Wednesday, March 03, 2010

Metrodata divests 30% Kepsonic

PT Metrodata Electronics Tbk has entered into SPA with Mr Jang Samki, an affiliated party of Woi Song Invalyue Co Ltd for the divestment of 30% issued shares in PT Kepsonic Indonesia, a plastic injection company, for US$1.2 million.
Kepsonic is a supplier of electronic components where Metrodata currently owns 30% shares. Kepsonic is in the process of capital raising for US$3.4 million. Metrodata's ownership would dilute to 17.85% if it's not participating in the process. "We will use the proceeds to strengthen our working capital and reduce our debts," Metrodata said in a statement this morning.
In late January 2010, Metrodata informed BT Frontline Pte Ltd about its plan to exercise the put option on all its shareholding in PT E Metrodata Com (EMC). According to the joint venture agreement, BT Frontline Pte Ltd is obliged to purchase Metrodata's shares in EMC, a JV with BT Frontline and Sun Microsystem Inc.
PT EMC was established in January 3rd, 2007. It is not clear how much Metrodata will get from the put option. According to Metrodata's financial report, the company owns 51% shares in EMC with total asset of Rp55.1 billion. Metrodata is also the owner of 31% shares in PT Sun Microsystems Indonesia with total asset of Rp252 billion.
Metrodata reported net sales revenue of Rp2.32 trillion in Jan-Sep 2009, increased slightly from Rp2.314 trillion in the same period of 2008. The company's net profit, meanwhile, dropped substantially from Rp23.6 billion to Rp7.8 billion in the period.
Metrodata is currently owned by Ockham Cay Holding Ltd (BVI), Hiskak Secakusuma, and public (78.71%).

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