• Argo Manunggal offered its ownership in Alam Sutera with an offering price at Rp190 – Rp210/share or 2.33% - 11.63% below the previous closing price of Rp215/share. The management said the divestment consist of up to 5bn shares or equal to almost Argo Manunggal ownership in Alam Sutera.
• Previously, Argo Manunggal was the largest single entity shareholder in Alam Sutera, by owning 28.9% stake in the company followed by Tangerang Fajar Industrial Estate (16.7%) and Manunggal Prime Development (13.4%). Meanwhile, public portion for Alam Sutera is 23.2% as of 31 March 2010.
• With this divestment, Alam Sutera’s majority shareholders will be changed as Argo Manunggal will no longer hold the majority control in Alam Sutera. However, there is no additional information regarding the new holder and the impact on this divestment on the company’s debt covenant.
• ASRI is trading at 2010F consensus PER of 17.2x and EV/EBITDA of 14.2x.
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