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)