Dec 7, 2010

Bhakti puts Citra Marga for sale

Investment holding company PT Bhakti Investama Tbk (BHIT), run by Indonesian tycoon Hary Tenoesoedibjo, aims to dispose 15.84% holding in toll road operator PT Citra Marga Nusaphala Persada Tbk (CMNP).
"Talks with potential investors are underway. If we get the right price, we will put Citra Marga for sale," said Darma Putra, Bhakti Investama President Director, as quoted by a local newspaper on Monday.
However, he declined to explain and identify several potential bidders lured to buy the Citra Marga shares. Previously, Hary Tenoe revealed that Bhakti is no intention to put Citra Marga for sale, despite his 'battle' with another shareholder, Siti Hardiyanti Rukmana known as Mbak Tutut, daughter of former President Soeharto, regarding to shares holding in television company TPI (now changed to MNC TV). In the management of Citra Marga, Hary Tenoe is unable to put his men. Harry Tanoe is unreachable for further comment relation to the proposed shares sale.
The newspaper rumored several names as potential bidders for Citra Marga such as Chairul Tanjung, the owner of multimedia and TV group dubbed Trans Corp and one of Citra Marga's shareholders Robby Sumampow. Robby is relatively closed to Mbak Tutut. "Chairul Tanjung is rumored to hold due diligence on Citra Marga."
PT Astratel Nusantara is also seeking toll road company as acquisition target. "We're still looking toll road company," said Irawan Santoso, Astratel Commissioner.
He admitted that Astratel, wholly owned subsidiary of PT Astra International Tbk (ASII), was beaten by Rajawali Group during the acquisition of majority holding in toll road operator PT Nusantara Infrastructure Tbk (META), which was acquired by PT Rajawali Corpora, controlled by Indonesian tycoon Peter Sondakh, via PT Hijau Makmur Sejahtera.
Disclosure: No position at the stock mentioned above.

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