Sep 12, 2011

Shinta Utama disposes Bank Sinarmas

PT Shinta Utama, parent company of PT Bank Sinarmas Tbk, that is owned by Sinarmas Group, disposed 233.33 million shares at the bank on September 6-September 7, entitling the parent with Rp61.15 billion cash.
In an official statement submitted to Indonesia Stock Exchange (IDX) today, Bank Sinarmas's Directors Dani Lihardja and Hadi Christianto said Shinta Utama will use the proceed to settle its debt. The shares sale is arranged by PT Sinarmas Sekuritas.
Shinta Utama disposed 200.32 million shares in the bank at Rp305 per share or Rp61.09 billion, 10.500 shares at Rp310 or Rp3.25 billion.
The parent company sold 33 million shares in Bank Sinarmas at Rp305 per share or Rp10.06 billion. However, Bank Sinarmas, previously named Bank Shinta, has not disclosed buyers of the shares nor showed the remaining stake in the bank.
By end of June this year, Shinta Utama held 553.09 millio shares or 6.1% stake in Bank Sinarmas. The shares sale decreased the stake to 520.07 million shares.
Besides Shinta Utama, Bank Sinarmas is controlled by PT Sinar Mas Multiartha Tbk with 56.48% stake and public shareholders own 37.43%.

Disclosure: No position at the stock mentioned above.

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