April 17, 1999
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| April 17, 1999 | atimes.com | |
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| Southeast Asia Indonesian tycoon Bob Hasan to divest state paper co. shares PEKANBARU, Indonesia - Tycoon Muhamad Bob Hasan, a close crony of former President Soeharto, has agreed to divest all his shares in PT Kertas Kraft Aceh (KKA), a paper manufacturing joint venture with the government. Director general for chemical, agro and forest product industries Gatot Santosa said Bob's shares in the nation's biggest paper making company now remains about five percent from an earlier divestment of a total of 12 percent. ''From information that I heard Bob has no longer any stake in the company since he actually intended to leave the company,'' Gatot said here Thursday. Gatot admitted that even though Bob Hasan is a minority shareholder, his influence has been quite substantial as two officials of his company are sitting on the board of directors. Up to now positions of the two directors have not changed. ''This was at the time related to the raw material supply which came mostly from one of Bob's companies. Later with the absence of Bob, certainly there will be changes. KKA may even import round logs as raw material,'' Gatos said. KKA is one of the state-owned paper industries, along with PT Kertas Leces and PT Kertas Padalarang. KKA last year managed to post annual profits in excess of Rp100 billion ($11.76 million). (Asia Pulse/Antara) | |||||||||
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