Shoemaker plans acquisition<\/p>\n
JAKARTA (JP): PT Indosepamas Anggun, an export-oriented shoe
\nmanufacturer, will take over a majority stake in five companies
\nowned by its own business group.<\/p>\n
Rachman Untung of the company's Investor Relation Department
\nsaid here yesterday the internal acquisition worth over Rp 373.60
\nbillion (US$173.76 million) is part of Indosepamas' expansion and
\ndiversification strategy.<\/p>\n
The internal acquisition will include the purchase of the
\nbusiness license and assets of PT Prospect Indospirit Footwear,
\nthe acquisition of the whole shares of PT Witikco, a drum and
\nzinc producer, the whole stocks of PT Adilanggeng Kencanatex, a
\ntextile company, 65 percent of shares of PT Indographica, a
\nproducer of carton container, and 51 percent of shares of PT
\nSinar Plataco, a producer of mosquito coils.<\/p>\n
Indosepamas, listed on the Jakarta and Surabaya stock
\nexchanges, is controlled by the widely diversified Indocement
\nGroup.<\/p>\n
Rachman said that Indosepamas will issue right shares early
\nnext year to finance the internal takeover, which, according to
\nthe ruling, should first be approved by independent (minority)
\nshareholders.<\/p>\n
"An extra-ordinary meeting will be held on Jan. 16 to hear the
\nresponse of minority shareholders to the takeover plan," he
\nadded.<\/p>\n
During the planned extra-ordinary meeting, the company will
\nalso seek shareholder approval to halve the par value of its
\nstocks to Rp 500 from Rp 1,000 at present.(hen)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/shoemaker-plans-acquisition-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
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