Tuesday, March 2, 2010

Divestment Matahari threaten to cancel ?

Bapepam-LK found out the financial engineering practice in the acquisition process of major shareholding of PT Matahari Department Store Tbk.
The authority has probed some irregularities in the divestment process of 90.76 percent shares of Matahari Department Store (MDS) by its holding firm, PT Matahari Putra Prima Tbk, to CVC Capital Partners.
It also questioned the fake transaction of MDS done by the IDX which was deemed the command of Bapepam-LK. Bapepam-lk will call for Matahari Putra and its subsidiary firm to suspend the extraordinary general meeting of shareholders (EGMS) on the acquisition.
T5he company are urged to have public expose to clarify the acquisition issues and their schemes of the acquisition proceeds allotment.
The capital market authority also call for cooperation with Bank Indonesia dealing with the MDS divestment transaction by Matahari Putra. The meeting with BI is scheduled this week.
The authority necessary due to the existence of loan provided by the consortium of PT CIMB Niaga Tbk and Standard Chartered Bank Indonesia for MDS worth IDR3.25 trillion.
MDS loan has 98 percent corporate stocks as collateral which will be acquired by Meadow Indonesia with BI rate plus 6 percent.

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