Jul 12, 2010

Trisetijo Utama to curb Pan Brothers

Controlling share holder of textile and garment-based producer PT Pan Brothers Tbk (PBRX), PT Inti Niaga Usaha Makmur (INUM) aims to cease investment in Pan Brothers.
INUM plans to sell 3.25% shares in Pan Brothers into the negotiation market and 17.75% shares to PT Trisetijo Manunggal Utama, a share holder of INUM. 
INUM is controlled by two share holders PT Budhi Bersaudara Sejati and Trisetijo Manunggal Utama. Trisetijo Manunggal also holds directly 5.04% shares in Pan Brothers. INUM schedules to dispose 21% stakes in Pan Brothers between July 12 to 16.
In a public statement to Indonesia Stock Exchange (IDX) today, INUM's President Director Bambang Setijo said after the shares disposal, Inti Niaga will not be a controlling share holder in Pan Brothers. Trisetijo Manunggal will directly control 22.79% stakes in Pan Brothers. 
Does is restructuring plan of share holders structure before Pan Brothers to be transformed into palm oil plantation-based company? 
By the end of June, palm oil plantation company PT Ganda Sawit Utama purchased of 19.37% stakes or 86.28 million shares of Pan Brothers.
Assuming to the closing market price, Ganda Sawit 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 Rp430 per share today. 

Disclosure: No position at the stock mentione above.

Print This Article

No comments: