TRIM NOTES: Private Placement in Coal Stocks
We already made a contact with the Investor Relations of ITMG regards to the private placement news done by Banpu, its holding company and coming out with a "don't know" answer. "That corporate action was fully belongs to Banpu, hence ITMG management did not have any ideas about the details of the transaction", he continued. In the time of writing there is a crossing transaction of 197,064 lots through Mandiri Sekuritas, 2,960 lots through Bahana Securities, and 990 lots through Danareksa with Rp36,150/shr price. With this divestment, Banpu remains a 65% shareholding in ITMG. According to the letter issued by the company to IDX, the main objective of the divestment was to strengthen Banpu's balance sheet position and will not affect its long term commitment with ITMG.
Similar with ITMG, ADRO's stock also plunged in the opening session due to private placement issue at Rp1,500-Rp1,700/shr. We already make a confirmation with the investor relations and they clearly denied the rumor and stated that there was no plan to do any private placement of ADRO's stock.
Best Regards,
Christopher Tahir
Blog: http://ez-stock.blogspot.com
MSN: chris_tahir@hotmail.com
YM: chris_tahir@ymail.com
Blog: http://ez-stock.blogspot.com
MSN: chris_tahir@hotmail.com
YM: chris_tahir@ymail.com
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