Bhakti to raise stake in Bimantara, Agis<\/p>\n
Rendi A. Witular
\nThe Jakarta Post\/Jakarta<\/p>\n
In its efforts to gain greater control and profit from its
\nsubsidiaries, publicly listed investment firm PT Bhakti Investama
\naims to become the controlling shareholder in several of its
\nhigh-profile subsidiaries next year.<\/p>\n
Bhakti deputy chief commissioner Hary Iswanto Tanoesoedibjo
\nsaid the company would allocate as much as Rp 450 billion (some
\nUS$50 million) to take control of media and telecommunications
\nconglomerate PT Bimantara Citra and consumer goods company PT
\nArtha Graha Investama Sentral (Agis).<\/p>\n
\"We are planning to become a controlling shareholder in
\nBimantara and Agis step by step starting next year. We expect to
\nhave at least 50.1 percent ownership in the two publicly listed
\ncompanies,\" said Hary in a press conference on Tuesday.<\/p>\n
At present, Bhakti owns 40.74 percent shares in Agis and 39.61
\npercent shares in Bimantara, a company founded by Bambang
\nTrihatmodjo, the second son of the country's former president
\nSoeharto.<\/p>\n
With a controlling stake in the two companies, Bhakti will be
\nable to consolidate their financial statements into its account,
\nthus improving Bhakti's asset value, income and profit.<\/p>\n
If consolidated, the company's operational income is expected
\nto reach at least Rp 2.4 trillion next year.<\/p>\n
PT Media Nusantara Citra (MNC) is 100 percent owned by
\nBimantara. The company currently houses television stations
\nRajawali Citra Televisi Indonesia (RCTI) and Global TV, and will
\nlater house another television station, TPI.<\/p>\n
Bimantara plans to sell as much as 25 percent of its stake in
\nMNC to the public via an initial public offering, possibly next
\nyear or in 2006, with proceeds from the IPO to be used to expand
\nthe TV stations and to set up a new radio station network and
\nprint media.<\/p>\n
In the telecommunications sector, Bimantara has teamed up with
\nU.S.-based telecommunications company Qualcomm Inc. and South
\nKorea's KTF Co. in establishing a code division multiple access-
\nbased cellular operator, PT Mobile-8 Telecom, which provides
\ncellular services under the brand name Fren.<\/p>\n
Agis is a producer and distributor of sport shoes, components
\nand consumer electronics, such as Sony, RCA and digital satellite
\ndecoder Indovision.<\/p>\n
Hary, who is also the president director of Bimantara, said
\nfunds to finance the stake purchase in Bimantara and Agis would
\nbe taken from the company's internal funds, proceeds from the
\nexecution of the company's warrants, and the selling of some
\ninvestment portfolios.<\/p>\n
Aside from having a stake in Bimantara and Agis, Bhakti also
\nhas a 99.9 percent stake in Bhakti Securities, PT Bhakti Asset
\nManagement and PT Bhakti Finance.<\/p>\n
Shares of Bhakti, Bimantara and Agis ended unchanged at Rp
\n280, Rp 2,250 and Rp 100, respectively on the Jakarta Stock
\nExchange on Tuesday.<\/p>\n
Bimantara shares ended higher by Rp 25 at Rp 2,275 on the
\nJakarta Stock Exchange on Friday.<\/p>",
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