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Talks on asset sales unfinished, says Indonesia’s Bakrie

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October 29, 2008
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October 30, 2008

Talks on asset sales unfinished, says Indonesia’s Bakrie
Indonesia's Bakrie & Brothers Tbk is still in talks with several unnamed parties over the sale of stakes in two units as part of a restructuring, Reuters reported, quoting a statement published on the stock exchange web site on Wednesday.

"The discussion on the rationalisation of the company's portfolios in Bumi Resources and Energi Mega Persada with potential buyers is still going on until now," Bakrie & Brothers said in the statement.

The company, controlled by the family of Indonesia's chief social welfare minister Aburizal Bakrie, had previously said it hoped to complete the talks by late October.

Trading in the shares of Bakrie & Brothers, Bumi Resources, and Energi Mega Persada has been suspended since Oct. 7, pending a resolution of the group's debt repayment.

Bakrie & Brothers said a number of companies from Indonesia, Australia, India, Malaysia, the Philippines, the Middle East, and China had an expressed interest in its assets, but it declined to give any details.

Bakrie & Brothers, the holding company for the group, said earlier this month that it hoped to raise $1.2 billion by selling off assets, including a stake in coal miner Bumi Resources to help pay off its debt.

Credit Suisse is arranging a new loan package for the group, according to sources close to the matter.

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