Aqua's Tender Offer Price at Rp 500,000

VIVAnews - The stock market authorities have received a proposal on the tender offer of PT Aqua Golden Mississipi Tbk (AQUA)

"They can proceed with an ordinary general meeting of shareholders," said Chief of Real Sector Company Assessment Bureau at the Capital Market and Financial Institution Supervisory Agency, Anis Baridwan, today.

The tender offer is set at Rp 500,000 per share, or totalling to Rp 371.79 billion for the remaining shares owned by the public. The company offers a buyback to holders of 743.38 million shares which equals 5.65 percent of public shares.

The tender price offer is 104.25 percent premium of the highest prices of Aqua shares in the market 90 days prior to the privatization announcement on August 20.

Meanwhile, based on estimation from an independent assessment company, the normal value of Aqua shares is only Rp 222,460 per share.

Last year, Aqua set the tender offer price at Rp 450,000 per unit. The company's offered price is higher than it is attached in the report made by the independent assessor on Aqua's normal share price.

Aqua's normal share price according to public assessment office Ruky, Safrudin, and Partners is only at Rp 200,095 per share.

The company will hold a tender offer in an attempt to delist shares from the Indonesia Stock Exchange (IDX). In addition, the company will go private.

In the mean time, PT Tirta Investama owns 94.35 percent of Aqua's shares while the public owns 5.65 percent.

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Translated by: Bonardo Maulana W