Pertamina offered 'higher price' for Apexindo
Monday, June 23 2008 - 02:08 AM WIB
Medco however decided to sell Apexindo to Mitra Rajasa.
The bidding proposal was stated in a letter sent by Pertamina?s president director Ari Soemarno to Medco Energi?s president director Darmoyo Doyoatmojo. In the letter dated June 17 and carbon copied to the president director of the Indonesian Stock Exchange, Erry Firmansyah and the chairman of the Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK) Ahmad Fuad Rahmany, Pertamina proposed to buy Apexindo?s shares at Rp 2,625 per share.
Pertamina?s bidding price exceeded the Rp 2,450 per share proposed by PT Mitra Rajasa Tbk, which signed a sale and purchase agreement on June 9 with Medco Energi to buy the latter?s shares in Apexindo.
Pertamina said that the price offered by Mitra Rajasa was too low because, with the current exchange rate of Rp 9.245 per dollar, the value of Apexindo?s entire shares would not be lower than US$700 million.
According to Pertamina?s estimate, the value of Apexindo?s total shares could reach between $650 million and $750 million.
Pertamina?s Finance Director Frederick Siahaan said that Pertamina would send a protest letter to Medco regarding Apexindo?s acquisition. (*)