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Tuesday, April 20, 2010

Matahari investigation near final: Customers of 15 securities summoned

Tuesday, 20/04/2010 00:00 WIB

Irvin Avriano A.
Bisnis Indonesia

Matahari investigation near final: Customers of 15 securities summoned

JAKARTA: The investigation on the alleged fake stock exchange of PT Matahari Department Store Tbk (MDS) to PT Meadow Indonesia has neared to final phase.

The Capital Market and Finance Institution Supervisory Agency (Bapepam-LK) said the investigation was done to 15 securities companies and that was done and led to 'some conclusions closing to an end."

Securities company and transaction bureau chief of Bapepam-LK Nurhaida said the bourse authority will summon 15 securities companies relating to the stock exchange of the retail company of the Lippo Group members here.

"There will be summon. Our investigation now gets more focus but not on the 15 securities but rater on the customers," she said to Bisnis yesterday without explaining the result here.

Nurhaida said the probe deals with the alleged fake stock exchange which boosts up Matahari stock price November- December 2009 prior to the announcement of emitter divestment action by the holding firm.

The divestment of 98 percent shares of Matahari was executed by the holding company, PT Matahari Putra Prima Tbk, to PT Meadow Indonesia. Meadow Indonesia is owned by the Citi Venture Capital Partners Ltd (CVC). Total of the divestment transaction value stood at IDR7.16 trillion.

Transaction of leverage buyout-an acquisition by loan financing-of Matahari acquisition happened after the Matahari stock, LPPF increased on October 28, 2009 when the price was IDR290 so as to hit IDR3,000 on January 29, 2010.

In the transaction, owner of the major shareholder of the new Matahari, CVC through Meadow Indonesia should obligatorily have tender offer to other MDS stock holders as stipulated by the regulation No.IX.F.1 on tender offer.

With the tender offer process, Service sector finance company assessment bureau chief Noor Rahman said the company has proven the implementation scheme.

He added that based on the regulation the company must also sell back the bought stocks from other investors from the tender offer within two years at the longest. He called the owner of Matahari to expand pubic investors possession so as to have ore liquid stocks.

President Director of Matahari Benjamin Mailool said the public shares possession rise would be better if it is the consideration taken by the new Matahari owner.. (Bisnis/iaa)



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