Sofyan sells his shares in Astra

Sofyan sells his shares in Astra

JAKARTA (JP): Sofyan Wanandi, the Gemala Group chairman, said
yesterday he had sold all his shares in Astra International
because he was "not so comfortable" with its five major
shareholders.

"I sold all my 20 million shares through the Surabaya Stock
Exchange on Friday for Rp 5,000 each," he said, adding that
around half his shares were sold to Salim Group and half to
Danamon Group.

Liem Sioe Liong's Salim Group and Usman Atmadja's Danamon
International previously held 7.37 percent and 7.33 percent
respectively of the company. Other major shareholders include Bob
Hasan's Nusamba group with 10 percent, Prajogo Pangestu's Delta
Mustika (10.68 percent) and H.M. Sampoerna chairman Putera
Sampoerna (15 percent). Japan's Toyota Motor Co holds 8.26
percent.

Sofyan acknowledged the sale was profitable.

"The main reason (I sold) was that I had no more role in the
company," he said, adding that the five major shareholders in the
automotive company had "strong" control over it.

"So it is better for me to sell my shares, which accounted
only 1.4 percent of total shares," he said.

Astra, the country's largest automotive company, was subjected
to takeover battles between Sampoerna and Nusamba early last
month.

Sampoerna, which held around 20 percent of the company in
early October, sold some its shares because of "external forces".

Sources said the government was unhappy with Sampoerna's
takeover bid.

Nusamba, which is linked to three foundations chaired by
President Soeharto, bought Astra shares in October from state
companies. Media reports said Nusamba planned to increase its
stake to at least 20 percent. (hen)