RI group bids for L&M

RI group bids for L&M

SINGAPORE (Reuter): A group of Indonesian tycoons, including a son of President Soeharto, has launched a takeover bid for construction group L&M Group Investments Ltd. at S$1.45 per share and S$0.45 per warrant, L&M said.

The group includes Soeharto's son Bambang Trihatmodjo as well as Johanes Kotjo, who controls Van der Horst and ABR Holdings Ltd.

Also involved are Endang Utari Mokodompit and Winarto.

The sale price values L&M at S$214 million, excluding warrants.

L&M said in a statement that the Indonesians had agreed with L&M parent Guthrie GTS Ltd. and three of its subsidiaries to buy the latter's 40.2 percent stake in L&M or 59.38 million shares at S$1.45 per share, as well as 6.2 million L&M warrants for S$0.45 each.

Guthrie, a property and trading group, agreed to sell to the Indonesians all its shares and 6.2 million warrants for S$88.9 million, L&M said. The deal involves a series of put and call options by the parties which must be exercised en bloc. The deal is conditional upon Guthrie obtaining approval from its shareholders in a general meeting.

The takeover vehicle to be used is Zasidon Pte. Ltd., an investment holding company incorporated in Singapore.