Bapepam-LK to finalize the probe: Aqua targets to go private this year

Wednesday, 14/04/2010 00:00 WIB

Bapepam-LK to finalize the probe: Aqua targets to go private this year

JAKARTA: Management of PT Aqua Golden Mississippi Tbk targets to finalize the delisting scheme following the nine month suspension amidst the probe done by the capital market authority.

At the same time, Bapepam-LK ensures the investigation of the subsidiary firm of Danone could be accomplished this year so the delisting process to go private could be on the run again.

Corporate secretary of Aqua Yanie Setionegoro said the company has completed all documents required b Bapepam-LK so the process could be finalized and delisting could be processed.

"We have completed all the documents. We could not promise the prompt accomplishment of the process. But this year is expectedly to go private," she said to Bisnis last week.

As to her, there is no problem with the process as the shareholders have agreed the tender offer made by Aqua with a par value of IDR450,000 with 83.82 percent premium of the top price of IDR244,800.

Responding to Bapepam investigation, Yanie declined to comment and claimed to be uninformed. "Which investigation? There is no investigation on our finance report and pricing markup," she said.

Separately, Investigation bureau chief of Bapepam-LK Sarjito said the probe of Aqua is running and could be finalized this year but he declined to explain the impact of the probe to the Aqua go private process.

He also declined to explain the investigation matters on the mineral water producer here. "The most important is that the probe could be finalized this year. When finished, it is likely to be delisting," he said.

Bisnis records the delisting of Aqua emerged on June 5, 2009 so the bourse authority suspended their stock exchange. To pave the way of delisting scheme this year, the company has appointed PT Ba-hana Securities as consultant.

The stock price of AQUA was on the level of IDR134,218 with market capitalization valuing at IDR3.22 trillion. The closing yesterday was stagnant at the level of IDR244,800 as that of on April 6.

Following the acquisition by Danone, Aqua has tried twice to be delisting from the bourse, in December 2001 and September 2005. But the plan failed due to the opposition of the independent shareholders.

As one of the emitters with positive performance, Aqua is deemed well in incentive sharing to the shareholders. They shared IDR1,200 per share dividend as from 19.18 percent of 2008 net profits. The accumulative dividend value here stood at IDR82.34 billion.

Dealing with the Aqua tender offer, Real sector company finance assessment bureau chief of Bapepam-LK Anis Baridwan said the tender offer here is temporarily halted due to the ongoing investigation. "We wait for the probe completion," he said. (Bisnis/ags/iaa)