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Ciputra Group subsidiaries will merge in December


Senin, 14 November 2016 / 13:01 WIB
Ciputra Group subsidiaries will merge in December


Reporter: Elisabet Lisa Listiani Putri | Editor: Sanny Cicilia

JAKARTA. The management of PT Ciputra Development Tbk (CTRA) targets to have approval of the merger of its subsidiaries in the early of December 2016. Ciputra Group will propose three scenarios of the merger to the extraordinary general meeting of shareholders (RUPLSB). These scenarios include the conversions of the shares of PT Ciputra Property Tbk (CTRP) and PT Ciputra Surya Tbk (CTRS) to the shares of CTRA.

Two other scenarios are the merger between CTRA and CTRS, as well as the merger between CTRA and CTRP. “We are almost done with the merger. We expect to have be listed under CTRA on 2 January 2017,” told Managing Director of CTRA Harun Hajadi to KONTAN, Friday (11/11).

To ensure the plan runs smoothly, Ciputra Group continues to approach the public shareholders. Harun claimed that he had met at least 50 party shareholders with holdings below 5%.

They consist of institutional investors, such as mutual fund managers, as well as individual investors. Ciputra Group will ask for the approval from the extraordinary general meeting of shareholders, which will be held on 2 December 2016.

The Management of Ciputra hope that the extraordinary general meeting of shareholders will be in favor of the first option. If the extraordinary meeting reaches the 75% of quorum, the three issuers of Ciputra Group can merge soon. If the general meeting fails to reach the quorum, the second meeting will be held on 16 December 2016.

Harun explained that the three issuers need to merge to make the CTRA shares more liquid. Furthermore, Ciputra expects that CTRA’s market capitalization may grow so it makes the list of the top three largest developers in Indonesia. Harun also considered that CTRP and CTRS are too small, making it necessary for the companies to expand their sizes and make their shares more liquid.

If the first option is selected, a share of CTRS will be converted to 2.13 shares of CTRA, while a share of CTRP will be converted to 0.54 shares of CTRA. The conversion was estimated by an independent consultant.

After the merger is completed in 2017, the Ciputra Group will work on at least three new projects, namely Citraland Makassar, Cibubur and Palembang. They are also still waiting for the licenses to work on new projects in Manado and Jayapura.

Currently Ciputra owns 3,000 hectares of land bank and has managed various projects under the scheme of operation cooperation (KSO). Currently Ciputra has worked on at least 50 KSO projects.

Director of Investa Saran Mandiri Hans Kwee estimated that the merger will expand the size of Ciputra Group. According to Hans, the merger is a right strategy amid the recent sluggish property industry. “Efficiency is important when the business is running slower,” Hans said.

Analyst at Recapital Securities Kiswoyo Adi Joe said that the merger will make CTRA shares more liquid. “In 2017, CTRA shares will remain the same and will not vary much. The meger will increase the price at maximum of IDR2,000 per a share,” Kiswoyo predicted.

As of 11/11, the price of a share of CTRA was IDR1,560. Kiswoyo recommended ‘hold’ for the shares of Ciputra Group. He suggested the investors to wait for the detail plans of the merger of the property business group. (Translator: Muhammad Farid)

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