Apr 24, 2012

Garuda sale & Dahlan Iskan

A consortium led by Indonesian businessman led by Chairul Tanjung (Trans Corporation) last night has signed trade confirmation agreements of PT Garuda Indonesia Tbk (GIAA) shares with PT Bahana Securities and PT Danareksa Sekuritas at Rp620, a 17.33% discount from yesterday level.
Several sources familiar with the matter said both securities, that acted as Garuda IPO underwriters, may realize loss of Rp260 billion if they sell those shares at Rp620.
"There are no clarity and transparent process on those shares sale. Morgan Stanley, the sale arranger, has not come with several bidders," the sources said.
But, the price is too low. The State-Owned Minister Dahlan Iskan, which always love with controversial actions and darling of medias currently, did not respond the confirmation about the sale. Dahlan previously said he is committed to sell Garuda shares at 10% premium of the market price. The fact is the sale is far below the market price yesterday at Rp630 a share.
Is it personal campaign? 
Many medias have covered several controversial things of Dahlan Iskan. He was suddenly angry to PT Jasa Marga Tbk and opened the gate of the toll road. He is frenzy to create story about his style.
The funny thing is he is unwilling to respond confirmation on several cases such as Garuda shares sale and the replacement of PT Perusahaan Gas Negara Tbk's director.
As the minister and public officer, he should act equal to respond cases. When he shows his controversial actions, he is willing to comment. But, when he is confirmed about certain cases he pretends not aware. What did he do? Is it personal campaign or what?   
Realized losses
Several sources said Bahana manages 993.58 million shares or 4.39% of Garuda and Danareksa owns 998.61 million shares or 4.41%. Mandiri Sekuritas owns 474.77 million shares or 2.10%. In total, Bahana and Danareksa may realized losses of Rp260 billion when they agree to sell Garuda at Rp620. 
The question is who will be responsible when Corruption Eradication Commission (KPK) investigates the losses of Garuda IPO? Is he Dahlan Iskan? or Mustafa Abubakar? Any comments on this story?
Disclosure: No position at the stock mentioned above.

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