U.S. FIRM SETS SIGHTS ON PURCHASES IN RI
Tony Hotland, The Jakarta Post, Jakarta
U.S.-based private equity company Texas Pacific Group (TPG) said Thursday it had set up a local subsidiary, Northstar Equity Partners, as a reflection of its growing interest in investing in Indonesia.
TPG is the world's second biggest buyout firm and is reported to have about US$45 billion in assets at its disposal. It has acquired stakes in several major international corporations, such as Baxter International Inc. and Burger King.
TPG chairman David Bonderman met Thursday with President Susilo Bambang Yudhoyono at the latter's office, just a day after Yudhoyono opened the three-day Indonesia Infrastructure Conference and Exhibition 2006.
"Indonesia's economy is growing, a resource-based economy, so we feel now is the right time to start investing," said Bonderman.
Among those accompanying Yudhoyono were Coordinating Minister for the Economy Boediono, Finance Minister Sri Mulyani, Transportation Minister Hatta Radjasa and State Minister for State-owned Enterprises Soegiharto, while Bonderman was accompanied by TPG managing director Tim Dattels and Northstar Equity Partners managing director Patrick Wallujo.
Wallujo said Northstar had start-up capital of $100 million, although he said this figure could grow depending on the value of prospective investments.
"We are looking at the infrastructure sector as well as natural resources, such as biofuel energy and plantations," he said.
Later on, Bonderman met with Vice President Jusuf Kalla, who was accompanied by Emirsyah Satar, the president director of state-owned airline PT Garuda Indonesia, prompting suggestions that the American firm might be interested in acquiring a stake in the debt-ridden airline.
During a question-and-answer session at the presidential office, presidential spokesman Dino Patti Djalal abruptly cut short a journalist who had asked Bonderman whether Northstar was interested in taking a stake in Garuda.
Garuda has long been a chronically loss-making venture, reportedly primarily due to mismanagement. It is seeking to restructure its $794 million debt, while the government is weighing up the options of either injecting fresh capital into the airline or selling it to investors.
U.S.-based private equity company Texas Pacific Group (TPG) said Thursday it had set up a local subsidiary, Northstar Equity Partners, as a reflection of its growing interest in investing in Indonesia.
TPG is the world's second biggest buyout firm and is reported to have about US$45 billion in assets at its disposal. It has acquired stakes in several major international corporations, such as Baxter International Inc. and Burger King.
TPG chairman David Bonderman met Thursday with President Susilo Bambang Yudhoyono at the latter's office, just a day after Yudhoyono opened the three-day Indonesia Infrastructure Conference and Exhibition 2006.
"Indonesia's economy is growing, a resource-based economy, so we feel now is the right time to start investing," said Bonderman.
Among those accompanying Yudhoyono were Coordinating Minister for the Economy Boediono, Finance Minister Sri Mulyani, Transportation Minister Hatta Radjasa and State Minister for State-owned Enterprises Soegiharto, while Bonderman was accompanied by TPG managing director Tim Dattels and Northstar Equity Partners managing director Patrick Wallujo.
Wallujo said Northstar had start-up capital of $100 million, although he said this figure could grow depending on the value of prospective investments.
"We are looking at the infrastructure sector as well as natural resources, such as biofuel energy and plantations," he said.
Later on, Bonderman met with Vice President Jusuf Kalla, who was accompanied by Emirsyah Satar, the president director of state-owned airline PT Garuda Indonesia, prompting suggestions that the American firm might be interested in acquiring a stake in the debt-ridden airline.
During a question-and-answer session at the presidential office, presidential spokesman Dino Patti Djalal abruptly cut short a journalist who had asked Bonderman whether Northstar was interested in taking a stake in Garuda.
Garuda has long been a chronically loss-making venture, reportedly primarily due to mismanagement. It is seeking to restructure its $794 million debt, while the government is weighing up the options of either injecting fresh capital into the airline or selling it to investors.
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