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Thursday, April 29, 2010

Inovisi prepares new acquisition

Thursday, 29/04/2010 00:00 WIB

Inovisi prepares new acquisition

Irvin Avriano A.
Bisnis Indonesia

JAKARTA: PT Inovisi Infracom Tbk prepares plan to acquire information technology (IT) company this year to use the corporate net profits.

Corporate Secretary of Inovisi Benita Sofia said the acquisition is possible but the size of Code Wireless Ltd, the company is less than the company which has just got acquisition approval from the shareholders.

"We can acquire another IT company if we have fund or use our profit last year," she said after extraordinary general meeting of shareholders (EGMS) in Jakarta Tuesday night.

In the EGMS, Inovisi has just got approval from the shareholders to acquire Code Wireless and have rights issue worth IDR100 billion to collect fund.

"The shareholders agreed to our acquisition plan of Code Wireless and rights issue," said President Director of Inovisi Jerry Djajasaputra.

In the acquisition scheme of Singapore IT company, the firm will collect IDR100 billion funds from investors through rights issue and warrant issuance. The action will make the composition of shareholders who fail to execute their rights diluted by 53.34 percent.

The acquisition value of Code Wireless and two subsidiary firms, Abamon Technology Sdn Bhd and Smart Checker Ltd BVI, stands at US$10.45 million. The market price according to independent appraiser is S$10.7 million. Jerry said the price discount is relatively benefiting the company.

The stock value divested to the shareholders and standby buyers has the par value of IDR125. The value here is far lower th corporate stock price of IDR1,140 and thus the equity capitalization values at IDR1.04 trillion. (Bisnis/iaa)

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