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Gresik, 10 September 2021

PT PPA Helps PT Iglas In The Severance Pay Settlement

Gresik, September 10, 2021 – PT Perusahaan Pengelola Aset (Persero) (“PT PPA/Perusahaan”) actively participated in the process of restructuring PT Industri Gelas (Persero) (“PT Iglas”) to the completion of ex-employee right in the way of buying the assets PT Iglas, where the result of the selling is aimed to pay for the severance pay for 429 ex-employee of PT Iglas. The completion of ex-employee rights is one of the parts in restructuring conducted by PT PPA. The asset’s takeover is completed under the approval from the Ministry of State-Owned Enterprises (SOEs) as the Shareholder.The severance pay for ex-employee is handed over symbolically by the Director of PT Iglas Bambang Damyasik to the representative of Labor Union in PT Iglas and witnessed by the President Director of PT PPA Yadi Jaya Ruchandi who joined with Director of Investment I and Restructuring PT PPA Rizwan Rizal Abidin, on Friday (10/9) in Gresik, East Java.

Yadi Jaya Ruchandi states, “PT PPA comprehensively pays attention to various aspects in doing the restructuring, from legal, social, business, to financial aspects by prioritizing the principles of Good Corporate Governance and the values AKHLAK. As the concrete steps to implement the business pillar of SOEs Restructuring, PT PPA doing the restructuring of PT Iglas by completing the whole obligations to 429 ex-employees of PT Iglas.”

With the completion of the severance pay for ex-employee of PT Iglas, PT PPA has done one of the steps of restructuring according to the roadmap. As the holder of Power of Attorney’s Letter from the Ministry of SOEs, PT PPA took some steps in restructuring comprehensively towards 21 SOEs’ Companies, by doing the rigorous measurement of due diligence and roadmap development, roadmap execution, sustainable business model, and exit strategy.

In doing due diligence and roadmap development, PT PPA works with independent consultants of strategic management, financial, legal, and social impact consultants in doing the research for business prospect, the Company’s ability, financial strength, market’s perception, competitive advantage, and social impact in aim to formulate roadmap handling and to decide the settlement towards SOEs by prioritizing the principles of Good Corporate Governance according to the applied regulations in Indonesia.

“PT PPA is committed to provide the best solution in carrying out the mandate from Government to become the turnaround Company and trusted partner in the field of restructuring, Investments, and assets management in Indonesia,” said Yadi.

The Director of PT Iglas Bambang Damyasik stated that, “I am expressing my gratitude for the support from PT PPA in completing the severance pay for PT Iglas ex-employee. This is the actual step from PT PPA in doing the restructuring for PT Iglas.  We are hoping that all of ex-employee from PT Iglas could be able to use it properly and continue to give best performances wherever you are.”

In different opportunity, the Special Staff of Ministry of SOEs Arya Sinulingga stated, “The completion of severance pay for PT Iglas’ ex-employee is the right step done by PT PPA in restructuring the Company. We appreciate the management of PT PPA that has committed to help the Company through SOE’s restructuring with the formulation of comprehensive approach.”

Currently, PT PPA is in the state of transforming along with PT Danareksa (Persero) in the Cluster of Danareksa–PPA head towards to become the National Asset Management Company (NAMCO), where PT PPA focuses to the three main business pillars, namely restructuring and revitalization of SOEs Companies, managing the banking’s Non-Performing Loan (NPL), as well as innovative and effective solution of Special Situations Fund (SSF).