Bakrie Targeting Jakarta's Drinking Water Company

PT Bakrieland Development Tbk, a company belonging to the Bakrie Group, plans to acquire the shares of a drinking water company, PT Thames PAM Jaya, this year.According to Hamid Mundzir, Bakrieland's Finance Director, Bakrieland is in fact serious about taking over this company that provides Jakarta with drinking water.

So far the taking over process is still in the discussion and negotiation stage.The take over discussions which have been carried out since last year, said Hamid, will continue to be carried out intensively. However, he has not yet been able to confirm the acquisition and transaction amount because these depend on Thames as the seller. "We also still want to see all the available opportunities, so we still need to study the business and the yield," Hamid told Tempo last week. The plan for Thames PAM Jaya shares sale has actually been carried out since last year, with Jakarta Governor Sutiyoso already giving a 'green light' to the sale.

So far, 100 percent of Thames PAM Jaya's shares will be offered to Acuatico and Alberta Utilities.

Acuatico is a company formed by Glendale Partners and Recapital. Hamid explained that Bakrieland is interested to spread its wings into the infrastructure sector. Not only drinking water infrastructure, but also roads. "Toll roads, for instance," he said.Alfiansyah, an analyst from PT Sinarmas Sekuritas, is of the opinion that the expansion into the infrastructure sector-drinking water and toll roads-was a part of the Bakrie Group's integration program. The company has a subsidiary that produces pipe, so drinking water pipe needs can be fulfilled by the subsidiary. "They can synergize," Alfiansyah told Tempo in Jakarta last week.However, if the expansion into the infrastructure sector is only for investment in shares, the effect on the market will be less significant.

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