PT Asahimas Flat Glass, a joint venture between Asahi Glass Co. Ltd. and PT Rodamas Indonesia, is looking to sell its plants in Surabaya and Solo for IDR 25 billion (USD 2.77 million).
The plan comes…
PT Asahimas Flat Glass, a joint venture between Asahi Glass Co. Ltd. and PT Rodamas Indonesia, is looking to sell its plants in Surabaya and Solo for IDR 25 billion (USD 2.77 million). The plan comes after the flat glass manufacturer released poor results for the 1H 2006, with net profit down 90% to IDR 12.8 billion following the rise in fuel price in late 2005. Faced with limited cash flow, Asahimas now wants to sell the glass plants which cannot operate optimally, company spokesman said Rusli Pranadi. He said the company also plans to sell other non-productive assets such as apartments to improve its cash flow.