Jun 4, 2011

Siam Cement acquires KIAS, KOIN

Thai conglomerate company Siam Cement Pcl has initiated its acquisitions on Indonesia-based two ceramic maker and building material distributor PT Keramika Indonesia Asosiasi Tbk (KIAS) and PT Kokoh Inti Arebama Tbk (KOIN). 
In early stage of the acquisitions, Siam Cement on Friday spent Rp424.4 billion for 3.58 billion shares in Keramika Indonesia at Rp85 a share or Rp304.3 billion and 690 million shares in Kokoh Inti at Rp295 a share or Rp203.55 billion. In total, Siam Cement put Rp507.85 billion cash on both Indonesian companies.  
For Keramika Indonesia, Siam Cement has realized 42.49% of the acquisition, of which the Thai company initially has entered into a sale and purchase agreement with sellers of 7.88 billion shares or 93.49% shareholding. The agreement was signed on April 7 2011.
For Kokoh Arebama, Siam Cement's acquisition has reached 41.52% of the acquisition which was signed by Siam Cement and Kokoh Arebama. Under the agreement, SCG Distribution Company agreed to buy 70.35% shareholding or 690 million shares in Kokoh Arebama.
Victoria Sekuritas and CIMB Securities acted as the sell brokerage and buy brokerage for the shares crossing of Keramika Indonesia yesterday and Kokoh Arebama was done by CIMB Securities.  
Kokoh Arebama on Friday rose 6% to Rp265 per share and Keramika Indonesia was unchanged at Rp93 a share.
 
Disclosure: No position at the stock mentioned above.  

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