Saturday, February 18, 2006

Salim denies acquisition plan on Bimantara & CMNP

Salim Group strongly denied reports that it has intention to acquire two listed companies PT Bimantara Citra Tbk and PT Citra Marga Nusaphala (CMNP) Tbk.
In a letter to Jakarta Stock Exchange (JSX) authority today, Philip Phiong, executive of Salim Group, stated the group neither has the plan to do such acquisition.
Today Investor Daily stunned the market with its report that Salim Group will acquire Bimantara and CMNP through a company named Global Crown Capital with the financial support from UBS. The newspaper quoted Bimantara executive who confirmed the plan. JSX quickly suspended the trading of both Bimantara and CMNP shares in the early hours to prevent speculation and manipulation.
Bimantara wrote to JSX yesterday afternoon that it heard the information about certain parties which plan to acquire the company but it had not received formal documentation or reliable information.
But Bimantara notified JSX in the letter that recently it recieved a proposal from one of its shareholders (Almington Assets Limited) which represents 5% shares of the company that it want to pledge the held shares to UBS AG Singapore Branch.
Meanwhile CMNP simply said to JSX that it hadn't receive any formal proposal from certain parties which plan to acquire the company.

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