Senin, 30 Januari 2006 16:16:05
Siwani Trimitra Gains Approval for Merger
StockWatch (Jakarta) - PT Siwani Trimitra Tbk attained approval in the third EGM today (30/1) for conducting merger with PT Caraka Berkat Sarana (CBS) after failure in the two previous meetings.
Along with the approval for merger, the company may not be delisted from the Jakarta Stock Exchange (JSX) since the JX once said that it will delist the company if it fails to implement the merger plan.
Today''s EGM was attended by 61.73% of the total shareholders or above the quorum set up by the Capital Market Supervisory Board (Bapepam) which is around 50%. “All of the shareholders attending the meeting have approved the plan,” Siwani Trimitra''s director Kartadjaja Intan said after the EGM.
After the merger the company will change the business into a mining and granite mining contractor which so far has been the core business of CBS, even Siwani Trimitra will change the name into PT Mitra Investindo Tbk.
“From the commercial viewpoint, the merger has become effective as from today, but from the legal aspect Siwani has to settle the change of status with the Investment Coordinating Board (BKPM) for CBS is a company founded under the foreign investment scheme. It takes about one month to settle the matter,” Kartadjaja said.
On that occasion, CBS director Vincent Suryanto said the merger will give the company an additional financing alternative that is the capital market, and the merger will help maintain the company''s operation in the future.
CBS will move to general trade and services after the merger and for the first stage the company will focus on mining contractor services and granite marketing in Bukit Piatu, Bintan (the Island of Riau) which so far has been operated by CBS.
Going forward, the company will operate businesses in natural resources, construction and development of infrastructure and other related businesses.
Siwani Trimitra was formerly named PT Minsuco Internasional Finance but the name was changed to PT Minsuco Intifinance and the company began to operate in multifinance. But the core business has been again changed since April 2000 to financial consultation and investment development.
Under the merger plan, the company will issue new shares at nominal value of IDR25 per share, and under the plan of conversion of CBS shares into the company''s equity, every holder of one CBS share with nominal value of IDR100,000 will attain 4,000 new shares with nominal value IDR25 per share.
After the merger, former shareholders of CBS will hold 53.24% stake at Siwani Trimitra, and they are British Virgin Island Olive Crest Corporation 50.91% and Andreas Tjahjadi 2.33%.
Meanwhile, the stakes of the former shareholders at Siwani Trimitra namely Money Around International Ltd will be diluted to 9.35% from 20%, Surya Raya Guna Perkasa to 7.8% from 16.67% and the public to 29.61% from 63.33%. (sup/bud)