Sep 15, 2011

Akbar Indo tender offer set at Rp151

PT Citra Bumi Sentosa (CBS) has set a mandatory tender offer for 57 million shares or 51.82% stake in PT Akbar Indo Makmur Stimec Tbk (AIMS) at Rp151 per share or Rp8.61 billion.
The tender offer is set at a period of September 13 to October 12 2011, an official statement said to Indonesia Stock Exchange today.
The settlement date will be completed on October 17 2011. 
The tender offer is required by the regulation after CBS and previous controlling shareholder in Akbar Indo Makmur, dubbed PT Stimec International, entered shares sale and purchase agreement on July 19 2011.Under the agreement, CBS acquired 28.41% stake or 31.25 million shares in Akbar Indo Makmur on August 1 2011 at Rp70 a share.
CBS is a company focusing in coal mining and trading. It was founded in 2007. Hendra Firmansyah and Felix owns 50% stake each in CBS. In the first quarter of 2011, CBS booked a Rp5.5 million net loss.
Stimec International is owned by PT Berkat Amalia Intan Kemuliaan with 66.07%, Gunadi Dibjojuwono with 22.47%, and Cythia Minarni Dharma with 22.46%.

Disclosure: No position at the stock mentioned above.

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