Kotjo bids for UPP stake<\/p>\n
SINGAPORE (Reuter): United Overseas Bank Ltd and N.M.
\nRothschild said yesterday a group of prominent Indonesian
\ninvestors had exercised a series of options to buy a large stake
\nin United Pulp & Paper (UPP) at Singapore $1.10, triggering a
\ngeneral offer for the firm at that level.<\/p>\n
The institutions, acting as advisors to the Indonesian
\ninvestors which include Bambang Trihatmodjo and Johanes Kotjo,
\nsaid on Nov. 9 that their clients had taken options to buy a
\ntotal of 43.5 percent of UPP's shares.<\/p>\n
They said in a joint statement yesterday that these options
\nhad now been exercised. They had to be taken up by January 31.<\/p>\n
The options are in two blocks. One block of 39.9 million
\nshares, or 35 percent, is between Branburgh Holdings Pte Ltd,
\npartly owned by Bambang, as the buyer, and Malaysia's Muda
\nHoldings Berhad and another firm as sellers.<\/p>\n
The other block of 9.7 million shares, or 8.5 percent, is
\nbetween Amber Investments Holdings Ltd, owned by Kotjo, as the
\nbuyer and Hartaban Holdings Sdn Bhd.<\/p>\n
The options had been conditional on approval by Muda
\nshareholders.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/kotjo-bids-for-upp-stake-1447893297",
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