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)