Sep 23, 2010

Aqua approved to be private company

Indonesia’s largest water company, PT Aqua Golden Missisippi Tbk (AQUA), during its extraordinary meeting of shareholders finally obtained approval to become go private company.
The yesterday's meeting was represented by 651,750 stocks or around 92.1% out of total stocks, 707,617.
Of 584,520 or 82.6% from the total stocks agreed such status changing.
However, nearly 17.4% of the shareholders refused such decision. The company priced its share at Rp500,000 per share.
“We are grateful that finally this go private notion has been approved,” said Aqua’s President Director Parmaningsih.
Aqua has repeatedly sought an approval form its minor shareholder merely to realize this go private plan since 2001.
The company also increased the offering stock price from Rp450,000 into Rp500,000 for encouraging the investors to release their shares.
Previously, around 94.35% of Aqua’s shares was controlled by PT Trita Investama and the remaining 5.65% belonged to public.
Responding to the growing objections from some of the shareholders with regard to this corporate action, Parmaningsih merely said that these stances are purely the rights of the shareholders.
She further added that in fact, Capital Market and Financial Institutions Supervisory Agency has approved this go private action. 

Disclosure: No position at the stock mentioned above.

Print This Article

No comments: