Founder of Alfamart chain outlet PT Sigmantara Alfindo, owned by businessman Djoko Susanto might raise Rp926.56 billion-Rp1.04 trillion from 343.17 million shares sale of PT Sumber Alfaria Trijaya Tbk (AMRT).
Acting as a book runner, UBS Securities starting from last night has offered the shares at the range of Rp2,700-Rp3,025 per share, representing 0.8%-10% discount from yesterday closing level Rp3,000.
"The price and allocation are expected to be final last night. Settlement is scheduled on January 24 2011," a source, as quoted by Bisnis Indonesia daily today, said.
An analyst working at a local brokerage said referring to the price range, Sigmantara Alfindo has offered Sumber Alfaria at 45.61x-51.09x of its price to earning ratio (P/E), which is too expensive.
Sigmantara Alfindo disposed Sumber Alfaria after it bought 777.79 million shares or 22.66% at Rp1,525 from several sellers.
Disclosure: No position at the stock mentioned above.
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