Oct 20, 2010

After placement, Bakrieland plunges

PT Bakrieland Development Tbk (ELTY) is now under pressure. The stocks this morning suffer 8.95% plunge to Rp173 per share from the previous closing level at Rp190 per share. The steep drop is following shares crossing via CLSA this morning at Rp167/share after the seller closed the private placement of 4 billion shares, upsized from the lowest level of 2.65 billion shares.
Who are the sellers?
A source familiar with the matter said the sellers for the placement were several individual investors who exercised rights during Bakrieland rights issue at Rp160.
"One individual investor is related with Bakrie Group, but it is not PT Bakrie & Brothers Tbk and not Ascention Ltd," the source said.
But, if you check at the latest data on shareholding more than 5% at Kustodian Sentral Efek Indonesia, Ascention is not recorded anymore as share holder at Bakrieland Development.
The data reveals that Reksa dana Danamas Stabil, managed by PT Sinarmas Sekuritas, holds 9.02% or 3.60 billion shares at Bakrieland and CGMI 1 client safe keeping account holds 12.17% or 4.86 billion shares. So, where is Ascention?  
The last time Ascention was recorded as share holder at Bakrieland on October 7 2010 with 6.37% or 2.54 billion shares.

Disclosure: No position at the stock mentioned above. 

Print This Article

No comments: