Shoemaker plans acquisition

Shoemaker plans acquisition

JAKARTA (JP): PT Indosepamas Anggun, an export-oriented shoe
manufacturer, will take over a majority stake in five companies
owned by its own business group.

Rachman Untung of the company's Investor Relation Department
said here yesterday the internal acquisition worth over Rp 373.60
billion (US$173.76 million) is part of Indosepamas' expansion and
diversification strategy.

The internal acquisition will include the purchase of the
business license and assets of PT Prospect Indospirit Footwear,
the acquisition of the whole shares of PT Witikco, a drum and
zinc producer, the whole stocks of PT Adilanggeng Kencanatex, a
textile company, 65 percent of shares of PT Indographica, a
producer of carton container, and 51 percent of shares of PT
Sinar Plataco, a producer of mosquito coils.

Indosepamas, listed on the Jakarta and Surabaya stock
exchanges, is controlled by the widely diversified Indocement
Group.

Rachman said that Indosepamas will issue right shares early
next year to finance the internal takeover, which, according to
the ruling, should first be approved by independent (minority)
shareholders.

"An extra-ordinary meeting will be held on Jan. 16 to hear the
response of minority shareholders to the takeover plan," he
added.

During the planned extra-ordinary meeting, the company will
also seek shareholder approval to halve the par value of its
stocks to Rp 500 from Rp 1,000 at present.(hen)