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)