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Thursday, August 25, 2011

Myoh shares movement become unusual

BI/market
25/8/2011
Irvin Avriano A.
Bisnis Indonesia

Myoh shares movement become unusual

JAKARTA: PT Myoh Technology Tbk shares' movement been categorized as unusual market activity (UMA) by the Indonesia Stock Exchange (IDX/Bursa Efek Indonesia) because their strengthening movement judged not fair.

In an official announcement today, IDX President Director Ito Warsito said the bourse authority is look after the company's shares and its trading activities on the MYOH coded-shares.

"Because of it, investors are expected to pay attention to the company's response of information request by the bourse authority," said Ito in an announcement letter that been signed by himself, today.

He also appealed investors to watch every performance announced and to its any disclosure and also reassess every company's corporate action plan, regarded to the have to approved by its shareholders in a extraordinary general meeting of shareholders (EGM).

Ito also said investors also have to reconsider any possibilities that can be arise before taking any investment decision.

The shares price of the company which commandeered by Dedet Yandrinal appreciated again today, continuing the three last days appreciation, after the company announced will changed their primary business into mining and coal mining.

The information technology developer for hotels and restaurant industry raised IDR4 or 4.44% to IDR94 level this afternoon. In the last three days, their shares already strengthened 88% from IDR50 on Monday Agustus 22nd.

Previously, the company's have not move significantly since Desember 13th 2007 until this Tuesday, which shows the Malang-based company's shares is very illiquid.

The share's last position formed its market cap IDR158.01 billion, with price to earnings ratio (PER) 430.8 times.

On Monday's newspaper, the company announced will changed its core business by acquired PT Simss Jaya Kaltim, a mining company that owned by South Korea-based company named Samtan Co Ltd.

Samtan is a holding company to PT Kideco Jaya Agung, a mining contractor company, with 51% ownership together with PT Indika Energy Tbk which have portionof 49%. Simms also a subcontractor for Kideco.

To realized their plan, Myoh also intend to held a reverse stock action to rise up the shares value, and will follow by rights issue to funding the acquisition.

But the company haven't disclose any value for the transaction of such corporate action or the value of Simms. Simms itself recorded capital value US$2 million back in the 2003, a small number.

There most possible action that will held by the company is they will injected by high number capital from a standby buyer, which possibly Samtan that already have stakes on Simms and will buy numbers of Myoh shares these days before the next any announcement, that will formed a backdoor listing scheme.

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