Kotjo and Trihatmodjo acquire Mayatexdian
Kotjo and Trihatmodjo acquire Mayatexdian
JAKARTA (JP): Businessmen Johannes Kotjo and Bambang Trihatmodjo have acquired PT Mayatexdian, a listed garment firm previously controlled by a former convict who was implicated with a bad-debt scandal.
News reports said yesterday that Kotjo, a former executive of the Salim Group, and Trihatmodjo, President Soeharto's son who is the proprietor of the Bimantara Group, had bought two firms, PT Kirda Bhumi Raya and PT Intiperkasa, which respectively controlled 44.68 percent and 25.50 percent of the shares of Mayatexdian.
Kotjo declined to give details on the acquisition, which was approved in an extraordinary shareholders meeting on Tuesday. The meeting also appointed Kotjo as the firm's vice chief commissioner and Trihatmodjo as its chief commissioner.
Bisnis Indonesia daily quoted an unidentified source yesterday as saying that the acquisition of 47.7 million out of Mayatexdian's 68 million shares was estimated to be worth between US$26 million and $32.52 million.
After the meeting, the price of Mayatexdian stocks on the Jakarta Stock Exchange rose from Rp 850 (about 38 U.S. cents) to Rp 925 before closing at Rp 875.
Kanindotex
Kirda Bhumi and Intiperkasa were previously controlled by Kanindotex which is owned by Robby Tjahjadi, a former convict who took over 70 percent of Mayatexdian's total common shares in early 1993.
Kanindotex was taken over by the government last year after it defaulted on payments to Bank Pembangunan Indonesia (Bapindo) and Bank Bumi Daya, both of which are state-owned.
News reports said that Robby owed about $230 million to the two banks.
Kotjo was reported last year as having the intention to acquire Kanindotex with businessman Kim Johannes, who is now a suspect in an export-document scam.
Mayatexdian, a parent company of six garment mills, suffered a loss of $4.45 million in 1993. It exports most of its products through affiliate firms in Hong Kong, Japan, Europe and the United States.
Its annual output reaches 880,000 dozen batches of garments in six product categories. (hdj)