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