Safire Capital, a Singapore-based company, aims to set a tender offer for the remaining shares of 63.455 stake in PT Bhuwanatala Indah Permai Tbk (BIPP) at Rp51 a share or Rp53.01 billion.
The tender offer will start from today to March 2 2012. Safire is the controlling shareholder in Bhuwanatala after the company made a purchase of 36.55% in December last year. As reported by Kontan today, Safire will boost Bhuwanatala to expand property business in Jakarta. The company also plans to increase land bank.
Disclosure: No position at the stock mentioned above.
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