List Of Suitors For Astra Grows

The list of suitors for Indonesias Astra Intern-ational appeared to be growing on Friday as a newspaper reported that President Suharto's eldest daughter was in talks to buy out the firm's largest shareholder.

The Bisnis Indonesia daily quoted an unnamed source as saying Suharto's daughter Siti Hardianti Rukmana, head of toll-road operator Citra Marga, had talks on Thursday with plantations magnate Prajogo Pangestu for his 10.68 per cent stake in Astra. Aides of Rukmana and Pangestu refused to comment.

The daily also said a group with links to Suharto and his eldest son was holding separate talks to buy Astra shares from a tobacco tycoon and would approach state banks and government pension funds for their stakes in the blue-chip vehicle maker.

 

Shares of Astra began rising at the beginning of last week on rumours that a takeover bid was in progress and brokers have said some 100 million shares, or about 10 per cent of the company's equity, have since changed hands.

The share closed at 3,775 rupiah on Friday, up from 2,625 on September 16.

Businessman Putera Sampoerna, who controls cigarette company Hanjaya Mandala Sampoerna, said earlier in the week he had bought some shares in Astra but declined to say how many.

Bisnis Indonesia said the Nusamba group, controlled by timber tycoon Muhammad (Bob) Hasan, was seeking to buy Sampoerna's share holdings in Astra.

Hasan is a close associate of Suharto and Nusamba is 80 per cent owned by three foundations controlled by the president.

Hasan owns 10 per cent and the president's eldest son Sigit Hardjojudanto owns the rest.

A spokeswomen for Sampoerna and Hasan refused comment.