Bapepam blocks Intisetia's bid<\/p>\n
JAKARTA (JP): The Capital Market Supervisory Agency (Bapepam)
\nhas formally opposed PT Intisetia Tritunggal's bid to take over a
\nmajority stake of publicly-listed PT Telagamas Pertiwi.<\/p>\n
The capital market watchdog did not explain the reason of its
\nobjection, which was stipulated in its letter No. S-1408\/PM\/1996
\nissued last week.<\/p>\n
Analysts, however, believed that the objection was made due to
\nthe bad records of Intisetia shareholders in their previous
\ntakeover moves.<\/p>\n
Intisetia, owned by businessmen Harry Tanoesoedibjo, Tito
\nSulistio and Jopie Widjaya, made a tender-offer early last year
\nto buy a 32 percent stake in Telagamas, a manufacturer of sports
\nshoes and related components at Rp 1,400 per share.<\/p>\n
The planned purchase of the stake would increase the three
\nbusinessmen's stock holding in Telagamas to 51 percent because
\nHarry, through PT Bakti Investama, already owns 19 percent of the
\ncompany's shares.<\/p>\n
Telagamas, which at present is 19.05 percent owned by PT
\nImasco Pacific, 19 percent by Bhakti Investama, 14.28 by
\nbusinessman Rusdianto Hidayat, 12.5 percent by PT Telagamas Roma
\nSentosa, 9.53 percent by PT Santana Satria Reka and the remainder
\nby the investing public, is one of a major export-oriented
\nshoemaker in the country.<\/p>\n
The company, which was listed on the Jakarta Stock Exchange in
\nJanuary last year, booked total assets of Rp 51.13 billion
\n(US$21.6 million) in 1995.<\/p>\n
The company, which reported a net profit of Rp 2.13 billion in
\n1993 and Rp 2.17 billion in 1994, suffered a loss of Rp 659
\nmillion in 1995.<\/p>\n
The sources said that the capital market authority had to
\noppose the tender-offer deal because Intisetia shareholders
\nshowed no strong commitment to improve the company's financial
\nperformances.<\/p>\n
Jopie, one of Intisetia's trio shareholders, made a surprising
\nmove in early 1995 to acquire a 20 percent stake in publicly-
\nlisted Bank Papan Sejahtera. He then sold his entirely stake in
\nthe bank to benefit from capital gains of the shares in less than
\ntwo months after he concluded the deal.<\/p>\n
The trio's recent attempt to acquire a majority stake in Bank
\nMashill was also blocked by Bapepam on an insider trading
\ncharges.<\/p>\n
The capital market watchdog is likely to also block Lippo
\nGroup's plan to restructure its finance division through a
\nmassive internal acquisition.<\/p>\n
According to a high-ranking Bapepam official, a business
\nrestructuring made under a cross ownership could not be accepted.<\/p>\n
Under the massive acquisition plan, PT Lippo Securities would
\nbuy an additional 27 percent in Lippo Life, an insurance firm, to
\nincrease its stock ownership in the latter to 32 percent from 5
\npercent at present.<\/p>\n
Lippo Life would then purchase an additional 40 percent stake
\nin Lippo Bank, to increase its share ownership in the bank to 45
\npercent from 5 percent at present.<\/p>\n
According to the official, Lippo Bank already held a 11.67
\npercent stake in Lippo Life. Also, Lippo Life has an indirect
\n9.46 percent stake in Lippo Securities. (hen)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/bapepam-blocks-intisetias-bid-1447893297",
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