Thursday, November 15, 2007; Posted: 09:24 PM
JAKARTA, Nov 16, 2007 (Thomson Financial via COMTEX) -- Pinnacle Co Ltd, a company based in the Seychelles, said Friday it is making a tender offer for 100 percent of Indonesian pulp producer PT Toba Pulp Lestari for 1.15 trillion rupiah.
Pinnacle said in a published statement that it is offering to buy all 1.33 billion shares listed on the Surabaya Stock Exchange for 870 rupiah each.
The rule is that the tender offer price should be higher than the highest market price over the past 90 days. However, Pinnacle said that because Toba Pulp shares have not been been traded in the past 90 days, it basing its offer price on the book value on June 30.
The offer begins today and will last until Dec 17. Settlement is slated for Dec 27.
PT Indo Premier Securities is assigned to manage the offer.
Mauritius-based Steam Capital Ltd owns 31.83 percent of Toba Pulp, Virgin Islands-based Steam Capital Ltd 11.85 percent, Gold Forrest Holdings Ltd 16.54 percent, Estoril Management Holdings Ltd 9.27 percent and the investing public the rest.
Toba Pulp, formerly known as PT Inti Indorayon Utama, runs a pulp plant in Porsea in the Indonesian province of North Sumatra.
In 1998 the government closed the plant following violent confrontations with residents and environmentalists over alleged pollution of the local water supply and deforestation, but the plant reopened in 2003.
(1 US dollar = 9,263 rupiah)
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