Diah family to sell all shares in Hotel Prapatan<\/p>\n
JAKARTA (JP): The president of the publicly listed PT Hotel
\nPrapatan, A.T. Nurman Diah, will resign and sell all his family's
\nshares in the company.<\/p>\n
Nurman will tender his resignation at the company's
\nextraordinary shareholders meeting Thursday, ending the Diah
\nfamily's control of the company they founded in 1969.<\/p>\n
In statement made available to The Jakarta Post yesterday, he
\nsaid he would recommend shareholders appoint Hashim
\nDjojohadikusumo, the president of Semen Cibinong and several
\nfinancial companies, as his replacement.<\/p>\n
\"The family has decided to relinquish its remaining interest
\nin the company. I will be handing over a company that is good
\nshape with a substantial cash balance, low debt and brand new
\nproperties with very strong name brands in their respective
\nmarkets.\" Nurman said.<\/p>\n
But Nurman did not say why he was resigning and selling his
\nfamily's stake in the company which owns Hotel Aryaduta Jakarta,
\nHotel Aryaduta Pekanbaru and the Shima Restaurants in Jakarta.<\/p>\n
He did not say how much of the company his family owned but
\naccording to the Indonesian Capital Market Directory 1996, the
\nDiah family owns 15.5 percent of Hotel Prapatan.<\/p>\n
The statement said the Diah family had already sold some of
\nits shares to Sumitro Djojohadikusumo's family and its associates
\nwho now owned close to 40 percent of the company.<\/p>\n
\"The professor (Sumitro) and my parents go back a long way. It
\nis only natural that we want to see that the company is in good
\nhands. Being indigenous ourselves, we also wish that it remains
\nso. With the Professor's family and associates in control of
\nlarge blocks shares, this shall be so,\" Diah said.<\/p>\n
Another major shareholder is James Riyadi of the Lippo Group
\nwho bought the shares from Endang Utari Mokodompit, the daughter
\nof former state oil company PT Pertamina president Ibnu Sutowo.<\/p>\n
Nurman said James should let Sumitro's son, Hashim, take
\ncontrol of Hotel Prapatan.<\/p>\n
\"James has a cupful of acquisitions and restructuring to do
\nwith within his group Lippo. I think he should consolidate them
\nfirst,\" he said.<\/p>\n
\"Politically it is quite sensitive that a business founded by
\nan indigenous business family be taken over by a conglomerate
\ncontrolled by nonindiginous people. This a bad news,\" he said.<\/p>\n
The company recorded a Rp 2.07 billion (US$870,000) profit in
\n1995 and expected better in 1996.<\/p>\n
The statement said under Nurman Diah's leadership the company
\nconsistently posted profits. Over the last five years the company
\nearned Rp 33.72 billion in profit. This was 68.14 percent of
\nshareholder equity<\/p>\n
The company said the meeting would approve the new members of
\nboard of commissioner and directors. (09)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/diah-family-to-sell-all-shares-in-hotel-prapatan-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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