Aug 23, 2011

Apexindo buyer urged to declare identity

Indonesian capital market regulator is tracking an ultimate identity of investors behind Tuscany Investment Group Ltd, the buyer that has entered a sale and purchase agreement with PT Mitra International Resources Tbk (MIRA) in take over of drilling company dubbed PT Apexindo Pratama Duta Tbk at consideration price of US$40 million.
Gonthor Ryantory, Head of Bureau for Financial Sector of Corporate Financial Assessment at Capital Market Supervisory Agency, said the regulator has instructed Tuscany Investment to meet the regulation of IX. H.I regarding to the take over of publicly listed companies. 
"Apexindo had been removed from trading board of Indonesia Stock Exchange. But, it remains a publicly listed company. Hence, the acquisition of the drilling company must comply with the regulation," he said as quoted by Bisnis Indonesia today.
Referring to the regulation, the buyer of the publicly listed companies must declare and provide proper and sufficient information about its identity of investor behind, address of the company, telephone number, business sector, the purpose of the control, and tender offer mechanism.
Mitra Resources and Tuscany entered into a sale and purchase agreement of 93.35% shareholding in Sabre System International which has a wholly owned subsidiary dubbed Sabre System International Offshore Pte Ltd.
Sabre Offshore is controlling Mira International Holding which also owns 98.14% stake in Apexindo Pratama. Sabre is recorded US$136.66 million and Mira International's debt is US$523.3 million. In total, a group of Mitra Resources recorded a US$659.86 million or Rp5.9 trillion.
Jakarta Stock Exchange has suspended stock trading of Mitra Resoures since June 30 at Rp160 per share as a result of disclaimer opinion on its financial statement for the last 2 consecutive years.

Disclosure: No position at the stock mentioned above.

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