Pan Brothers cooperates with Batik Keris Group<\/p>\n
JAKARTA (JP): PT Pan Brothers Tex, a publicly-listed textile
\nmanufacturer of the Pan Brothers Group, has announced that its
\nfounder, PT Pancamitra Ekadaya, has signed a share purchase
\nagreement with the Batik Keris Group.<\/p>\n
Pan Brothers Tex reported in a statement to the Jakarta Stock
\nExchange (JSX) yesterday that under the agreement, Batik Keris
\nwill acquire a 65 percent stake in Pancamitra Ekadaya.<\/p>\n
\"This transaction is the beginning of cooperation between the
\nPan Brothers Group and the Batik Keris Group. It will also
\ninvolve Pan Brothers Tex, a public company currently controlled
\nby Pancamitra Ekadaya,\" the statement said.<\/p>\n
\"The two parties are expected to see stronger performances
\nwith this cooperation. And the result will come in the first
\nsemester of 1997,\" the statement added.<\/p>\n
The Batik Keris Group is widely known for its Batik products.<\/p>\n
The statement was made in relation to a widespread rumor on
\nthe JSX that Batik Keris might have proposed a \"tender offer\" on
\nPan Brothers Tex shares.<\/p>\n
Early this week, the prices of Pan Brothers Tex shares rose
\nsharply, by 45 percent from Rp 750 on July 8 to Rp 1,175 on July
\n10.<\/p>\n
Within two days, Pan Brothers Tex recorded total transactions
\nof Rp 33.1 billion with 32.2 million shares changing hands.<\/p>\n
Following such a sharp price increase, the JSX management
\nasked Pan Brothers Tex to confirm the rumor.<\/p>\n
\"We have yet to get any \"tender offer\" proposal. But it might
\nbe true that the signing of the purchase agreement between the
\ntwo parties had boosted our share prices,\" Pan Brothers claimed.<\/p>\n
Although the company's statement was distributed to stock
\ntraders yesterday morning, the prices of Pan Brothers Tex shares
\nwent up another four points yesterday to Rp 1,275 with 20 million
\nshares changing hands.<\/p>\n
Commenting on why the JSX didn't suspend Pan Brothers Tex
\nshares, a JSX director, Mas Achmad Daniri, said; \"We did not do
\nthat because we need detailed information from the company.\"<\/p>\n
\"Moreover, in our view, suspension is the last resort,\" Daniri
\nadded.<\/p>\n
\"We hope that public companies will disclose any information
\nas soon as possible so that investors will get the same access to
\nthe information.\"<\/p>\n
Daniri also acknowledged that the key issue in the case of Pan
\nBrothers Tex is transparency of information.<\/p>\n
Commenting on the price increase, Pan Brothers Tex said in
\nanother statement: \"It shows investors' confidence in our efforts
\nto boost our performance.\" (alo)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/pan-brothers-cooperates-with-batik-keris-group-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}