Buanatata keeps selling Catur Sentosa

PT Buanatata Adisentosa, controlling shareholder of construction material retailer PT Catur Sentosa Adiprana (CSAP), sold another 100 million shares on Monday, June 22 to repay debts. 

Buanatata sold 100 million shares for Rp130/share. As a result, the company's ownership in CSAP---popular with Mitra 10 outlets, declined to 28.51%. Buanatata also sold 100 million shares in June 19, 147 million shares in June 18, and 153 million shares in June 17. 

So, in one week, the company's ownership declined 500 million shares. Total proceeds so far is Rp65 billion, all of them to service its debts. Buanatata controlled 45.78% shares of CSAP as of May 31, 2009. The second largest shareholder is PT Ekasentosa Jayasukses. Unfortunately, no information provided on the buyer of the 500 million shares, which represents voting rights of 17%.

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