Jakarta--PT Gajah Tunggal is reportedly transferring some assets from its PT GT Petrochem Industries subsidiary to the parent, Gajah Tunggal. The move is being portrayed as a debt restructuring. Groupe Michelin owns 10 percent of Gajah Tunggal, while Singapore-based financial company Garibaldi Venture fund owns 68 percent.
The assets involved are reportedly related to the company's tyre cord division and its synthetic rubber manufacturing unit. According to the accountants, the tyre cord unit is worth Rupiah 1040 000 million (â‚¬89.5 million), while the synthetic rubber assets involved are worth Rupiah 644 000 million (â‚¬55 million)
Website of Gajah Tunggal, showing corporate structure