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Temasek also took over the shares of Glazer & Putnam Investment (Thailand), which held a 25.86% stake in CAP by acquiring the shares from BPPN at a price of US$ 100 million in 2003.
In 2002, BPPN divested 51% stake it owned in BCA through tender.
(a subsidiary of Heidelberg Cement Group) acquired the entire stake of BPPN and PT Holdiko Perkasa in ITP.
The Thai-based company acquired the stake from BPPN in 2003.
The Tempo Magazine carried a story on January, 2007 saying the assets acquired by Asian Agri from BPPN were credits valued at Rp9.7 billion for Tuah Sakato village cooperatives owned by oil palm farmers in Muara Bulian, Jambi.
All of the debts were taken over by BPPN. Based on its financial report by October 31 in 1997, PT TC had assets valued at Rp1.736 trillion.
ITP sought fund to refinance debt in Master Facilities Agreement (MFA) scheme, which was part of the restructuring program by BPPN.
In 2001, BPPN offered to sell SCG through an auction which was won by GPA, an affiliate of of a consortium of Trimanunggal and Yanatera Bulog.
Its management was put under control of BPPN for non performing debt to bank.
The two other PTA producers are PT Polysindo Eka Perkasa of the Texmaco Group and PT Polyprima Eka Perkasa, which have been taken over by BPPN. Now they are under PT PPA, which resumed the function of BPPN in managing assets taken over by the government in compensation of debts owed by the owners in the wake of the 1997/1998 crisis.
In the wake of the monetary crisis in 1997/1998 CAPC was put under control of the bank rescue agency BPPN over its large debts to a number of banks including state banks and banks liquidated or controlled by the government.
After the 1997 crisis, Salim handed over all of its stakes in the three companies to the bank rescue agency BPPN in compensation for its debt to the government.
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