Chinapore News 10 - Real Solution to Haze Problem!

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An honorable member of the Coffee Shop Has Just Posted the Following:

APP is one of the world's largest manufacturers of tissue, stationery and other paper products. Contrary to earlier reports, APP is not listed on the Singapore Exchange (SGX) and remains under the control of the Widjajas' Sinar Mas Group, one of the largest Indonesian conglomerates. The group's business covers pulp and paper, agriculture, property, financial services, energy, infrastructure and telecommunications.

Despite its business pedigree, APP has on a number of occasions found itself thrust under the spotlight of the authorities here.

In 2001, APP was the subject of a probe by the Commercial Affairs Department (CAD), after creditors and investors cried foul when APP defaulted on US$13.9 billion of debt earlier that year. But the case, along with a parallel probe by the CAD into APP's sister company, Asia Food and Properties, was closed two years later without any disclosure as to why the firms were investigated.

Today, Sinar Mas ranks among Indonesia's richest business groups. Investors have since funded five Singapore-listed firms controlled by Sinar Mas with $4.3 billion of loans and bonds.

This has helped the Widjaja empire reach a market value of US$7.5 billion (S$10.7 billion) on the SGX, data compiled by Bloomberg in May showed.

Singapore-listed firms run by the Widjajas include the world's second-largest palm oil producer Golden Agri-Resources, Indonesia's largest developer Sinar Mas Land, coal miner Golden Energy and Resources, investment holding company Bund Center Investment and lifestyle developer Top Global.

APP is the timber plantation and paper manufacturing arm of Sinar Mas. The firm and its suppliers control concessions covering 2.6 million ha in Indonesia.

Reports indicate that there were more than 300 fire alerts recorded on those concessions in Sumatra earlier this month.

http://www.asiapulppaper.com/news-me...rman-app-group


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