Dec 23, 2010

Metrodata to dispose E Metrodata Com

The distribution, solution and consultation service provider, PT Metrodata Electronics Tbk (MTDL), will exercise a put option over its 51% holding in PT E Metrodata Com (EMC) at IDR10,200 per share or US$8.80 million.
In the information disclosure to the shareholders published today, it was stated that Metrodata will undertake the put option of EMC’s stakes to BT Frontline and BT Singapore. “The proceed of such stocks selling shall then be used to enhance the working capital and financial structure,” said Metrodata’s management in the information disclosure.
EMC happens to be Metrodata’s subsidiary focusing on information technology business. In the meantime, EMC partners with BT Frontline and Sun Microsystems Inc, US, to establish a joint venture company under PT Sun Microsystems Indonesia (SMI).
Regarding to the takeover of Sun Microsystems by Oracle USA Inc since April 2009, Metrodata perceived such takeover puts into affect to the company and SMI. The takeover process was completed in January 2010.
At the moment, Ockham Cay Holding Ltd, BVI dominates 12.32% shares of Metrodata, while Hiskak Secakusuma (President Commissioner) controls 10.83%, and the remaining 76.85% is owned by public.
Metrodata recorded Rp2.95 trillion net sell until the end of October 2010 as it also posted Rp172.4 billion operating income and Rp16.2 billion net income. 

Disclosure: No position at the stock mentioned above.

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