RI businessman buys 5.11% stake of Amcol
JAKARTA (JP): Prominent Indonesian businessman Henry Pribadi has acquired a 5.11 percent stake in property and trading group Amcol Holdings for US$59.42 million.
Henry, who heads the Napan group, was reported by the Business Times on Saturday as having informed Amcol that he had bought 15 million Amcol shares through Singapore-registered Indo Graha Holdings at an average price of $3.96 per share.
According to the Registry of Companies and Businesses, Indo Graha is a company which was incorporated on May 19, 1995. It is not clear what role Henry intends to play in Amcol but he is unlikely to be a passive investor given his track record in Indonesia.
Henry, through his Napan group, has business links with Indonesia's largest conglomerate, the Salim Group, as well as the companies of the children of President Soeharto, particularly Siti Hardiyanti Rukmana and Bambang Trihatmojo.
He is also involved in the controversial US$1.6 billion Chandra Asri petrochemical project with Bambang and timber baron Prajogo Pangestu of Barito Pacific Timber.
Henry's emergence as a substantial shareholder in Amcol is likely to fuel takeover rumors surrounding Amcol. This follows market talks that a substantial shareholder was selling out.
Although Amcol has denied knowledge of both rumors, the company's stocks have been heavily traded in the past few weeks. Last week alone, a total of 58.19 million shares changed hands. The stock closed 16 cents higher at $4.04 on Friday.
Amcol has several business projects in Indonesia and Henry's entry could give these activities a boost. The activities include a stake in Indonesian television broadcaster Indovision, which is owned by a consortium of Indonesian shareholders, including Bambang and Anthony Salim.
Amcol is also active in China, where it is developing the US$296 million Zhongshan Square commercial and residential project in Shanghai. In Malaysia, it owns and operates the Palm Resort Golf and Country Club, while in Singapore it has several residential and commercial projects. (31)