CEKA Cahaya Kalbar Tbk

Cahaya Kalbar Sells Unit for IDR22.559 Bn

Tuesday, 7 July 2009 12:12:30
StockWatch (Jakarta) - The management of chocolate processing company PT Cahaya Kalbar Tbk (CEKA) on July 3, 2009, sold the company's 99.99% stake of PT Inti Cocoa Abadi for IDR22.559 billion, corporate secretary Emanuel Dwi Iriyadi said.

Iriyadi said Cahaya Kalbar sold 70% stake at Inti Cocoa Abadi to PT Wilmar Nabati Indonesia - an affiliated company which is located in Dumai - for IDR15.792 billion, and 29.99% stake to PT Natura Wahana Gemilang - also an affiliated company which is located in Medan - for IDR6.767 billion, so the total transaction is IDR22.559 billion.

He said further that the stakes have been sold for the sake of efficency because Inti Cocoa Abadi has stopped production since April 2005. All production machines and their supporting equipments have been sold, he said, and the proceeds of the sale will be used for repaying the company's debt.

In a public information submitted to the Indonesia Stock Exchange (IDX) today (Tuesday 7/7) in Jakarta, he said the stake sale will bring additional cashflow for the company, will reduce loan interest expense, and eliminate the loss caused by Inti Cocoa Abadi's unused asset.

He said the company appointed independent appraisal PT Inti Utama Penilai to evaluate the fairness of the transaction, and the resulf of evaluation shows that the transaction is fair and will not trigger a loss to the shareholders. Besides, the transaction is not material and will not lead to conflict of interest.

Wilmar Nabati Indonesia is active in vegetable food processing and basic chemicals that are based on agriculture, while PT Natura Wahana Gemilang operates in general trade, mining and natural resources.