Salim cedes 5% of affiliate

Article Abstract:

Salim Group of Indonesia has maintained its strong hold on its affiliate First Pacific Co., despite a deal to cede 5% of First Pacific to the government of Indonesia. Salim ceded the shares, which amounts to about HK$273 million (US$35.2 million), as part of an agreement with the Indonesian Bank Restructuring Agency to pay 48 trillion rupiah (US$4.3 billion) in debts to the government. Salim contracted the debts through its unprofitable bank, PT Bank Central Asia. According to First Pacific, Salim and its associates have remained the company's largest shareholding group because even after the hand over, the group still holds 49% of the company.

Comment:

Has maintained its strong hold on its affiliate First Pacific Co, despite a deal to cede 5% of First Pacific to the government

All Other Basic Organic Chemical Manufacturing, Indonesia, Parent-to-subsidiary activities, Acyclic Chemicals, Aliphatic compounds, Salim Group, Article

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Debt defaults by Jinro Group affiliates prompt doubt

Article Abstract:

Six affiliates of the Jinko Group joins five other chaebols who were determined by the Commercial Bank of Korea as bankrupt after failing to settle their debt obligations. It was determined that Jinro Group suffered defaults in paying its $48.5 million debt due to mismanagement of operations. The conglomerate is currently seeking to obtain the court's receivership grant in order to recover from its financial losses.

Diversified Companies, Debt & Capital Management, Management, South Korea, Conglomerate corporations, Finance, Debt, Financial management, Jinro Group

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