RI investors bid for UPP

RI investors bid for UPP

SINGAPORE (Reuter): United Overseas Bank Ltd. and N.M. Rothschild said a group of Indonesian investors including Bambang Trihatmodjo and Johanes Kotjo had entered a series of call and put options which could lead to a takeover offer for the company at Singapore $1.10 per share.

The institutions, acting as financial advisors to the Indonesian investors, said in a statement that their clients had taken call options on a total of 43.5 percent of the shares in United Pulp & Paper which must be exercised by Jan. 31 1996.

The options are in two blocks. One block of 39.9 million, or 35 percent, of UPP's shares, is between Branburgh Holdings Pte Ltd, owned by Bambang and Prajogo Pangestu, as buyers and Muda Holdings Berhad and Grangeway Trading Pte Ltd as sellers.

The other block of 9.7 million shares, or 8.5 percent, is between Amber Investments Holdings Ltd, owned by Kotjo, as the buyer, and Hartaban Holdings Sdn Bhd as the seller.

The Branburgh option is subject to approval by Muda shareholders, which is an Indonesian-registered company.