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Battle for Dipasena nearing end

INDONESIA - The race to acquire Southeast Asia's largest aquaculture firm, PT Dipasena Citra Darmaja, has entered the final round, with two contenders -- PT Central Proteinprima (CP Prima) and PT Kemilau Bintang Timur -- having been cleared to make their final bids Tuesday.

"The two have satisfied all our administrative requirements for bidding, which include experience in the aquaculture business and sound management capabilities," Asset Management Company (PPA) vice president Raden Pardede told The Jakarta Post on Monday evening.

The PPA is a state-sanctioned agency that controls assets taken over by the government after the Asian financial crisis.

"They have also satisfied our financial requirements by committing Rp 1.7 trillion (US$188 million) in new investment to Dipasena. We will give them until Tuesday to secure their financing, which may come from overseas banks, and submit their bids."

The PPA will announce the winner of the tender Wednesday, Raden added.

Publicly listed CP Prima has teamed up with Thai agribusiness giant Charoen Pokphand, which owns a stake in the company, to form the Neptune Consortium to bid for Dipasena.

CP Prima has appointed Barclays Capital and BNP Paribas as its financial advisors for the purpose, and assigned construction firms PT Truba Alam Manunggal and PT Wijaya Karya to assess Dipasena's production infrastructure, and conduct any necessary upgrades should it win the tender.

Source: The Jakarta Post.com

the Fish Site Editor

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