Oct 3, 2010

Bumi Serpong takes over Duta Pertiwi

Publicly listed property developer PT Bumi Serpong Damai Tbk (BSDE) on Friday disclosed a 85.31% stakes or 1.58 billion shares take over deal in another sister property company PT Duta Pertiwi Tbk (DUTI) from two arms of Sinarmas Group PT Paraga Artamida and PT Ekacentra Usahamaju.
In a public announcement submitted to Indonesia Stock Exchange, Bumi Serpong Director Hermawan Wijaya said three companies are controlled by the same ultimate shareholder, Sinarmas Group, which there were no change in controlling shareholder.  
"If there is creditor of Duta Pertama who doesn't want to give approval on the shares sale, they can write a letter to us," he said.   
Paraga Artamida controlled 50% stake in Bumi Serpong and Ekacentra Usahamaju owned 35% stake in Bumi Serpong.
Following the take over deal, Hermawan said Bumi Serpong also put more capital into affiliated firms PT Sinar Mas Teladan and PT Sinar Mas Wisesa. Bumi Serpong exercised some exercised of 60% issued shares by Sinar Mas Taladan. Sinar Mas Wisesa also issued 55% shares of the total capital paid in. Bumi Serpong aims to spend Rp1 trillion capital expenditure this year.

Disclosure: No position at the stock mentioned above.  

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