Nov 19, 2010

BSD expects to complete acquisitions

PT Bumi Serpong Damai (BSDE) expects its two corporate actions, shares acquisition and stocks inclusion valuing Rp4.36 trillion in two companies to be completely finalized by the end of this year.
Director of Bumi Serpong Damai, Hermawan Wijaya said that his company has earned an approval from its shareholders to acquire 85.3% shares or 1.58 billion shares of PT Duta Pertiwi (DUTI), valuing Rp3.47 trillion.
“We have already obtained the shareholders’ approval to acquire Duta Pertiwi as well as to hold stocks inclusion in two companies, namely PT Sinar Mas Wisesa and PT Sinar Mas Teladan,” he said to the press after today’s extraordinary shareholders meeting today.
The shares inclusion in Sinar Mas Wisesa valued Rp387.1 billion while the inclusion in Sinar Mas Teladan (SMT) amounted Rp500.9 billion.
By acquiring the new shares issued by SWM and SMT, Bumi Serpong Damai is now controlling 55% shares of SMW and 60% shares of SMT.
“Our company becomes the majority shareholder of those three companies following this corporate action,” he said.
Through such extraordinary shareholder meeting, Bumi Serpong Damai also obtained another approval to hold Rp4.99 trillion rights issue as it shall issue 6.56 billion new shares at Rp760 per share.
“We shall utilize around 87.4% of such fresh fund to acquire those three companies, while the remaining percentage or nearly 12.6% will be used to foster our working capital particularly in developing the second phase of BSD project,” he said.
By such corporate action, Bumi Serpong Damai expects its stock price to reach Rp1,200 per share by potential market capitalization at Rp21 trillion.
Head of Research at PT Recapital Securities Pardomuan Sihombing expressed his confidence over property sector although its stock price is still prone to the interest rate hike.
“Property is the most attractive investment instrument. At the moment, there are number of banks offering housing loan. However, we should bear in mind that such sector is quite prone to the interest rate hike,” he said.
This year, Bumi Serpong Damai eyes to book Rp1.4 trillion of sale figure as it also seeks to record Rp360 billion net income.

Disclosure: No position at the stock mentioned above.  

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