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Friday, February 18, 2011

Bumi Teknokkultura trading suspension revoked

BI/exchange
16/2/2011
Irvin Avriano A.
Bisnis Indonesia

Bumi Teknokkultura trading suspension revoked

JAKARTA: Indonesia Stock Exchange (IDX) revoke the shares suspension of PT Bumi Teknokultura Unggul Tbk today (Wednesday), following the company announcement on January 25th, about the value of the purchase of forest management company PT Bentara Arga Timber.

"The suspension of Bumi Teknokultura stock trading reopened in the regular market and cash market which began in the first session of trading on February 16th," said IDX Acting Transaction Control Division Head Irvan Susandy in today's announcement.

Suspension has been done by the stock exchange authorities since October 29th, 2010 due to increase in price up to level IDR700 on that day. Based on historical data of the company stock price, that position has reach by 84.24% from IDR380 position on October 19th, 2010, just 10 days before suspension.

After questioning by IDX, the issuer has finally announced a fair value price increase related to the acquisition plan of Bentara Arga that is set at IDR173.48 billion. The amount is above the previously initial value estimate proposed acquisition by the emitter which commandeered by Franky Tjokorosaputro, which only amounted to IDR35 bio.

The price was revealed in the independent valuation report of Office of Public Appraisal Service (KJPP) Raymond Yoranouw published. The report contains the results of the assessment 90% of Bentara Timber shares.

Bumi Teknokultura, whose shares coded BTEK, also intends to issue promissory notes to execute Bentara Timber acquisition which business-based in North Bengkulu. PN issuance was scheduled to be sold to strategic investors who are ready to become fund injector to the company.

Acquisition cost was originally estimated to approximately only IDR35 bio, with Bentara Timber status which still in an appeal process to the Supreme Court in recent lawsuits.

Bentara Timber case charges are entering woods which owned by other parties and the allegations illegal logging. Previously the company stated that the forestry companies acquisition will not alter the main business lines because it is still in the field of agribusiness.

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