Bapepam blocks Intisetia's bid
Bapepam blocks Intisetia's bid
JAKARTA (JP): The Capital Market Supervisory Agency (Bapepam)
has formally opposed PT Intisetia Tritunggal's bid to take over a
majority stake of publicly-listed PT Telagamas Pertiwi.
The capital market watchdog did not explain the reason of its
objection, which was stipulated in its letter No. S-1408/PM/1996
issued last week.
Analysts, however, believed that the objection was made due to
the bad records of Intisetia shareholders in their previous
takeover moves.
Intisetia, owned by businessmen Harry Tanoesoedibjo, Tito
Sulistio and Jopie Widjaya, made a tender-offer early last year
to buy a 32 percent stake in Telagamas, a manufacturer of sports
shoes and related components at Rp 1,400 per share.
The planned purchase of the stake would increase the three
businessmen's stock holding in Telagamas to 51 percent because
Harry, through PT Bakti Investama, already owns 19 percent of the
company's shares.
Telagamas, which at present is 19.05 percent owned by PT
Imasco Pacific, 19 percent by Bhakti Investama, 14.28 by
businessman Rusdianto Hidayat, 12.5 percent by PT Telagamas Roma
Sentosa, 9.53 percent by PT Santana Satria Reka and the remainder
by the investing public, is one of a major export-oriented
shoemaker in the country.
The company, which was listed on the Jakarta Stock Exchange in
January last year, booked total assets of Rp 51.13 billion
(US$21.6 million) in 1995.
The company, which reported a net profit of Rp 2.13 billion in
1993 and Rp 2.17 billion in 1994, suffered a loss of Rp 659
million in 1995.
The sources said that the capital market authority had to
oppose the tender-offer deal because Intisetia shareholders
showed no strong commitment to improve the company's financial
performances.
Jopie, one of Intisetia's trio shareholders, made a surprising
move in early 1995 to acquire a 20 percent stake in publicly-
listed Bank Papan Sejahtera. He then sold his entirely stake in
the bank to benefit from capital gains of the shares in less than
two months after he concluded the deal.
The trio's recent attempt to acquire a majority stake in Bank
Mashill was also blocked by Bapepam on an insider trading
charges.
The capital market watchdog is likely to also block Lippo
Group's plan to restructure its finance division through a
massive internal acquisition.
According to a high-ranking Bapepam official, a business
restructuring made under a cross ownership could not be accepted.
Under the massive acquisition plan, PT Lippo Securities would
buy an additional 27 percent in Lippo Life, an insurance firm, to
increase its stock ownership in the latter to 32 percent from 5
percent at present.
Lippo Life would then purchase an additional 40 percent stake
in Lippo Bank, to increase its share ownership in the bank to 45
percent from 5 percent at present.
According to the official, Lippo Bank already held a 11.67
percent stake in Lippo Life. Also, Lippo Life has an indirect
9.46 percent stake in Lippo Securities. (hen)