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Wednesday, June 9, 2010

Bapepam-LK allows Aqua to continue go-private process

Wednesday, 09/06/2010 00:00 WIB
Irvin Avriano A.

Bapepam-LK allows Aqua to continue go-private process

JAKARTA: The Capital Market and Finance Institution Supervisory Agency (Badan Pengawas Pasar Modal dan Lembaga Keuangan/Bapepam-LK) provides way to PT Aqua Golden Mississippi Tbk, the brand owner of packaged mineral water Aqua, to continue the go private process.

This is due to the absence of the reasons to stop the process in the finalized investigation.

"We have just got the recommendation from the Investigation Bureau last week based on the investigation results. The point is that there is no reason to ban Aqua (for go private process)," said Real Sector Company Finance Assessment Bureau Chief of Bapepam-LK Anis Baridwan to Bisnis yesterday.

The probe here concerned with the complaint from one of the shareholders suspecting the alleged manipulation of data and finance statement relating to the corporate plans to go private.

He said there has been earlier recommendation that the company could carry on the go private process.

The jurisdiction of Bapepam-LK is not to allow or ban the process of go private noting that the license mechanism is the rights of the shareholders. Bapepam_LK only processes the document received.

"Formerly we suspended their go private process due to the demand from the shareholder. But they could carry on the process after suspension. It does not mean we allow it. All depends on the GMS later."

Corporate Secretary of Aqua Yanie Setionegoro said the company has got notice from the capital market authority and still strict to the plan to carry on the go private process.

"We still intend to continue the process. But we still wait for official letter from Bapepam-LK.'

In the other side, PT Jasa Angkasa Semesta Tbk has finalized the stock relisting plan at the bourse by end of the year at the latest.

"We hope the company could have immediate relisting in the Indonesia Stock Exchange (IDX). Now we still prepare some issues dealing with the business plan," said Ardjuna Sitorus, Chief Cor-porate Affairs Officer of Jasa Angkasa Se-mesta yesterday.

The company targets to tap IDR112.75 billion net profit this year or grow 10 v as from IDR102.5 billion net profit in 2009.

Jasa Angkasa becomes public company at the Surabaya Stock Exchange July 15, 2001. IDX delisted Jasa Angkasa and six other emitters December 1, 2009.

IDX corporate assessment director Eddy Sugito said until yesterday the bourse has not received any proposal for stock listing officially form Jasa Angkasa.

Eddy said the delisting of Jasa Angkasa was due to the failure to reach 10 percent stock distribution to public.

"We will process it if the proposal has been submitted to the bourse. Of course, we should also see whether the company has met the requirement of stock distribution to public and we will also study the finance condition and business sustainability," he said. (Bisnis/iaa/hwi/rar)

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