RI firm joins Metro

Sat, 03 Sep 1994 | Source: AFP

RI firm joins Metro

SINGAPORE (AFP): Retail giant Metro Holdings Ltd. has announced the sale of its entire 50.3 percent stake in marketing and distribution company Transmarco Ltd. to Indonesian firm Arton Pte. Ltd.

Under terms of the sale announced here late Thursday, Arton, an investment holding firm, will pay S$89.9 million (US$59.9 million) for the 13.8 million shares.

Arton, controlled by Indonesian businessman Sukarman Sukamto, will pay S$6.50 for each Transmarco share -- they traded at S$5.70 on Aug. 26 before being suspended.

Sukamto already owns 155,000 Transmarco shares and Arton's latest purchase will lift the Indonesian's stake in the company to 50.85 percent, said United Overseas Bank, Sukamto's adviser, in a statement.

Under Singapore's takeover and merger rules, Sukamto will have to make a general offer for all other Transmarco shares at the same price.

Besides its marketing and distribution business, Transmarco has a 20 percent stake in the Meridien Hotel and Shopping Arcade.

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