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)