Steady Safe to buy 19.9% stake in Citra Marga

JAKARTA (JP): Publicly listed transportation company PT Steady Safe (SS) obtained approval from its shareholders yesterday to acquire up to 19.9 percent shares of toll operator PT Citra Marga Nusaphala Persada (CMNP).

Steady Safe's president Jopie Widjaya said the company would buy 11.01 percent of the toll operator's stake from a Yayasan Purna Bhakti Pertiwi, a CMNP founding shareholder.

"We have signed the memorandum of understanding for the 11.01 percent transaction," Jopie told the press following the shareholders' extraordinary meeting.

But he declined to mention if the additional 8.89 percent shares would also be purchased from the same institution.

"We do not know yet. The additional 8.89 percent could be from the founding shareholders or from the market," he said.

Jopie Widjaja, one of Indonesia's noted corporate raiders, said the purchase of 11.01 percent of CMNP shares would be finalized by the end of this year at a price of between Rp 2,000 and Rp 2,500.

"We have not come up with the decisive price yet, but the range will be between Rp 2,000 and Rp 2,500," he said.

He said to finance the deal, Steady Safe would use foreign borrowing and the company's own funds.

Jopie said yesterday the deal was aimed at forming a strategic alliance with the toll road operator.

"Steady Safe deals with the transportation business while CMNP deals with infrastructure," he said.

He said the deal would also cause changes in the management of PT Steady Safe.

Yesterday's extraordinary shareholders meeting also approved the appointment of Siti Hardiyanti Indra Rukmana, popularly know as Mbak Tutut, the chairwoman of CMNP, as the chief commissioner of PT Steady Safe, Nazamudin Latief, as the vice president commissioner, Bambang Soeroso, R. Sunaryo and Handoko Gunawan as commissioners.

The board of directors consist of Jopie Widjaja as president, Tito Sulistio vice president, Jose T. Panganiban, Lany Himawan, Rudiyanto Nitihardjo and H. Saleh Muis as directors.

According to CMNP's 1996 annual report, YPBP owns 22.01 percent of the company's shares, PT Jasa Marga 17.79 percent, PT Krakatau Steel 8.89 percent, PT Indocement Tunggal Prakarsa 8.80 percent, PT Citra Lamtoro Gung Persada 4.40 percent, PT Bhaskara Duniajaya 2.01 percent, cooperatives 0.50 percent and the public 35.60 percent. (aly)