Edwin may take over Van Der Horst

Edwin may take over Van Der Horst

SINGAPORE (Reuters): Indonesian businessman Edwin Soeryadjaya has tabled proposals that would result in him taking over Singapore engineering and infrastructure firm Van Der Horst, Baring Brothers said yesterday.

It said Soeryadjaya had proposed Van Der Horst buy the 90 percent stake he and family members hold in PT Artimas Kencana Murni, paying 10 percent in cash and the rest in new Van Der Horst shares, the bankers said.

They said in a statement issued on behalf of the Indonesian businessman that Soeryadjaya had also proposed Van Der Horst buy a 32.8 percent stake in specialist engineering group L&M.

This deal for 50.42 million shares held by two companies controlled by Van Der Horst chairman Johanes Kotjo would be financed entirely by new Van Der Horst shares, the statement said.

If the deals go through, Soeryadjaya would become the controlling shareholder of Van Der Horst and would use it as his vehicle for pursuing infrastructure projects in Indonesia and elsewhere in Southeast Asia.

It said the value of Artimas, whose sole asset is a 52.5 percent stake in PT Aria West International which was formed to operate a fixed line telecommunications network in West Java, had yet to be agreed and independent valuers would be called in.

US West owns a 35 percent stake in Aria West.

The stake in L&M had been valued at Singapore $42.16 million, or S$0.836 per share, the statement said.

It said that was a five percent discount to the last traded price of Van Der Horst shares, which were suspended on September 24.

It said finalization of the deals was subject to the approval of the Stock Exchange of Singapore and the independent shareholders of Van Der Horst.