Nov 27, 2010

Rajawali aims to enlarge stakes in META

Rajawali Group intends to enlarge shares ownership in toll road operator PT Nusantara Infrastructure Tbk (META) after it purchased 23.6% holding or 3.2 billion shares at Rp448 billion or Rp140 per share.
In the market on Friday, Credit Suisse bought 6.5 billion META shares at Rp140 per share. So far, there is no information which party purchased the remaining stake of 24.4% from Infrastructure Growth Fund.
Previously, Infrastructure Growth Fund held 52.25% stake in META, while Bosowa Trading owns 17.48% stake.
"The stake available is 23.6%. We aim to enlarge holding in META if the other shareholders want to sell the stakes," said Rajawali Managing Director Darjoto Setiawan said.
Nusantara Infrastructure posted Rp132.75 billion revenue and Rp22.25 billion net loss as of September 2010. Operating income reached Rp49.80 billion and book value per share was Rp73.35. With annualized BV per share this year of Rp97.8, the acquisition price reflects 1.43x, which is so cheap.
Toll road business contributed Rp146.73 billion revenue to Nusantara Infrastructure of consolidated revenue of Rp190.50 billion. Nusantara Infrastructure controls operator PT Bintaro Serpong Damai for Jakarta-Serpong toll road.
Rajawali currently manages several businesses in infrastructure, transportation, plantation, mining, retail, and hotel.
In the infrastructure business, Rajawali owns PT Transpacific Railway Infrastructure and PT Nusantara Infrastructure Tbk. Rajawali also controls PT Express Trasindo Utama in the taxi business. In the plantation sector, Rajawali controls PT Tandan Sawita Papua and PT Jaya Mandiri Sukses Group.
Rajawali Group manages holdings in PT International Prima Coal and Archipelago Resources Plc. Rajawali also controls PT Eatertainment International Tbk and PT Metropolitan Ritelmart. In the hotel sector, Rajawali manages Sheraton Bali, Lampung, Bandung, Lombok, Langkawi, Kuala Lumpur, Saint Regis Bali, and Novotel Lombok.

Disclosure: No position at the stock mentioned above. 

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