Bimantara to sell its affiliate firms<\/p>\n
JAKARTA (Dow Jones): Indonesian diversified holding company PT
\nBimantara Citra announced Monday that it plans to sell 46.57
\nmillion shares, or a 13.5 percent stake, in its affiliate
\nhotelier PT Plaza Indonesia.<\/p>\n
Bimantara said it will also sell 5,300 shares, or its entire
\n15.5 percent stake in its affiliate baby food producer PT Nestle
\nIndonesia and its entire 90 percent stake in automotive unit
\nBimantara Cakra Nusa.<\/p>\n
It will seek shareholders approval of the plan during a
\nmeeting August 15.<\/p>\n
Bimantara currently holds a 27.55 percent stake in Plaza
\nIndonesia.<\/p>\n
The company, which is controlled by former President
\nSoeharto's son Bambang Trihatmodjo, said the proceeds from the
\nshare sale in the three companies will be used repay its debt to
\nthe Indonesian Bank Restructuring Agency.<\/p>\n
Bimantara said the sale is also aimed at streamlining its
\nbusinesses.<\/p>\n
It said according to Sudjendro Soesanto Consulting, an
\nindependent appraisal, shares of Plaza Indonesia should be priced
\nat Rp 3,000 apiece.<\/p>\n
PT Ernst & Young Consulting said shares of Nestle Indonesia
\nshould be priced at Rp 114.2 million each.<\/p>\n
According to public accountant Djoko Sutardjo, shares of
\nBimantara Cakra Nusa should be priced at Rp 154,898 a share.<\/p>\n
Shares in Bimantara Monday ended unchanged at Rp 1,215.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/bimantara-to-sell-its-affiliate-firms-1447893297", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }