Bhakti Karya eyes Bhuwanatala shares

Bhakti Karya eyes Bhuwanatala shares

JAKARTA (JP): PT Bhakti Karya Indah Permai plans to acquire
10.75 percent of PT Bhuwanatala Indah Permai's shares, a move
which will turn it as the majority shareholder in the property
company.

The acquisition will raise Bhakti Karya's shareholding in the
publicly-listed Bhuwanatala Indah to 51 percent from the current
40.25 percent.

Bhuwanatala president Heru C. Pramono said here yesterday that
Bhakti Karya would soon announce details of the acquisition plan
to the public to comply with the capital market's tender offer
regulation.

According to the regulation, a plan to purchase of 20 percent
or more of listed shares should be announced publicly. The tender
requirement is also imposed on the purchase of less than 20
percent if it will result in the increase in the buyer's holding
to 51 percent or more.

Heru said that Bhakti Karya will buy the shares at Rp 2,050
(93 U.S. cents) each, around Rp 25 above the average price during
the last three months.

Bhakti Karya is a joint venture between Caltron Overseas Inc.
and PT Tanjung Alam. The two companies respectively hold 12.88
percent and 27.34 percent of Bhuwanatala's shares.

Heru said that Bhakti Karya's supervisory board is chaired by
President Soeharto's son Bambang Trihatmodjo, while noted
businessman Yohannes Kotjo acts as the company's president.

Kotjo recently took over majority stakes in a number of
companies listed on the Singapore Stock Exchange. Bambang is one
of his partners in the takeover bids.

Bhuwanatala, which listed its shares on the local stock
exchanges only few weeks ago, announced recently its plan to
build an office building in Singapore and a five-star hotel in
Bandung, West Java.

The company was established in December 1981 as a joint
venture between the West Java administration and a number of
private firms.

Former Jakarta governor Wiyogo Atmodarminto is the chief
commissioner of Bhuwanatala, which owns and manages two shopping
buildings in Bandung. (hen)