Aqua's delisting plan turned down<\/p>\n
The Jakarta Post, Jakarta<\/p>\n
After holding its second extraordinary shareholders' meeting this
\nyear, bottled water producer Aqua Golden Mississippi once again
\nfailed to gain approval for its plan to delist from the Jakarta
\ncapital market.<\/p>\n
\"Our second extraordinary meeting failed to reach the minimum
\nnumber of shareholders' required to reach a decision,\" corporate
\nsecretary Yanie Setionegoro said on Friday.<\/p>\n
She added that the company's board of directors would probably
\nconsider having a third meeting, with the schedule to be decided
\nlater on.<\/p>\n
Aqua had its first meeting to seek approval for the delisting
\nplan earlier in November. That meeting also failed to reach
\nquorum.<\/p>\n
Several of its retail shareholders, holding a combined 6.4
\npercent stake in the company, objected to the proposed offer
\namount of Rp 100,000 (about US$10) offered for each share they
\nheld.<\/p>\n
The Rp 100,000 offer was already almost double the book value
\nbased on a calculation by an independent appraisal firm.<\/p>\n
Indonesian Investor Society secretary general Djoko Santoso
\nSoeno, who claimed to represent a significant number of
\nshareholders, said after the first meeting that the amount
\noffered should be increased tenfold as Aqua was already a well-
\nknown brand that has an attractive business outlook.<\/p>\n
\"There is an intangible value to the brand that should be
\nappreciated,\" he said.<\/p>\n
\"Furthermore, it might be better that it stays as a publicly-
\nlisted company.\"<\/p>\n
Aqua president director Willy Sidharta explained that
\ndelisting the company from the Jakarta Stock Exchange had to be
\ndone in a bid to consolidate its holding company's business
\nportfolio.<\/p>\n
PT Tirta Investama, Aqua's holding company, has around 14
\nsubsidiaries, of which only two were still publicly listed.<\/p>\n
The planned delisting is in line with the policy of its
\nFrench-based majority shareholder Danone, which controls more
\nthan 70 percent stake in Tirta Investama.<\/p>\n
Aqua entered the Jakarta capital market in 1990 and its stock
\nhad been steadily climbing since, although deemed as a non-liquid
\nstock as most of its shareholders were long-term investors.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/aquas-delisting-plan-turned-down-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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