IDX summoned Bumi Teknokultura
JAKARTA: Indonesia Stock Exchange (IDX/Bursa Efek Indonesia) calls PT Bumi Teknokultura Unggul Tbk management, related with the company's plan to buy a forestry company in North Bengkulu.
The target company is PT Bentara Agra Timber, with transaction worth IDR35 billion.
IDX Company Assessment Director Eddy Sugito said the invitation was intended to identify company's business plan that has not been clear.
"There is something that has not been clear with their business plan, but we do not know what, we just want to clear their plans that already presented in their information disclosure," said Eddy to the press yesterday.
He explained the meeting was held a few weeks ago in response to those plans that have been submitted to the bourse authority. He also describes the meeting between IDX with company's management are not attended by Eddy himself.
The meeting discuss the company's plan, he said, and assure the questions that been asked must be associated with the source of corporate funding. It is related with the company's operational earnings that limited.
In the disclosure of information to IDX, related with the acquisition plan, the issuer does not plan to change the main line of business because the forestry sector is considered not to deviate much from companies business engaged, which is in agricultural engineering.
The company also explain at this time Bentara Timber is facing a case that has reached the level of appeal.
"Currently the company is doing a survey to the location of Bentara, which will then be followed up with the inspection process from a legal perspective, in terms of financial (audit), and including a feasibility study to Bentara," said Bumi Teknokultura President Director Franky Tjokorosaputro in that information disclosure.
He also said that the acquisition funding sources is a strategic investor, that assured as external funding.
Franky also describes the purchase value of IDR35 billion is the initial price, which can be change and be determined later by referring to the examination from a legal perspective. In addition, the company is also looking at the financial terms of the inspection (auditing) and feasibility studies that will be made to the Bentara.
The company also set a target date for completion of the Bentara acquisition to May 20th next year. Franky also said the company has not been able to provide information of the strategic investors is related to the privacy statement of the company with those investors.
IDX Company Assessment Director Eddy Sugito said the invitation was intended to identify company's business plan that has not been clear.
"There is something that has not been clear with their business plan, but we do not know what, we just want to clear their plans that already presented in their information disclosure," said Eddy to the press yesterday.
He explained the meeting was held a few weeks ago in response to those plans that have been submitted to the bourse authority. He also describes the meeting between IDX with company's management are not attended by Eddy himself.
The meeting discuss the company's plan, he said, and assure the questions that been asked must be associated with the source of corporate funding. It is related with the company's operational earnings that limited.
In the disclosure of information to IDX, related with the acquisition plan, the issuer does not plan to change the main line of business because the forestry sector is considered not to deviate much from companies business engaged, which is in agricultural engineering.
The company also explain at this time Bentara Timber is facing a case that has reached the level of appeal.
"Currently the company is doing a survey to the location of Bentara, which will then be followed up with the inspection process from a legal perspective, in terms of financial (audit), and including a feasibility study to Bentara," said Bumi Teknokultura President Director Franky Tjokorosaputro in that information disclosure.
He also said that the acquisition funding sources is a strategic investor, that assured as external funding.
Franky also describes the purchase value of IDR35 billion is the initial price, which can be change and be determined later by referring to the examination from a legal perspective. In addition, the company is also looking at the financial terms of the inspection (auditing) and feasibility studies that will be made to the Bentara.
The company also set a target date for completion of the Bentara acquisition to May 20th next year. Franky also said the company has not been able to provide information of the strategic investors is related to the privacy statement of the company with those investors.
When contacted yesterday for confirmation, Franky's telephone office in Kuningan is not answered, and he was not at his office in Tangerang. Another Bumi Teknokultura Director, Naning Wahyuningsih, also can not contacted to her cellphone yesterday.
Bumi Teknokultura stock prices that coded BTEK was still at level IDR700 yesterday (4/11/2010) because suspended since earlier this week because of the increased stock price 79.49% or IDR310 from IDR390 level to level IDR700 in 9 days. The high value trading occurred since October 20th to October 29th.
The stock issuer has just announced quarterly financial statements last week. The report showed net income decreased by 17.58% from IDR4 billion to IDR3.3 billion, although the company booked revenue increased by 239.82%.
Increased revenues, which were recorded from the business of agricultural biotechnology company amounted to IDR13.3 billion from IDR5.54 billion in the 3rd quarter of 2009 to IDR18.85 billion in the 3rd quarter of 2010.
However, cost of goods sold is always greater than the sales recorded, respectively IDR8.32 billion in the 3rd quarter of 2009 and amounted to IDR19.81 billion in the 3rd quarter of 2010. The amount of cost of goods makes their gross profit and company's operating income slumped after reduced by its operating expenses.
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