Opportunity for SWF to buy another fire sale company in Indonesia
“The Jakarta Post, 18 Sep 2012
Following its recent controversial verdict declaring PT Telkomsel insolvent, the Jakarta Commercial Court is asking liquidators to supervise the nation’s largest cellular operator’s assets.
The court has appointed Feri S Samad, Edino Girsang and Mohamad Solihin as liquidators to assess the company’s books and to enforce court orders to settle the company’s debts.
The court declared Telkomsel bankrupt on Friday after it failed to pay Rp 5.3 billion (US$557,000) to PT Prima Jaya Informatika, the company’s top-up voucher distributor.
Telkomsel, which is 65 percent owned by state-run telecommunication company PT Telkom and 35 percent owned by Singapore’s SingTel, has total assets worth Rp 58.72 trillion ($6.2 billion) and booked net profits of Rp 12.82 trillion in 2011.”
This is another good buy. Cheap, cheap and cheaper. Can turn around and make many times more. SWF must be queueing up to buy over this company. The dumb investors from Thailand and Holland will be looking at buying over APB and F&N and paying a high price for them. They did not know how to look out for bargains.