Jun 12, 2011

Asiariver buys Duta Graha Rp125/share

Singapore-listed Asiariver Advisors Pte Ltd has completed a 15% acquidition of contruction company PT Duta Graha Tbk (DGIK) at Rp125 a share from its controlling shareholder PT Lokasindo Aditama.
Asiariver's consortium believes that the infrastructure sector in Indonesia is still promising. The take over closing was done on last Friday through shares crossing transaction of 831.15 million shares or 15% of its total equity worth Rp104 billion and facilitated by local brokerage PT Buana Capital. The acquisition price is 3.3% higher than Friday's closing level at Rp121 a share.
Asiariver Director Bimen Fang Qinglin confirmed that the acquisition was completed. "Asiariver expects the acquisition will create additional value added and synergies with Duta Graha," said Asiariver in a press statement.
Asiariver sees an opportunity to boost stake in Duta Graha as well. Prior to the acquisition, Lokasindo owned 1.23 billion shares or 22.35% stake in Duta Graha. Post the transaction, Lokasindo owns the remaining of 7.35% stake.
PT Lintas Kebayoran Kota controls 1.83 billion shares or 33.03%, Rezeki Segitiga Mas holds 500 million shares or 9,02%, and the remaining is owned by public holders.
Disclosure: No position at the stock mentioned above.

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