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Tuesday, March 9, 2010

Bapepam-LK may give permissions of Matahari's EGM

Irvin Avriano A.

Bapepam-LK may give permissions of Matahari's EGM

JAKARTA: Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) may give permit for extraordinary general meeting of shareholders (EGM/RUPSLB) of PT Matahari Putra Prima Tbk (MPP), although loan approval of Bank Indonesia (BI) has not come out.

"We are awaiting approval from the bank loan, but the EGM mechanism remains running. If they [MPP] was asked for it, we will give it, "said Chairman of Bapepam-LK Fuad Ahmad Rahmany to Bisnis in the Bapepam-LK House Monday night.

Fuad agreement is intended to the BI permission debt transactions between PT Matahari Department Store Tbk (MDS) to PT CIMB Niaga Tbk and Standard Chartered Bank Indonesia worth IDR3.25 trillion.

It made asset transactions, receivables, and MDS shares as collateral. MDS shares that will be the collateral to be sold by MPP to PT Meadow Indonesia.

Some of the debt, IDR2.8 trillion will be lent to the Meadow Indonesia by MDS to buy stakes in MDS as part of MPP funds to be paid cash worth IDR5.3 trillion.

MDS stock sale between MPP and Meadow Indonesia worth Rp7 trillion, which backed by shares from Meadow Indonesia's parent company, Meadow Asian Company, and unsecured debt IDR1 trillion.

Fuad explained the mechanism of the EGM was not associated with the loans approval from Bank Indonesia to the two banks which under its control. However, he said, is not closed the deal may fail if the Bank Indonesia refuses loan after the approval of MPP's shareholders obtained.

In the last week, Fuad explained BI still have the authority to stop these loans as the banking authorities has the right of efforts to secure public funds entrusted to the banks.

"BI can [stop lending it] because it was public funds which will be given as a loan. The capital market authority can not do that because all transactions in the capital markets based on the approval of the shareholders, if approved, no problem."

MDS's stock price benchmark in the MPP and Meadow Indonesia transaction use a reference of IDR2.705 per share. The reference was to see the stock trading price of consumer goods issuers soared in December and January.

In fact, the company's stock position was slightly above the IDR200 level in November and the outstanding public ownership of the stock on the stock market just as much as 2% of all the its listed shares.

MDS's stock price soars has entered the examination phase of the Indonesia Stock Exchange and Bapepam-LK, which indicates the price was marked-up from a certain price.

Current capital market authority has received files from 28 securities that allegedly linked toviolations of trading MDS shares.

Securities Transaction and Institution Bureau Chief of Bapepam-LK Nurhaida said her bureau still reviewing the documents from the 28 securities. However, he added, he has not called those securities companies until today.

"Currently we are still discussing the document that has been given the bourse authority, but we can call them later if it necessary."



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