Investors give cool reception to Nusamba deal
Investors give cool reception to Nusamba deal
JAKARTA (JP): Astra International share trading eased
yesterday with investors waiting to see the outcome of massive
buying Thursday by a politically-connected business group.
Securities analysts said investors had stopped trading the
automobile company's shares until PT Nusantara Ampera Bhakti
(Nusamba) announces the motives behind its takeover move.
Astra shares fell Rp 50 to close at Rp 3,950 on the Jakarta
Stock Exchange yesterday, with only 1.427 million shares changing
hands.
Not one Astra share was traded on the Surabaya Stock Exchange
yesterday, where over 144 million Astra shares changed hands
Thursday.
"Foreign investors are getting nervous because, as you know,
there is now an element of political risk in the automotive
company," David Chang of a joint-venture securities company said
yesterday.
Nusamba, a business group controlled by three charity
foundations chaired by President Soeharto, took control of at
least 10 percent of the automotive company's shares on the
Surabaya exchange on Thursday.
Muhammad (Bob) Hasan, a Nusamba commissioner, said earlier he
planned to buy more Astra shares and establish an alliance with
existing major shareholders, most probably Danamon and Salim
groups, to control Astra's management.
"With the entry of Nusamba, Astra is now more like Bimantara
Citra and Citra Marga NP," Chang said yesterday, adding that
Astra share prices would become as sensitive as those of the two
companies, which are controlled by the President's children.
Bambang Trihatmodjo controls Bimantara Citra and Siti
Hardiyanti Rukmana controls Citra Marga NP.
Another analyst said Nusamba's move could damage Astra's
relationship with the Toyota Motor Corporation, its Japanese
principal.
Analysts are speculating that Nusamba could force Astra to
provide facilities to PT Timor Putra Nasional to produce the
national car, or that Nusamba might use Astra to develop a rival
car under the national car program.
Hutomo (Tommy) Mandala Putra, Soeharto's youngest son, won a
license early this year to develop the so-called national car in
cooperation with Kia Motors of South Korea.
But Japan, the United States and the European Union have
attacked the deal for breaking the non-discriminative principles
of the World Trade Organization's trade accord.
Although Bob Hasan's take-over move has been criticized, the
chairman of the Capital Market Supervisory Agency (Bapepam), I
Putu Gede Ary Suta, said yesterday the agency considered the
takeover was fair and legal.
"What Bob Hasan did as an investor is quite normal," Putu told
reporters in Semarang.
Putu denied that Nusamba shareholder and commissioner Bob
Hasan had misled the market by making several contradictory
statements about the Astra takeover.
"I think he only disclosed his intention, not a statement to
buy," he said. "There are many investors who buy and sell Astra
shares. But why do you only question Bob Hasan?".
Putu said Bob Hasan's statement on Astra shares had only
affected market perceptions.
On speculation that the government was backing Nusamba's move
to win the international auto dispute, Putu said: "This is not
under Bapepam's authority. People have different motives to
invest in companies. And we don't have any regulations which
prohibit people from buying shares."
Minister/State Secretary Moerdiono said Wednesday the
government would prefer that the share holdings of Astra remained
diversified with the largest shareholders owning around 10
percent.
But analysts believe the minister's statement reflected
government dissatisfaction over tobacco tycoon Putera Sampoerna's
attempt to buy a majority stake in the automotive company.
Putera, the chairman of HM Sampoerna, one of the country's
largest cigarette manufacturers, bought 9.81 percent of Astra
shares on his personal account and another 2.85 percent through
one of his companies a few weeks ago.
But Sampoerna announced Thursday his company had liquidated
its 2.85 percent stake in Astra. (hen/alo)