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Monday, May 16, 2011

Anta Tour delisting, tender offer set at IDR300

16/5/2011
Irvin Avriano A.

Anta Tour delisting, tender offer set at IDR300

JAKARTA: PT Anta Express Tour & Travel Service Tbk, a member of CT Corpora Group company, will delist its shares on Indonesia Stock Exchange (IDX) and also go private.

The intention opened on their official announcement today in the newspaper. The plan will make PT Trans Lifestyle, Anta Tour majority shareholder, should held a tender offer to the existing minority shareholders with price IDR300 level per share.

The problem is, the company that led by Raymond Rianto Setokusumo declared that their public shareholders consist of four Indonesian legal entity 1.09% with 6.15 million shares sheet, 100 Indonesian individual 20.56% with 17.2 mio sheet, 2 foreign legal entity 0.009% with 55,000 sheet, and 1 foreign individual 0.0003% with 2,000 sheet. The numbers formed 123.41 mio shares.

But the company that headquartered in Hayam Wuruk, Jakarta, announced that their majority shareholder will held tender offer to 123.5 mio shares of public shareholders, equal to IDR37.05 bio fund needs.

Based on the counting, the tender offer target also will include Anta Tour affiliated shareholder as a fellow member of CT Corpora Group companies, PT Asuransi Mega Life, that can not recognized as public shareholder. Anta Tour, that also carry brand Vaya Tour from its subsidiary, acquired by Trans Lifestyle on 2007 from PT Griyainsani Cakrasadaya.

The company that formed in 1972 and listed in the capital market since 2002 is intend to held an extraordinary general meeting of shareholders (EGMs) to ask approval from its shareholders to delisting it shares and go private on June 16th. The EGMs must attend by at least 75% of independent shareholders and get approval from at least 50% from independent shareholder in attendant.

Anta Tour use reason for the delisting plan related with minor shares transaction held on the stock market. The company recorded that there is only 32 times of buy-sell event on the market since January, divided into 4 times on January, 11 times on February, 2 times on March, and 15 times on April. The combined transaction value are IDR75.23 mio.

But the consideration also can be pre-judged caused by what their majority shareholder did last year, increasing portion of ownership.

Previously, Trans Lifestyle increased its shareholder portion on July last year from previously only 55% to 78.33% that still hold on the same portion until today. The transaction that done at IDR200 level per sheet was helped by PT Kresna Graha Sekurindo Tbk, a listed securities company commandeered by Michael Steven.

Anta Tour business includes ticket sales, tours and hotel vouchers, travel document and the holding of meetings, incentives, conferences, and exhibitions (MICE), either local or international needs.

The company value that funded with name PT China Travel Service also been assess by public appraisal revices (Kantor Jasa Penilai Publik) Iwan Bachron dan Rekan that announce that the fair value price of the company's public shares is IDR26.92 bio, or equivalent with IDR218.02 per sheet.

Even the fair value price set at that level, in the stock market the company shares which coded ANTA already reach IDR255 level several times in April 6th, and through April 14th to April 20th. This morning, the shares pegged and stagnant at IDR250 level and formed market capitalization on IDR142.5 bio level and price to earnings ratio (PER) 9.37 times.

Anta Tour have five branches in Cikarang, Bandung, Surabaya, Denpasar, and Makasar. The tourism services listed company already have three subsidiary namely PT Vayatour, PT Vaya Micetama Servindo, and PT Vaya Transport.

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