Dec 7, 2010

Sumber Alfaria, Djoko Susanto is back!

Founder of retailer PT Sumber Alfaria Trijaya Tbk (AMRT) PT Sigmantara Alfindo, controlled by Indonesian retail businessman Djoko Susanto, eventually disclosed that the founder has bought back Sumber Alfaria shares from Indonesia's stellar Northstar Pacific Partners.
Djoko Susanto has made a purchase of 777.79 million shares or 22.66% holding in Sumber Alfaria at Rp1,525 per share from several entities, previously bought the shares from Northstar's arm Argo Volantis Pte Ltd in September.
Sigmantara Alfindo, in an official statement submitted to Indonesia Stock Exchange (IDX), bought 379.36 million shares or equals to 11.05% from Archipelago Invesment Pte Ltd, 247.79 million shares or 7.22% holding from Park Speed Limited, 86.13 million shares or 2.51% from Canopus Retail Inc, 37.94 million shares or 1.11% holding from CIMB Bank Limited Malaysia, and 26.58 million shares or 0.77% from Almurta International Group Lte. 
Following the transactions, PT Cakrawala Mulia Prima also disposed 153.74 million shares or 4.48% at Rp1,525 per share to BSI Bank Ltd, Singapore.
In the announcement, Sumber Alfaria Corporate Secretary Henry Komala said the company didn't have any information regarding to the shares sale of 179.84 million shares on December 1 2010
Northstar Pacific on September 7 announced a 28.52% holding or 978.74 million shares disposal in Sumber Alfaria to five foreign companies worth Rp669.46 billion.  
Argo Volantis Director Mayukh Mitter said the company disposed 28.52% stakes in Sumber Alfaria to Archipelago Investment Pte Ltd of 11.05% stakes, Canopus Retail Inc of 7.35% stakes, Park Speed Limited of 6.68%, Global City Holdings Ltd of 2.34%, and CIMB Bank Limited of 1.11% with total transaction of IDR669.46 billion or Rp684 per share.
The sale price is 55.87% lower than Sumber Alfaria's closing price on September 7 at IDR1,550 after rising 10.71%.
Argo Volantis, wholly owned subsidiary of Northstar Pacific, private equity founded by former Goldman Sachs banker Patrick Walujo, said the shares sale was conducted in regard to shareholding restructuring purposes.
Referring to June's financial statement of Sumber Alfaria, PT Sigmantara Alfindo holds 54% stakes, PT Cakrawala Mulia Prima owns 6.48%, and public shareholders hold 11%  

Disclosure: No position at the stock mentioned above.  

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