Sep 8, 2010

Northstar sells Sumber Alfa at Rp684

Northstar Pacific Partners has announced a 28.52% stakes or 978.74 million shares disposal in a publicly listed retailer PT Sumber Alfaria Trijaya Tbk (AMRT) to five foreign companies worth Rp669.46 billion.  
In a public statement filed to Indonesia Stock Exchange yesterday night, Argo Volantis Pte Ltd Director Mayukh Mitter said the company has disposed 28.52% stakes in Sumber Alfaria to Archipelago Investment Pte Ltd of 11.05% stakes, Canopus Retail Inc of 7.35% stakes, Park Speed Limited of 6.68%, Global City Holdings Ltd of 2.34%, and CIMB Bank Limited of 1.11% with total transaction of IDR669.46 billion or Rp684 per share.
The sale price is 55.87% lower than Sumber Alfaria's closing price yesterday at IDR1,550 after rising 10.71% on Tuesday. 
Argo Volantis, wholly owned subsidiary of Northstar Pacific, private equity founded by former Goldman Sachs banker Patrick Walujo, said the shares sale was conducted in regard to shareholding restructuring purposes.
Referring to June's financial statement of Sumber Alfaria, PT Sigmantara Alfindo holds 54% stakes, PT Cakrawala Mulia Prima owns 6.48%, and public shareholders hold 11%

Disclosure: No position at the stock mentioned above.  

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