Gajah Tunggal „sold to Singapore firm“

There are reports in the Asian press that the Indonesian Bank Restructuring Agency (IBRA) has sold tyre manufacturer Gajah Tunggal and Gajah Tunggal Petrochem Industries for the equivalent of US$214 million. The purchaser is Singapore-based Garibaldi Venture Fund; one of five bidders. IBRA took over Gajah Tunggal as a debt settlement by Indonesian tycoon Sjamsul Nursalim, after the financial crisis of the late 90s.