IBRA sells remaining stake in Hong KongÆs First Pacific

The Indonesian Bank Restructuring Agency and Holdiko, a holding company it created to dispose of the Salim companies, sold their stake in Salim-connect, Hong Kong-based First Pacific.

FinanceAsia Research

February 14, 2001

PT Holdiko Perkasa (Holdiko) announced Tuesday that it has sold its remaining 0.8% shareholding in First Pacific Co. Ltd., a regional conglomerate listed on the Hong Kong Stock Exchange, for a gross of $8.55 million, or approximately Rp80.3 billion.

Holdiko’s 25.919 million shares were placed via lead manager ING Barings at HK$2.575 per share, representing a 5.5% discount to Monday's close and a 1.6% discount to an average closing price in the two weeks up to and including February 12. .

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