Carrefour sets IDR9.61 billion to acquire 0.46% stake in Alfa Retailindo

JAKARTA: PT Carrefour Indonesia will disburse IDR9.61 billion to buy 2.14 million shares of PT Alfa Retailindo Tbk at IDR4,500 as one of the phases to go private. The amount of the shares is representing 0.46% of its enlarged capital.In a prospectus published today, the company targets the tender offer will start on July 29 until August 27, 2011. Meanwhile, the payment is scheduled on September 8.The company received approval from its shareholders on June 30, 2011. The company had decided to go private because its shares traded by the investing public were no longer liquid. The amount of shares trading was so small and mostly only 1 lot for every transaction within six years. The other reason is the company no longer needs to raise fund from public.Currently, PT Carrefour Indonesia owns 99.89% of Alfas shares, and the remaining shares or 0.11% is held by public. Carrefour Indonesia is owned by PT Trans Retail, which held 40%, Carrefour S.A. with 39.02%, Onesia BV with 11.02%, and Carrefour NBV 9.51%.The ALFA-coded stock has been suspended since April 28, 2011.Alfa Retailindo suffered in the first quarter of 2011 with losses totaling IDR5.04 billion, doubling from a year earlier boosted by increasing cost of goods sold.The company only posted 3.82% revenue increase to IDR381.96 billion in the first quarter this year, while the cost of goods sold grew 8.29% to 322.43 billion.Alfa Retailindos cash declined 15.51% to IDR76.84 billion as of March 31, 2011 compared than a year earlier. The asset of the company was IDR657.52 billion or decreased 2.30%. (NOM)