Bimantara to raise stake in PI

Bimantara to raise stake in PI

JAKARTA: Diversified holding company PT Bimantara Citra said Wednesday it plans to increase its stake in property company PT Plaza Indonesia Realty to 20 percent from 16.85 percent.

"We plan to buy a further stake in the company to increase our shareholdings to 20 percent," Bimantara President Director Harry Tanoesoedibjo told Dow Jones Newswires.

He didn't disclose whether Bimantara will buy the stake from the market or from other shareholders but said the company plans to buy another 3.15 percent shareholding.

He said Bimantara has recently bought 9.7 million shares in Plaza Realty from Singapore's UOB Kay Hien, priced at $0.27 each, with a total value of $2.62 million. The purchase increased its stake in the company to 16.85 percent from 14.05 percent previously.

Plaza Indonesia, the owner of Jakarta Grand Hyatt hotel, during the first quarter of this year booked a Rp 26.1 billion net profit, compared with a loss of Rp 11.44 billion. -- Dow Jones