BVI-based Fund bought 25% stake in Indonesian company PT Trimegah

BVI-registered Spinnaker Funds announced that it has purchased 914.7 million shares of Indonesia’s PT Trimegah, at the price of 215 rupiah a share (1 usd = 9,025 rupiah). This deal makes the BVI Fund Group the owner of 25% stake in the company.

Spinnaker Funds said in its statement that the stock was acquired on July 9. The shares were bought from United Investment Inc, PT Philadel Terra Lestara, and businessman Pieter Tanuri. The Fund Group representatives said also that the purchase will launch a mandatory tender offer, as required by the capital markets regulator, to acquire more shares from the public. Currently, 49.57% of company’s stock is held by the public.

The tender offer price was set at the same level of 215 rupiah, but the BVI Funds did not specify in its statement how many additional shares of Indonesian company it plans to purchase.

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