Sierad Lays Off 1,500 Employees
Kompas, page 19, 2005-12-21
PT Sierad Produce Tbk has laid off 1,500 employees for the last two months. Eight hundred of the employees were employed in PT Biotek Indonesia and PT Wendy Citarasa, while the rest of the employees were laid off for rationalization purposes. Per September 2005, the limited liability company booked Rp 33.8 billion in net loss. In order to acquire more profit in 2006, Sierad had decided to sell its subsidiaries PT Biotek Indonesia, PT Wendy Citarasa and PT Sierad Pangan.

Sierad to Sell Subsidiaries
Bisnis Indonesia, page B1, 2005-12-21
PT Wendy Citarasa, along with PT Biotek Indonesia and PT Sierad Pangan, as subsidiaries of PT Sierad Produce Tbk will soon be sold to cover the main company’s financial losses.