Bimantara buys Komselindo and Metrosel
Bimantara buys Komselindo and Metrosel
Dow Jones, Jakarta
Indonesia's PT Bimantara Citra said Thursday it plans to
acquire up to a 99.99 percent stake each in cellular companies PT
Komunikasi Selular Indonesia, or Komselindo, and PT Metrosel,
both of which are partly owned by PT Telekomunikasi Indonesia.
Telkom has a 35 percent stake in Komselindo and a 20.1 percent
stake in Metrosel.
The remaining 65 percent stake in Komselindo is owned by PT
Elektrindo Nusantara.
Other shareholders of Metrosel include PT Centralindo
Pancasakti Cellular, which holds a 37 percent stake, and PT
Dwimarga Dwiutama Asia Link B.V., which owns 35 percent. Other
smaller companies hold the remaining shares.
Bimantara said it will spend around Rp 304.4 billion (US$32.9
million) for the total acquisition of shares in the two
companies.
Bimantara was the former investment vehicle for Bambang
Trihatmodjo, the eldest son of former President Soeharto, whom
many analysts believe still has a say in the running of the
company. It has some small telecommunication holdings, but is
mainly known for its media businesses.
Bimantara said it will seek approval from shareholders for the
stake purchase during an extraordinary general meeting scheduled
to be held Nov. 14.
The plan to acquire the two companies is aimed at developing
its telecommunication division, Bimantara said.
It said it will also provide up to $60 million to buy and
develop the Code Division Multiple Access cellular technology
from a non-affiliated company of international repute.
Bimantara didn't offer details, including the name of the
company.
In an effort to develop its telecommunication division,
Bimantara said it will set up a subholding telecommunication
company, which will be an umbrella for its cellular units.
Komselindo booked net profit of Rp 1.7 trillion for the nine
months ended Sept. 30. Bimantara didn't provide year-ago figures,
but said Komselindo had total losses of Rp 454.4 billion for
2001.
Metrosel recorded net profit of Rp 5.2 billion in the first
eight months of this year. Bimantara didn't provide comparison
figures, but said Metrosel had losses of Rp 53.57 billion in full
year 2001.
To finance the acquisition of the two cellular companies and
to focus its business on the telecommunication and media sectors,
Bimantara also plans to sell its non-core logistics and
transportation units.
It plans to sell a 55 percent stake in transportation company
PT Cardig Air and a 25.48 percent stake in logistics unit PT JAS.
The company expects to raise between $45 million and $60
million from the sale of non-core businesses.
Currently, Bimantara's flagship is PT Rajawali Citra Televisi
Indonesia, or RCTI, which became the nation's first private
broadcaster in the 1980s. The group also owns a quarter of Metro
TV, a new 24-hour local television news station.