Titik Prabowo buys Mashill share

JAKARTA (JP): A consortium comprised of four Indonesian businesspeople has purchased 18.1 million shares, or 17 percent, of publicly-listed Bank Mashill through the Jakarta Stock Exchange (JSX).

A director of PT Citra Marga Nusaphala Persada, Tito Sulistio, said yesterday that the members of the consortium are Titik Prabowo, a daughter of President Soeharto; Tito Sulistio, the president of PT Steady Safe; Jopie Widjaja; and Hary Tanoesoedibyo, the president of securities company PT Bhakti Investama.

Tito said that the consortium set up a company on Britain's Virginia Island a few years ago, though he said could not recall the name of the company.

"We bought the shares through that company," Tito added.

The share price for Bank Mashill, until now on the inactive counter of the JSX, began to increase from Rp 1,600 (86 U.S. cents) level on April 1 when rumors circulated that the bank's founders, the Karta Widjaja family, planned to sell their stake.

"At that time (in early April) the name most mentioned in connection with acquiring Bank Mashill shares was Bambang Trihatmodjo," a senior dealer told The Jakarta Post.

The dealer said that Bank Mashill's share price was up 35 percent (28 points) on April 9, closing at Rp 2,650 with a total transaction of about 37 million shares.

On April 10, the JSX received a statement from the Kerta Widjaja family saying that one of the bank's founders had sold 33 million shares, or about 30 percent of the total shares.

"The family, however, still controls the company with a total stake of 51 percent through PT Mashill Asia Finance (holding 44 million shares) and PT Putra Kartawisejati (11 million shares)," the Karta Widjaja family said in the statement.

They denied rumors that the bank was looking to cooperate with a foreign partner.

Tito said yesterday that the consortium's transaction was executed at Rp 1,825 per share on April 9.

He dismissed speculation that the consortium purchased the 33 million shares through other parties.

"What I know is that foreigners also purchased Bank Mashill shares following our transaction," he said.

He added that the consortium has no intention of controlling the bank by installing its people in Mashill's management.

Capital market regulations stipulate that if a party wants to buy at least 25 percent of a company's total shares, or at least 20 percent but with an intention to control the company, the party can only do so through tender-offer procedures. (08)