3 Investors targeting Trimegah stocks: Spinnaker to divest 26.51% shares

Tuesday, 09/02/2010 00:00 WIB

3 Investors targeting Trimegah stocks: Spinnaker to divest 26.51% shares

Irvin Avriano A.

for Bisnis Indonesia

JAKARTA: Three institutional investors aim at 26.51 percent shares of PT Trimegah Securities Tbk, which will be divested by the owner, Spinnaker Fund, through Demerara Limited.

An informed executive said three institutional investors here include OCBC Bank Singapura, Maybank Malaysia, and Northstar Pacific Partners established by investment banker Patrick Walujo.

"As from some investors candidates, three institutional investors here are deemed the most serious ones to acquire Trimegah stocks currently owned by Spinnaker," he said to Bisnis recently.

Trimegah stock price declined 6.49 percent or IDR10 into IDR144 yesterday so the market capitalization stood at IDR526.32 billion.

Assuming Trimegah stock price currently is at IDR144, Spinnaker is potentially to tap IDR139.53 billion proceeds from the buyer.

"I cannot give any comment but when there is information I will," said Director of Trimegah Securities Karman Pamurahardjo yesterday.

Based on report of the securities administration bureau, PT Sinartama Gunita, the shareholders of Trimegah up to December 31, 2009 included Demerara with 25.05 percent possession, Deutsche Bank AS 22.51 percent, United Investment Inc 19.91 percent, The Northern Trust Company S/A Skagen AV 9.58 percent, Trimegah Securities 5.49 percent, and public stockholders with less than 5 percent of the total of 17.45 percent.

One of problems blocking the divestment here is the stock portfolio of PT Sat Nusapersada Tbk. Trimegah is the underwriter of Sat Nusantara IPO.

"On the IPO, Trimegah absorbed Sat Nusapersada shares up to IDR200 billion. But after hitting the bourse, the stock price of Sat Nusantara dropped," he said.

On the IPO, Sat Nusapersada offered 531.39 million shares at a par value of IDR580. The stock price of PTSN yesterday rose 1.92 percent or IDR2 to the level of IDR106. it means the stock price fell down 81.72 percent as from the price listed in the IDX on November 7, 2008, at IDR580.

The other problems coming up is the buy of mutual fund of Millenium Restructured Funds II (MRF II) managed by PT Millenium Danatama Indonesia worth IDR254.83 billion. Trimegah finance statement said the local securities here bought MRF II mutual fund on December 24, 2008.

MRF II bought 390.93 million shares of Sat Nusapersada at a par value of IDR650 from Trimegah. Based on the discounted flow approache, the mutual fund value per September 30, 2009 stood at IDR216.80 billion.

The sales of Trimegah stocks grew stronger at market. The stock trade volume which is deemed not liquid has swollen up on January 28-29 transaction with 29.18 million and 42.75 million shares. The transaction volume of TRIM yesterday was only 723,500 stocks.

Transaction data of January 28-29 at Bloomberg shows CLSA Indonesia was recorded as the largest broker of Trimegah stock net sale with net transaction value worth IDR6.74 billion. Bhakti Securities followed with net sales value of IDR160.56 million, and UoB Kay Hian Securities IDR146.50 million.

Conversely, Mega Capital Indonesia is recorded as the largest broker of net buy with the transaction value of IDR1.97 billion.

Valbury Asia Securities followed with the net buy value at IDR1.53 billion and Indo Premier Securities at IDR445.45 million. Three local securities here were on the top rating as the buy broker of Trimegah stocks.

Early December 2009, Spinnaker Fund was mentioned to divest its ownership at securities company following the bearish market condition.

An informed executive said Spinnaker is offering Trimegah stocks to some investors including Northstar Pacific Partners, founded by Patrick Waluyo.

Responding to the issue on stock sales by Spinnaker rumor at market, President Director of Trimegah Avi Yasa Dwipayana claimed to have no idea. "Just ask about it to Spinnaker," he said December 2, 2009.

But, Avi admitted for seeking out professional candidates to replace his position as the top person in Trimegah. He said this was done as part of the leadership succession in the securities firm here and its effort to manage personal investment portfolio.

"Principally I should be willing to hand over (leadership) to the professional so as to continue the succession. In the current economy condition, I think it is my personal investment chance, let alone market is in bearish condition currently so it is better for my own personal investment," he said.

As the founding shareholder, Avi became the president director of Trimegah since May 1990. He refuted to detail the number of Trimegah share possession. (Bisnis/pul/wiw/iaa)