Tuesday, December 26, 2006

Jasa Marga divests CMNP, Tutut's comeback ?

State-owned toll road operator PT Jasa Marga is leaving another toll road operator once controlled by Soeharto family, PT Citra Marga Nusaphala (CMNP) Tbk. The company is divesting its 17.79% shares (355 million units). Who is the buyer?

Jasa Marga is the single largest shareholder at CMNP followed by UBS AG (7.2%), Remington Gold Ltd (5.23%), and Mr Ievan Daniar Sumampouw (5.15%).
Early this month, Jasa Marga also divested 10% its shares in PT Citra Margatama Surabaya (CMS) to CMNP. CMS is building Surabaya Eastern Ring Road (SERR), a 12.7 km toll road with 35-year concession and investment of Rp1.39 trillion. CMNP controls 95% shares in the toll road to be commercially operated mid-2007.
The question, who is behind the buyer of Jasa Marga shares at CMNP?
Early this year, some newspapers disclosed a plan of Mrs Siti Hardiyanti Rukmana, eldest daughter of former president Soeharto, to regain control up to 55% shares of CMNP through a company named Crown Capital Global (CCG) with UBS' full support.
Under the scenario, CCG would collect up to 38% shares of various investors and then Jasa Marga's 17.79%.
In a letter to UBS AG dated December 19, 2005, Almington Assets Ltd (owned by Tutut's family) had pledged 11% shares of PT Bimantara Citra. And according to the latest list of Bimantara shareholders, UBS/Almington owns 10.85% shares but is not listed as controlling shareholder of Bimantara anymore.
Total value of Jasa Marga shares in CMNP is around Rp518.3 billion, while total value of UBS/Almington shares at Bimantara is around Rp1 trillion.
BTW, who is Ievan Daniar Sumampouw?

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