Nusamba moves to take major stake in Astra<\/p>\n
JAKARTA (JP): PT Nusantara Ampera Bhakti (Nusamba) began
\nmaneuvering yesterday to control a majority stake in PT Astra
\nInternational, buying at least 10 percent of the automotive
\ncompany's shares through the Surabaya Stock Exchange.<\/p>\n
Sources said Nusamba, a business group controlled by three
\nfoundations owned by President Soeharto, bought the shares from
\nBank Ekspor Impor Indonesia, Bank Negara Indonesia 1946 and from
\nother government-related institutions for an average price of Rp
\n4,100 (US$1.74) a share.<\/p>\n
No Nusamba officials were available to confirm the take-over
\nyesterday, but the Surabaya-based over-the-counter market
\nreported that over 144 million Astra shares changed hands on the
\nmarket's block-trading section yesterday.<\/p>\n
The Astra shares were sold by securities companies affiliated
\nwith the two state banks to securities firms linked to the
\nDanamon and Salim groups, which are major shareholders in Astra.<\/p>\n
Muhammad (Bob) Hasan, a Nusamba commissioner, said earlier he
\nhad agreed to buy 10.6 percent of Astra shares held by
\ngovernment-related institutions.<\/p>\n
Securities analysts said Nusamba's move to purchase Astra
\nshares yesterday was the start of the company's attempt to
\ncontrol a majority stake in the country's largest automotive
\ncompany.<\/p>\n
They said that Nusamba, a company with timber, plantations,
\nfinancial services and other interests, was likely to buy more
\nAstra shares in the next few days to ensure it had enough ballots
\nto control the company.<\/p>\n
Analysts predicted that Nusamba would forge an alliance with
\nthe Danamon and Salim groups to control at least 51 percent of
\nAstra shares.<\/p>\n
Minister\/State Secretary Moerdiono said Wednesday the
\ngovernment would prefer that the share holdings of Astra remained
\ndiversified. At present, the largest shareholders own around 10
\npercent of the company.<\/p>\n
But the analysts considered the minister's statement reflected
\ngovernment dissatisfaction over tobacco tycoon Putera Sampoerna's
\nattempt to acquire a majority stake in the company.<\/p>\n
Putera, the chairman of HM Sampoerna, one of the country's
\nlargest clove-blended cigarette manufacturers, said early this
\nweek he had bought 9.81 percent of Astra shares. The cigarette
\nproducer's wholly-owned Dutch subsidiary bought another 2.85
\npercent, making Putera and his company the largest shareholder in
\nAstra.<\/p>\n
But Sampoerna announced yesterday the tobacco company had
\nliquidated its 2.85 percent stake in Astra.<\/p>\n
Astra International reported a 25.6 percent increase in its
\nnet profit to Rp 340.85 billion in the first nine months of this
\nyear over the same period last year.<\/p>\n
Astra's net profit is expected to reach Rp 450 billion in 1996
\nif the market for automobiles and motorcycles improves. (hen)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/nusamba-moves-to-take-major-stake-in-astra-1447893297",
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