STOCK MARKET: Bapepam to probe Bumi shopping spree Ika Krismantari , The Jakarta Post | Tue, 01/13/2009 11:25 AM | Business
http://www.thejakartapost.com/news/2009/01/13/stock-market-bapepam-probe-bumi-shopping-spree.html The Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) will investigate the recent ‘shopping spree’ of acquisitions by PT Bumi Resources, the nation’s largest coal producer, as this is considered too important for the watchdog to neglect or leave aside. Bapepam chairman Fuad Rahmany said Monday that because the deals were substantial, which could clearly affect PT Bumi Resources company performance, then these moves should have had prior approval from Bapepam. “They have done the (material) transactions without our approval,” Fuad said. Bapepam decided to probe the transactions due to suspicions that the acquisitions might not have been made in the best interests of the shareholders, according to Fuad. Under the existing regulations, any acquisition deal valued at more than 10 percent of a company’s revenue or 20 percent of its equity, is considered to be a “material transaction”, which requires prior Bapepam clearance. Bumi, the crown-jewel of the politically wired Bakrie family, has spent a total of Rp 6.1 trillion (US$564 million) purchasing shares in three coal companies -- PT Pendopo Energi, PT Fajar Bumi Sakti and PT Dharma Henwa. The combined transaction value exceeds 10 percent of Bumi’s revenue and 20 percent of its equity value. As of September 2008, the company posted a revenue and equity of $2.43 billion and $1.45 billion, respectively. However, Bumi management has insisted the takeovers have not fallen into the category of “material transactions”, and pledged to make an official disclosure on the matter. Analysts have also been questioning the transactions because the prices are far above their book value and will put another burden on the company, whose parent PT Bakrie & Brothers is already heavily indebted. There are strong indications that two of the companies subject to acquisition may already have close links with Bakrie and Bumi. Pendopo Energi is 90 percent-owned by PT Bakrie Capital Indonesia, while the Fajar Bumi president director is a former analyst at Bumi and its coal producing subsidiaries. Nalinkant Rathod, the Bakrie & Brothers president director, is also listed as Fajar’s president commissioner. The Indonesia Stock Exchange (IDX) has already sent a letter to Bumi asking for clarification. “We cannot give any comment so far as we are still waiting for their responses,” IDX president director Erry Firmansysh said. Bumi shares on Monday dropped 9.5 percent to Rp 570 a share, its lowest in six years. Sent from my BlackBerry® powered by Sinyal Kuat INDOSAT ------------------------------------ Kunjungi situs http://www.info-saham.com untuk informasi seputar saham. SEMUA POSTING DI MILIS INI TANGGUNG JAWAB PENGIRIM EMAIL DAN BUKAN ADMIN MILIS. SEMUA POSTING DI MILIS INI BUKAN UNTUK MENGAJAK MEMBELI ATAU MENJUAL EFEK. SETIAP KEPUTUSAN INVESTASI MENJADI TANGGUNG JAWAB PIHAK PEMILIK INVESTASI ATAU PEMILIK MODAL. [email protected] untuk berhenti dari milis saham [email protected] untuk bergabung ke milis saham Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/saham/ <*> Your email settings: Individual Email | Traditional <*> To change settings online go to: http://groups.yahoo.com/group/saham/join (Yahoo! ID required) <*> To change settings via email: mailto:[email protected] mailto:[email protected] <*> To unsubscribe from this group, send an email to: [email protected] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
