Indonesian safety glass manufacturer PT Asahimas Flat Glass said its major shareholders are not planning to purchase shares held by minority shareholders as part of a possible plan to take the company…
Indonesian safety glass manufacturer PT Asahimas Flat Glass said its major shareholders are not planning to purchase shares held by minority shareholders as part of a possible plan to take the company private. “We have officially told the stock exchange that there is no such corporate action being planned at least for the next three months,” Asahimas corporate secretary Hendrik Adrianto said. Speculation on the issue has helped the share price rise recently. Adrianto said the firm“s major shareholders have recently purchased shares from cooperatives but they have not intention as yet to acquire all the remaining shares. He said late September 2005 that Asahi Glass Co. and PT Rodamas, the company“s two major shareholders, purchased a mere 400,000 and 174,000 shares respectively from 40 cooperatives at IDR 2,500 and IDR 2,350. The company has 434 million total listed shares. Asahi Glass owns 43.85% of Asahimas and Rodamas 40.60%, while the public and cooperatives own the remaining 15. 04% and 0.51% respectively.