Boy Thohir not to oblige tender offer for BFI Finance shares

JAKARTA: Indonesia's businessman that owns PT Adaro Energy, Garibaldi Boy Thohir, is not required to hold a tender offer for the remaining shares of PT BFI Finance Indonesia Tbk following 45% stake acquisition and becoming the major shareholder of the
Wandrik Panca Adiguna
Wandrik Panca Adiguna - Bisnis.com 30 Mei 2011  |  02:09 WIB

JAKARTA: Indonesia's businessman that owns PT Adaro Energy, Garibaldi Boy Thohir, is not required to hold a tender offer for the remaining shares of PT BFI Finance Indonesia Tbk following 45% stake acquisition and becoming the major shareholder of the financing company.Bapepam-LKs Head of Company Financial Assessment Bureau Gonthor Ryantori Azis stated tender offer is not a necessity as shareholder is also companys controller.The new investor consortium, lead by Boy Thohir, consists of Capital & Co (TC&Co), TPG Capital and Northstar Equity Partners.Before taking over, the new shareholders have been controlling the company as reflected from the company's management, board of directors and commissioners.Boy Thohir acquired 45% of BFI Finance in April. On its disclosure, PT BFI Finance Indonesia Tbks Director Cornelius Kho said the procurement of companys share by TC&C performed by non-controlling shareholders of the company.The value of BFIN-coded shares purchase was equivalent to approximately IDR1.44 trillion. The shifting shareholders did not affect company performance.BFI, he continued, welcomed the entry of Thohir as he has the experienced in building another multifinance company namely PT Wahana Ottomitra Multiartha Tbk (WOM Finance).BFI Finance was established in 1982 as a joint venture with Manufacturer Hanover Leasing Corporation, US and the rest held by Indonesian shareholders. In May, 1990, BFI was listed in the Jakarta Stock Exchanged (JCI).BFI's business focuses on second hand cars for productive and commercial used, particularly in small and medium enterprises and lease of heavy equipment.Based on PT Bursa Efek Indonesia data, before the transaction BFI was managed by Mellon Bank NA by 5.21%, CS Securities Europe Ltd Prime Brokerage by 15%, Deutche Bank AG London by 17.19%, The Northern Trust by 19.45%, Yan Peter Wangkar by 0.01%, Francis Lay Sioe Ho by 0.37%, Cornellius Henry Kho by 0.20%, and public by 42.57%.On last Friday, the BFIN-coded share was closed rose IDR225 or 5.39% to IDR4,440 to form price to earnings ratio at 8.99 times and market capitalization at IDR3.34 trillion. (T05/wiw)

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