PT Bank Mandiri Tbk is targeting IDR2.98 trillion from asset recovery of three debtors until second half of 2010. The asset recovery is expected to boost its year-end profit.
Treasury Director of Financial Institution & Special Asset Management at Bank Mandiri Thomas Arifin said that it continues to pursue the asset recovery of Domba Mas, Garuda’s IPO, and Benua Indah to improve earnings performance in the end of this year.
"Domba Mas is an upsetting debtor which has been given enough time to repay debt partnering with the investors. We accept any investors as long as the scheme can solve the debt problem," he said yesterday.
He explained that the company is waiting for the completion of sales & purchase agreement between Domba Mas and Bakrie Sumatra Plantation, which is expected to be signed within 90 days as of July 11.
Then, the company will follow up the repayment of the non-performing loan. Currently, the process is still in talks between Domba Mas and the investors, while Bank Mandiri just communicates and monitors the restructuring process.
"Domba Mas' total debt is around IDR1.4 trillion. It is in talks but the point is no debt haircut. We keep discussing it," he confirmed.
Based on the data of Bisnis.com, Bank Mandiri owns Garuda's shares by 10.16% resulted from the conversion of the state-owned airline’s debt totaling IDR1.1 trillion.
In a while, as he added, Benua Indah's asset recovery is targeted to be completed in this semester, in which in the asset auction held in cooperation with PKPLN, six investors had submitted proposals. Benua Indah’s total debt to Bank Mandiri is about IDR480.7 billion. (T01/NOM)
http://www.bisnis.com/en/business/1id194667.html
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