Dec 3, 2010

Northstar confirms DOID shares transfer

Northstar Tambang Persada Pte Ltd, Singapore-based company, today has transferred 40% holding or 2.72 billion shares in PT Delta Dunia Makmur Tbk (DOID) to a British Virgin Island (BVI)-based company namely Northstar Tambang Persada Limited.
The shares transfer was done today via crossing at the stock market at Rp1,100 per share or Rp2.99 trillion by two local brokerages Semesta Indovest and Danareksa Sekuritas.
Delta Dunia Director Ariani Vidya Sofjan said based on two official letters obtained by the company from two different entities of Northstar Tambang Persada, it is mentioned that the shares transfer is intended for internal restructuring.
"Northstar Tambang Persada is still controlled by the same management and shareholders," she said citing the letters.
She said there is an obligation for a publicly listed company to report to stock market authorities if there is directly change more than 5% in share holders structure.
A source close to the deal said the shares transfer has indicated that Northstar aims to sell DOID shares to Texas Pacific Group and Government of Investment Corporation. 
NTP Pte Ltd is a non-operating Singapore-based company. So, when there is shares sale, tax of capital gain might be imposed. 
"It is no need to disclose to IDX and Bapepam-LK if there is change of substantial shareholders above NTP Limited," the source said.

Disclosure: No position at the stock mentioned above.

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