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Wednesday, October 21, 2009

Bapepam-LK probed Aqua

Rabu, 21/10/2009 00:00 WIB
Bapepam-LK probed Aqua

EGMS plan suspension potentially hampers go private plan
JAKARTA: The Capital Market and Finance Institution Supervisory Agency (Bapepam-LK) probed PT Aqua Golden Mississippi Tbk due to the indication of violation committed by the corporate management.

An informed executive said there is shareholder reporting the alleged irregularity resorted by Aqua dealing with the tender offer price of IDR450,000 per share unit.

Based on the documents and evidences handed over by the shareholder, Bapepam-LK involved in further investigation. "As to them (shareholders), the tender offer price was higher (than the fair price). Bapepam-LK found some things need investigating," he said to Bisnis Monday.

Other Bisnis resource said the case now has been under the investigation of Bapepam investigation bureau as authorized by the Bapepam's real sector company finance assessment bureau.

When asked, Investigation Bureau Chief of Bapepam-LK Sarjito conceded the case investigation. But he declined to unveil the detail of the investigation conducted by the bureau. "We are in process," he said.

The probe will eventually lead the Aqua management to suspend the extraordinary general meeting of shareholders (EGMS) on go private and Aqua voluntarily delisting agenda which should have been scheduled on October 13.

"The management called for the suspension of EGMS upon regarding the existing internal matters," said a resource who declined to mention his name.

But Corporate Secretary Theresia L. Setionegoro refused to comment. "Just call me another day."

Aqua made another plan to become go private when 2001 and 2005 failed to get approval from public shareholders. In December 2005, public shareholders disapproved the management tender offer price proposal. The IDR100,000 tender offer price was deemed too low.

Now, to materialize the ambition, Aqua should obligatorily buy 743,383 public shares or 5.65 percent of the total shares issued by the company through tender offer.

On September 8, Aqua announced tender offer price of IDR450,000. The price reflected the premium of 83.82 percent from the top price at market in the past 90 days.

Aqua shares was traded at the last time on June 4, 2009 on the level of IDR244,800 following the jump rise of 20 percent or IDR40,800 from previous transaction.

Indonesia Stock Exchange suspended the Aqua stock trade since session I June 5 due to the go private scheme of the bottled mineral water producer here.

Johanes Soetikno, one of Aqua shareholders who is also member of the Indonesian Securities Investor Community Expert Boards (MISSI/Masyarakat Investor Sekuritas Seluruh Indonesia), considered the tender offer price was proper with doubled upper than the market price. "If it could be IDR500,000 it would be better. But the offer is good. I guess I would take the offer here," he said recently. (Bisnis/pul/21)



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