Bank Panin and Trustee to Conduct Private Sale of KPAS Assets

Background of Asset Sale

Bank Panin (PNBN) and the bankruptcy trustee of PT Cottonindo Ariesta Tbk (KPAS) have announced a private sale of KPAS's assets following a Jakarta Commercial Court decision dated February 16, 2023, and subsequent agreements. The assets include industrial land and buildings located in Subang, West Java, which will be sold in two separate transactions.

Details of the Assets Being Sold

The first asset comprises 17 plots of land with buildings and vacant land designated for industrial use, situated at Jalan Raya Purwodadi, Subang. The total area spans approximately 49,672 square meters with a single entrance. The sale price is set at Rp35 billion.

The second asset includes factory land and buildings on 5 plots with a total area of 22,663 square meters, offered at Rp25 billion. Both sales will follow the same process and timeline.

Sale Process and Timeline

1. Open House: Potential buyers are required to attend an open house scheduled for January 14-15, 2026, at the asset location.
2. Deposit Submission: Interested parties must submit a refundable deposit of Rp17.5 billion by January 16, 2026.
3. Bid Submission: Sealed bids must be submitted between January 16-19, 2026, by 15:00 WIB.
4. Winner Announcement: The successful bidder will be announced on January 21, 2026.
5. Payment and Transfer: The winning party must complete the payment by January 23, 2026, before signing the sale deed.

Terms and Conditions

• The sale is conducted on an "as is" basis.
• The buyer is responsible for 50% of the sale deed costs and applicable taxes.
• Failure to complete the purchase will result in the forfeiture of 10% of the deposit for administrative costs.

The sale process is being managed by the trustee with the assistance of a notary, ensuring compliance with legal requirements and transparency in the transaction.