Sumitomo acquired 71.73% Summitplast

Sumitomo Shoji Chemical acquired 71.73% shares of listed plastic producer PT Summitplast Tbk from various shareholders.

Invesment Team Manager Kohei Takemoto in a letter to Jakarta Stock Exchange wrote that Sumitomo acquired shares owned by PT Dynaplast Tbk (the founder of Summitplast), PT Panca Teladan Interbenua and other shareholders.

Sumitomo has 12.12% shares of Summitplast prior to the acquisition. Other shareholders are PT Panca Teladan 28.52%, Dynaplast 21.38%, Sumitomo Corporation (Singapore) Pte Ltd 9.27%, Tensho Electric Industries 3.56%, PT Ciptadana Sekuritas 7.81%, and public 17.34%.

The acquisition is part of Sumitomo's effort to boost its presence in Indonesian plastic industry. Sumitomo would follow up the acquisition with tender offer of public-listed shares.

READ MORE!!!