Prasidha held quasi-reorganization IDR568 bio

BI/market

23/9/2011

Irvin Avriano A.

Bisnis Indonesia

Prasidha held quasi-reorganization IDR568 bio

JAKARTA: After merge with its two subsidiaries, coffee producer-seller company PT Prasidha Aneka Niaga Tbk intend to held quasi-reorganization to eliminate the IDR568.13 billion deficit balance.

The plan is showed in the company's information disclosure in newspaper today. In the data, company's management commandeered by Jeffry Sanusi Soedargo conclude four main reason which targeted through the corporate action.

There are new fresh start without the deficit, equity structure and its balanced sheet could be valued a fair value, can let the entity provide dividends, also can improving the company investment attractiveness.

The PSDN shares-coded company intend to held extraordinary general meeting of shareholders (EGM/RUPSLB) to ask permission from its shareholders on October 26th.

Previously this year, the company sold one of its subsidiary namely PT Aneka Widya Graha, a real estate company worth IDR94.07 mio. After that, Prasidha merge two of its susidiaries, PT Aneka Sumber Kencana and PT Lampung Sumber Kencana Pelleting Factory.

Prasidha's shareholders consist of Innovest Offshore Ventures Ltd 46.93%, Igianto Joe 18.92%, PT Aneka Bumi Prasidha 9.48%, PT Aneka Agroprasidha 7.91%, Lion Best Holding Limited 7.77% and public 8.99%.

Prasidha Group established back in 1984 by Oesman Soedargo, Mansjur Tandiono, Haji Mahmud Uding, and I Gede Subratha.

Beside Aneka Bumi Kencana, Aneka Sumber Kencana, and Lampung Sumber Kencana, the company owns other subsidiaries. The companies are Bengkulu-based plantation manager PT Indoarabica Mangkuraja, Sidoarjo-based factory PT Aneka Coffee Industry, and Singaraja-based PT Tirtha Harapan Bali.

The company sold Prima-branded coffee which served in three different form: spray dried coffee, agglomerated coffee, and 3 in 1 coffee mix.

The company's shares price stagnant in IDR285 level. The price formed their market capitalization IDR410.4 bio and price to earnings ratio (PER) as much as 15.99 times.

The shares have been suspended by the Indonesia Stock Exchange (IDX/Bursa Efek Indonesia), stock exchange authority, since July 8th until September 12th, caused by the price appreciation around the company's merger corporate action.