Investors? bids for Chandra Asri too low

The bids offered by investors to PT Chandra Asri Petrochemical Center, one of dozens of major companies under the Indonesian Banks Restructuring Agency (IBRA) have been too low, Koran Tempo reported on Thursday.

IBRA?s Deputy Chairman Junianto Tri Prijono said in Jakarta on Wednesday that biddings put by prospective buyers on Chandra Asri which is estimated to have assets worth Rp 10 trillion did not meet the minimum price set by the agency.

He acknowledged that the prices offered by the prospective buyers were too low because the time given to them to carry out a due diligence audit was too limited. ?That?s why we ask them to increase their bids and we are optimistic that they will be able to do so,? he said.

Chandra Asri is one of dozens of companies put under the custody of IBRA as collateral of their shareholders? debts at banks taken over by the agency. Some of the companies including Chandra Asri, PT Pabrik Gula Rajawali III and PT Bakrie Nirwana Resort are on sale as part of the arrangement to settle their shareholders? debts. (*)