Sold, at last: Indonesia's Astra group has new ownership

Article Abstract:

Astra International Incorporated PT was finally able to sell off 100 million shares on Jan 18, 1993, to end Soeryadjaya family's control over the second-largest listed company in Indonesia. The two separate deals which transferred control of the 100 million shares also served to severe Astra's ties with the troubled Perusahann Terbatas Bank Summa. A 16-member consortium led by timber magnate Prajogo Pangestu controls 75 million shares while the remaining 25 million shares are in three banks which had held the shares as collateral for a loan made by the Soeryadjaya family.

Holding companies, not elsewhere classified, Holding companies, Corporations, Corporations, Indonesian

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Away from the wheel; shares in Indonesia's Astra sold as bank totters

Article Abstract:

Indonesia's Soeryadjaya family has sold 16.5% shares of car manufacturer Astra International after the failure of the privately owned Bank Summa. The Soeryadjayas may lose majority control of Astra because of their ownership fall from 70% to 53% and Astra may be sold to foreign investors. Bank Summa's failure due to bad debts will cause multiple problems for the banking industry which has now been opened to foreign investors.

Automobile industry, Bank failures

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