mahathir Mohammad, failed to buy Texmaco's Exchangeable bond (EB) disposed by IBRA through the second Strategic Asset Sales Program (PPAS).

Syafruddin stated that IBRA would not retry to offer the assets since they had been offered two times. "Going concern of such company is low and investors don't seem to have much interest in the assets. We won't retry to sell Texmaco since it fails to attract investors." Syahrial confided that Texmaco had been considered default in meeting the obligation to the state.IBRA, he continued, must keep collecting the obligation, but it was the KKSK that should determine the collecting option. He argued that Marimutu Sinivasan, the owner of Texmaco and the shareholder of engineering and textile new companies, had responsibility in treating his employees. "It is Sinivasan, not creditors, that should bear responsibilities to treat his employees. IBRA should provide stick and carrot to Sinivasan to deal problems with his employees." Through debt restructuring worth IDR29.04 trillion, IBRA controls 70% shares of PT Bina Prima Perdana (textile newco), while Sinivasan owns 30%.

In the meantime, 100% shares of PT Jaya Perkasa Engineering (engineering newco) are controlled by the debtor. Syahrial revealed the letter stating Sinivasan had been considered default would be sent after there was found a clear option to manage the problem. Texmaco is scheduled to pay bond coupon worth IDR139 billion to IBRA on August 18, 2003. Texmaco would be declared as default when it failed to meet the obligation 21 working days after the remedial period. Meanwhile, one Texmaco's executive who preferred to remain anonymous explained that as a part of the restructuring, newco issued EB1 and EB2, each of which represented principal debt and interest outstanding restructured loan.

Texmaco could also issue EB4 that represented share ownership for the founder of the company. EB1 and EB2 are controlled by IBRA, whereas EB4 is owned by the founder, Sinivasan. Therefore, if EB1 and EB2 are paid by newco, automatically the value of EB4 will increase. ON the other hand, EB3 is not issued. EB3 will be issued later, at the approval of IBRA, if the newco failed to pay the bon coupon of EB1. EB1 and EB2 will mature at 25% in 2010, 2011, 2012, dan 2013. Asked on the EB that didn't sell well, the executive said there were three reasons. First, the payment of EB depended on the ability of Texmaco in running the company. In the meantime, investors had no confidence in the ability since the company required large sum of capital injection while the banking sector didn't seem to supply it. Second, the success of Texmaco as ongoing concern depended on the support of the government.

"But, the government doesn't seem to care much to empower Texmaco's productive business units." Third, there were some delinquent officers of the government that tried to discredit Sinivasan's reputation. Rebid Asked on other PPAS assets, Chairman of IBRA Syafruddin A. Temenggung said IBRA would rebid against investors that bid PT Chandra Asri Petrochemical Center (CAPC) and PT Bakrie Nirwana Resort (BNR) because the bids were below the floor price determined by the agency. For Pabrik Gula Rajawali (PGR) III, he confirmed Bapindo consortium as the winner. Initially, Syafruddin said, there were two investors that bid over the floor price, which were Tiga Pilar and Bapindo. He added that the rebid would be held until September 26, 2003 and the winner would be announced on September 29-30, 2003.

Through the second PPAS, IBRA disposed BPPN Texmaco's EB worth IDR26.474 trillion, CAPC's assets in 25.86% shares, convertible bond and loans worth IDR10.098 trillion, BNR worth IDR1.541 trillion (70.5% shares assets and loans), and PGR III worth IDR673 billion (66.67% shares and loans). Syafruddin added that IBRA determined the floor price after it put into account inputs from independent consultant and the internal one. He stated that the agency would try its best to meet the payment target to IBRA, although there were obstacles in the assets disposal. (mmh/msl)

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