23rd September 1998
SALIM GROUP AGREES TO REDUCE STAKE IN FIRST PACIFIC TO 26% FROM 31%
First Pacific Company Limited announced today that it has received advice from its largest shareholder, the Salim Group, that the Group has agreed to transfer 5 per cent of its shares in the Company to a newly-formed holding company that is controlled by the Indonesian Government.
As a result of the transfer, the Salim's holding in First Pacific will be reduced to 26 per cent from 31 per cent. Consequently, the aggregate proportion of the Company's shares owned by the Salim Group and the three Indonesian investor groups they are associated with - the Djuhar, Risjad and Sudwikatmono families - will decline to 49 per cent from 54 per cent.
The transfer of a portion of the Salim Group's shares in First Pacific is part of an agreement the Group has concluded with the Indonesian Government to settle IDR48 trillion in outstanding liabilities. These liabilities comprise IDR35 trillion for credit extended to PT Bank Central Asia, which was taken over by the Indonesian Bank Restructuring Agency earlier this year following a liquidity crisis caused by large-scale withdrawals of customer deposits, and a further IDR13 trillion to repay BCA loans that were made to Salim Group companies.
The Salim Group has also agreed to transfer a portion of a number of other Indonesian corporate assets to the new company, which the Salim Group will manage.
The Board of First Pacific will in the near future review the composition of its 13-person membership, which currently includes six representatives from both the Salim Group and the three associated families.
For further information, please contact:
| Robert Sherbin Group Vice President Corporate Communications First Pacific Company Limited | Tel: (852) 2842 4380 |
First Pacific Company's information can also be accessed on:
| Web Site: |
http://www.firstpacco.com http://www.irasia.com/listco/hk/firstpac |
E-mail: info@firstpac.com.hk |
| © Copyright 1996-2008 irasia.com Ltd. All rights reserved. |
|
DISCLAIMER: irasia.com Ltd makes no guarantee as to the accuracy or completeness of any
information provided on this website. Under no circumstances shall irasia.com Ltd be liable
for damages resulting from the use of the information provided on this website.
TRADEMARK & COPYRIGHT: All intellectual property rights subsisting in the contents of this website belong to irasia.com Ltd or have been lawfully licensed to irasia.com Ltd for use on this website. All rights under applicable laws are hereby reserved. Reproduction of this website in whole or in part without the express written permission of irasia.com Ltd is strictly prohibited. TERMS OF USE: Please read the Terms of Use governing the use of our website. |