Home > Financial > GROWASIA ANNOUNCES PARTNERSHIP WITH

GROWASIA ANNOUNCES PARTNERSHIP WITH

Added: (Thu Nov 16 2000)

Pressbox (Press Release) - PRESS RELEASE


GROWASIA ANNOUNCES PARTNERSHIP WITH
IBRA ASSOCIATE HOLDIKO

SINGAPORE ˇV 8 November 2000 ˇV Singapore-headquartered growasia.com Pte. Ltd. announced Wednesday it has entered into an agreement with PT Holdiko Perkasa, a holding company established pursuant to the shareholder agreement between the Indonesian Bank Restructuring Agency (IBRA) and the Salim Group.
The agreement is a significant foray for growasia.com in Indonesia as it is able to list and market a vast array of assets - from manufacturing equipment for dairy products to publicly-listed companies and real estate projects - to regional and international investors. For Holdiko, the agreement will broaden the information accessibility of its assets, particularly to investors outside Indonesia.
growasia.com is Asiaˇ¦s first e-marketplace for interactive sales, purchase and development of regional business and corporate assets using the ˇ§clicks and mortarˇ¨ approach.
The growasia.com agreement comes on the back of similar deals in the region aimed at facilitating the transaction of assets and businesses. growasia.comˇ¦s recent deals include those with HDFC Bank and ICRA of India and the Hong Kong General Chamber of Commerce.
ˇ§The agreement with Holdiko marks a major development for growasia.com in Indonesia. It opens the door for growasia to facilitate transactions in range of Indonesian assets,ˇ¨ said Ian Gibbs, CEO of growasia.com. ˇ§It also opens the door for international investors to get a piece of the action in Indonesia, especially when the economy is on the threshold of recoveryˇ¨.
ˇ§The agreement with growasia.com will further expose Holdikoˇ¦s assets to potential investors. We are pleased with the arrangement because through growasia, we are able to cast our net to a wider audience, including regional and international buyers,ˇ¨ said Scott Coffey, Director of Holdiko.

Opportunity In Indonesia
Like the rest of Asia, the Indonesian SME sector is vast. Defined by the government as having 100 employees or less, SMEs make up 99% of registered companies and employ 90 million people - 90 % of the workforce. But less than 1% of these can be considered to be medium-sized companies as the bulk of SMEs in Indonesia are small and micro enterprises employing three persons or less.
Although local financing networks exist, often these need to be supplemented by cross-border investment capital. However, cross-border investors (regional and international) are frequently frustrated by the difficulty of sourcing and comparing opportunities in this vast market.
At the same time, a number of Indonesian companies, like those in Holdiko, are looking for potential buyers which can offer both capital and expertise in restructuring these companies. To date, Holdiko has 107 companies in its portfolio which it is seeking to dispose of which some have already secured buyers.
Holdiko will provide to growasia.com a list of assets and businesses that it plans to dispose. growasia.com, on its part, will try to facilitate the sale through the matching of assets with its list of potential buyers.
growasia.com will work in this partnership through its joint venture partner PT Triton Konsultan, a management consulting firm consisting of a small team of highly qualified experienced professionals. Triton is focussed on the resource industries, with particular experience in precious metals, base metals and non-metal mineral resources in both the public and private sectors of various countries.
Note to Editors
Background to growasia
growasia.com is Asia's first site dedicated to the interactive sale, purchase and development of Asian businesses and corporate assets. growasia.com is a central source which presents Asian investment opportunities in a clear and consistent manner to corporate and financial buyers. In addition, growasia.com provides transaction advisory services, a knowledge base of information to assist users when making strategic business decisions, and access to a range of quality service providers. growasia.com assists its users to Buy a Business, Sell a Business, Build a Business.
growasia.comˇ¦s web site can be found at www.growasia.com.
Background on Holdiko Perkasa
PT. Holdiko Perkasa was established in relation to the settlement between the Salim Group and IBRA with regards to loans extended by PT. Bank Central Asia (BCA) to companies affiliated to the Salim Group. As part of the settlement agreement with IBRA, the Salim Group transferred shares and assets in more than 100 operating companies to PT. Holdiko Perkasa.
As direct and indirect shareholders of these companies, it is Holdikoˇ¦s responsibility to supervise each individual company with the aim of disposing of sufficient amount of these assets at the right time and at the right value. Holdiko will subsequently direct the asset disposal proceeds to IBRA as part of the settlement agreement.
The Indonesian Bank Restructuring Agency (IBRA) is an agency of the government of Indonesia established at the beginning of 1998 as the primary agency to oversee the rehabilitation of the financial sector. IBRA is authorized to take over and control troubled banks and dispose of its assets and collateral.
Holdiko Perkasaˇ¦s web site can be found at www.holdiko.com.

For further information please contact:
growasia.com ˇV Ian Gibbs, CEO, Tel +65 4363 801, ian_gibbs@growasia.com
Holdiko Perkasa ˇV Irawati Koswara-Simms, VP (Investor Relations), Tel +62 21 2512110, irawatik@holdiko.com

Submitted by:
Disclaimer: Pressbox disclaims any inaccuracies in the content contained in these releases. If you would like a release removed please send an email to remove@pressbox.co.uk together with the url of the release.