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.


Veritas said...

No patriotic elites of any nations will allow an alien entity to own their strategic asset. To sell key nation jewels are tantamount to treason. That is the reason, China are ask to hold every of their savings in Treasury Bills rather than buying up Exxon Mobil, BHB Bilton, Verizon, EADS, Boeings...etc. Only traitor PAP can sell out SPC, AP brewery, and many of our power stations.

I really doubt the intelligent of our elites. Those goons in Temasek and GIC certainly do not read history. The conduct of Indonesia though despicable is still within the norms of the day. Few months back, Argentina government nationalize Repsol Argentina, who is controlled by Spain. This is even on the backdrop that Spain is in good terms with Argentina and both are spanish speaking countries.

Our elites has loose touch. They are phoney talent. They are pluck out after A level, because they have tution to score a lot of A. Kuan Yew and his ideology will only destroy the savings and wealth of Singapore.

Anonymous said...

What about limpeh selling our Christmas Island to the Australians?

Anonymous said...

Don't joke lah. Telekomsel did not pay US$550K and now declared bankrupt by indonesian authorities??? It is like I did not pay $1 and now declare bankrupt?? How to believe???

Anonymous said...

In the sophistry of the market place,
the more crafty party will take the cake.