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.