Argo Pantes Will Convert Debts
Bisnis Indonesia, page B2, 2006-05-27
PT Argo Pantes Tbk will convert some of its debts into shares and zero interest-subordinated bonds which will be issued according to the amount of debt recorded by the company to the creditor. Debts to independent creditors amounting to US$ 106.52 million will be settled according to the applied creditor facility agreement that is still active. Meanwhile, in converting its debts into shares, Argo Pantes will issue as much as 70.85 million, equivalent to 21.1 percent from the amount of Argo Pantes shares that have been distributed after being converted. The shares will only be able to be traded a year after it has been listed in the Jakarta Stock Exchange and Surabaya Stock Exchange. Indo Plus BV before has declared Argo Pantes bankrupt. With this debt restructure Indo Plus will own 3.97 percent or 13.34 million shares of Argo Pantes, which represents its US$ 12.72 million debt. The company will issue five zero interest bonds with a variety of nominal values in accordance with the listed debts to the creditor. This bond has 25 year time period.

After Losing Rp.164 Billion, Argo Pantes Sets Eye on Local Market
www.suarakarya-online.com, 2004-01-01
PT Argo Pantes Tbk aims to focus its business efforts on domestic sales. It plans to increase domestic sales composition to 50 percent due to sharp decline in international sales. Argo Pantes’ sales in China decreased 18 percent, 56 percent in Japan and 87.28 percent in Bangladesh. Argo Pantes could not have a head to head competition with China and Japan prefers doing business with China. Until September 2004, the company’s net sales reached Rp.738.6 billion and it suffered a loss of Rp.164.929 billion.