Bhuwanatala divests shares

Bhuwanatala divests shares

JAKARTA (JP): PT Bhuwanatala Indah Permai, the owner of
Bandung Indah Plaza shopping center in Bandung, West Java,
announced yesterday that it has sold its shares in Seaunion
Holdings Ltd. of Hong Kong on May 29.

The company said that all its stake in Seaunion, which reached
17.5 percent representing 521 million shares, were sold out,
raising capital gains of approximately HK$5.7 million.

"By the participation in that company, we actually intended to
diversify our business line into oil mining. But we have decided
to focus on our main business. So, this transaction was done
purely to support our business strategy," Bhuwanatala's managing
director, Heru Pramono, said.

Bhuwanatala is now controlled by businessman Johaness Kotjo
and President Suharto's second son Bambang Trihatmodjo. The two
businessmen took over the company last year. (alo)