Putera Sampoerna buys 9.8% stake in Astra

Putera Sampoerna buys 9.8% stake in Astra

JAKARTA (JP): Tobacco tycoon Putera Sampoerna confirmed
yesterday that he and his son, Jonathan Sampoerna, had bought up
to 9.81 percent or about 114 million shares of PT Astra
International for investment purposes.

However, several other potential new investors, including
businessman Mohamad (Bob) Hasan and President Soeharto's eldest
daughter, Siti Hardiyanti Rukmana, who are also rumored to have
bought into the country's largest car company, have yet to
disclose their positions.

Putera said the total shares he owned were accumulated through
several different transactions at the Jakarta Stock Exchange
(JSX) during the period of June to Sept. 24.

Putera's statement, therefore, could not clarify the
"takeover" rumor on Astra because there were other big deals
executed on the JSX from Sept. 25 to Sept. 27 which have yet to
be reported to the Capital Market Supervisory Agency.

There is also a speculation as to whether Sampoerna will hold
his current position or look for quick capital gain in the near
future.

"The objective of the share acquisition is to invest in a
promising firm which has a well-planned and managed
diversification," Putera stated in a report to the agency, dated
Sept. 26.

"Moreover, as one of its (Astra's) major shareholders, we also
expect to help boost Astra's growth."

Agency chairman I Putu Gede Ary Suta indicated yesterday the
possibility that other new investors might have also bought
Astra's shares, but the agency needed more time to confirm this.

Speculation

Several dealers contacted by The Jakarta Post also speculated
that other potential investors were still looking for more
shares.

"Astra is heavily traded today. Some local brokers like
Trimegah and Finan Sekuritas engaged in heavy buying. I think
active transactions might continue tomorrow," a dealer with a
London-based brokerage said yesterday.

The dealer said several foreign brokerages, including SBC
Warburg, ING Baring and BZW Niaga, also made big buy transactions
on Astra's shares yesterday.

The dealer said the active transactions on both foreign and
local boards gave a clue yesterday that other new investors would
come out soon.

Putera Sampoerna, with 9.8 percent share ownership as of Sept.
25, could become the second largest shareholder of Astra, after
timber tycoon Prajogo Pangestu, who owned a 10.8 percent stake
through PT Delta Mustika, provided that Prajogo's shares were not
sold.

A statement from Astra showed that as of Sept. 25, Delta
Mustika owned a 10.6 percent stake, followed by Toyota Motors,
with 8.2 percent, International Finance with 4.7 percent and
Bogasari, with 4.5 percent.

The holdings of 15 other shareowners, including Number 6
Enterprises Ltd and Danamon International, ranged between 0.8
percent (The Northern Trust S/A AV) to 3.98 percent (Bank Exim).

The investing public owned 38.86 percent of Astra's 1.16
billion of outstanding shares.

A statement released yesterday by the agency showed that in
the period of June to Sept. 19, Putera bought 53.6 million shares
from both local and foreign boards at Rp 28 billion and Rp 132
billion respectively.

The statement also said that on Sept. 23 and Sept. 24, he
bought 60.2 million other shares through four different
transactions on both local and foreign boards. The four
transactions are valued at Rp 22 billion, Rp 11 billion, Rp 89
billion and Rp 151 billion respectively

Consequently, the total transaction value amounted to Rp 436
billion, with share prices ranging from Rp 2,600 to Rp 4,750 per
share.

Meanwhile, JSX director for supervision Edwin Stamboel told
journalists yesterday that although a number of transactions on
Astra's shares were categorized as large transactions, the JSX
didn't find any unusual deals or any possibility of insider
trading.

Edwin said it was not necessary for the JSX to investigate
Astra's share transactions, although its share prices had jumped
from Rp 2,600 two weeks ago to Rp 3,775 yesterday.

"Astra's management has informed us there's no significant
development in the company that has triggered the active
transactions," Edwin said.

He added it was fair that investors were looking for shares of
a company like Astra, which has a very strong, fundamental and
solid management. (alo)