Henry to sell Amcol shares

Henry to sell Amcol shares

SINGAPORE (Reuter): Amcol Holdings' single largest shareholder, Indonesian businessman Henry Pribadi, has put his 17.92 percent stake in the company up for sale, the Business Times said yesterday.

The newspaper said Pribadi, managing director of Amcol until the company went under judicial management, is believed to be in need of cash for various projects in Indonesia and elsewhere.

Pribadi is said to be asking for more than S$2 per share, compared with the S$1.88 per share value tagged to Amcol by Indonesian conglomerate Sinar Mas, which has proposed a rescue package.

The paper said Pribadi had paid up to as much as S$5 per share for his Amcol holding.

Sinar Mas is expected to relist the company as Golden Amcol after injecting S$2 billion worth of assets into it, the paper said.

Pribadi could not be immediately reached for comment on the report, and Amcol had no comment.