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Monday, December 7, 2009

Spinnaker to divest Trimegah: Company to have leader succession

as published in Bisnis Indonesia daily newspaper
Monday, 07/12/2009 00:00 WIB
Spinnaker to divest Trimegah
Company to have leader succession

JAKARTA: Spinnaker Fund, one of the shareholders of PT Trimegah Securities Tbk, plans to divest the shares at the securities company follwoign the bearish market condition.

An informed executive said Spinnaker is offering Trimegah stocks to some investors including Northstar Pacific Partners, established by Patrick Waluyo.

In response to Spinnaker divestment scheme, President Director of Trimegah Avi Yasa Dwipayana admitted to have no idea about it. "It'd better to ask Spinnaer," he said last week.

Avi, however, admitted to seek professional candidate to boost up the position in Trimegah. He said this is done as part of the securities leadership succession and efforts to focus on private investment management.

"Basically I should be willing to hand over (leadership) to the professional to continue succession. In such a current economy condition, I think it becomes my own private investment opportunity. It'd better to consider my own private investment in such a bearish condition," he said.

As the founder stock holder, Avi is the President Director from Trimegah establishment in May 1990. He refuted to detail Trimegah stocks to possess. But he also owns some through Spinnaker.

Spinnaker through Demerara Limited is recorded to have 25.05 percent of Trimegah. The other shareholders include Deutsche Bank AG with 22.51 percent possession, United Investment Inc 19.91 percent, The Northern Trust Company S/A Skagen AV 9.58 percent, and Trimegah Securities (treasury) 5.49 percent, and public 17.45 percent.

Trimegah stock price, TRIM, was on the last trade November 20 at the level of IDR180. so, the sales of 25.-5 percent Trimegah stocks will be valued IDR164.80 billion. In July 2007, Sinnaker has acquired 25.02 percent Trimegah stocks from Pieter Tanuri, at IDR215 per share unit or totaling IDR197 billion.

Besides, Avi said Trimegah has sought candidate for a commissioner. Based on corporate management profile, Trimegah commissioner consists of Philip S. Purnama as the chief commissioner and representative of the Spinnaker, and Sumantri Slamet as the independent commissioner.

Avi refuted to detail the target of management or shareholders change in the company. "As soon as I got the candidate from the right market, we will do it right away."

Avi opposed the notion that losses in the capital market and management friction have triggered the divestment.

Trimegah performance is fairly healthy given that as the large scale securities it could avoid repurchase agreement (repo) of Bakrie Group which cut down the securities profit end of 2008. (Bisnis/pul/21)



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