Jun 29, 2010

Ganda Sawit buys 19.37% Pan Brothers

Palm oil plantation company PT Ganda Sawit Utama today reports purchase of 19.37% stakes or 86.28 million shares of textile and garment-based producer PT Pan Brothers Tbk (PBRX) in the market.
Assuming to the closing price today, Ganda Sawit has spent Rp37.10 billion of cash for the shares purchase.
Ganda Sawit's Director Andy Indigo said the company intends to hold long term investment on Pan Brothers.
Pan Brothers' shares price has lifted up 177.32% from May 5 at Rp155 per share to Rp420 per share today.
Based on data from Indonesia Stock Exchange (IDX), Pan Brothers is 21% owned by PT Intiniaga Usahamakmur, PT Sarana Integritas of 6,92%, Ruei-Hsing Hsu of 6.74%, and PT Trisetijo Manunggal Utama of 5.04% stakes.
Who is Ganda Sawit Utama? 
PT Ganda Sawit Utama was established on October 20th, 2003 and acts as a flagship to represent Ganda Group companies which mainly focus on palm oil agribusiness as its core business.
Ganda Sawit Utama was established on October 20 2003 and acts as a flagship to represent Ganda Group companies mainly focusing on palm oil agribusiness as its core business.
PT Ganda Dinamika was founded by one of Indonesian tycoon Ganda and his family. Ganda was previously known for his involvements in the establishment of oil palm plantation business and companies in Indonesia including PT KPN (Karya Prajona Nalayan) and Wimar International Ltd in Singapore.
The group started by making some acquisitions of few plantations, which were located in Riau and South Sumatra in the year 2001. Future expansion includes the acquisition of palm plantations in Sumatra and Kalimantan.
The company aims to be one of the established and prominent player in the palm oil business with ideal plantation areal of at least 100.000 hectares and capable of producing 500.000 metric tons of CPO p.a.
The Group also diversify its business to other sector such as: cement, power Plant, and bio-Energy and its processing.
What's next?
A source said by making a purchase of nearly 20% stakes of Pan Brothers, Ganda Sawit is close to be one of controlling share holders with Intiniaga Usahamakmur which has 21% stakes.
"I hear Pan Brother becomes a target company for acquisition. What is benefit for Ganda Sawit by holding nearly 20% stakes? Ganda Sawit might continue to acquire Pan Brothers from the other share holders if it wanted to control," the source said.
If Ganda Sawit could aquire 21% stakes from Intiniaga Usahatama, 6.92% stakes from Sarana Integritas, 5.04% from Trisetijo Manunggal, it would control 52.33% stakes in Pan Brothers, creating potential tender offer.

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