JAKARTA. Japanese conglomerate Sumitomo Group has purchased a 2% stake in PT Blue Bird Tbk (BIRD) through the stock exchange.
This was revealed in a research by PT Mandiri Sekuritas published on February 4, based on the company's information in the 2019 Mandiri Investment Forum.
"Sumitomo has purchased a 2% stake in BIRD on December 2018 and become a strategic partner to support Blue Bird's mobility service," wrote Mandiri Sekuritas analyst Edbert Surya in the research.
The purchase can be calculated simply by multiplying the stock price with the amount of purchase. Given BIRD stock price in December, the average price would be Rp 2,742%, and 2% of BIRD's 2.5 billion shares would be 50,042,000 shares.
The estimated value of Sumitomo's acquisition is Rp 137.21 billion. Sumitomo Group is one of Japan's largest business conglomerates or keiretsu, with businesses including Mazda Motor Corp., Mitsui Sumitomo Insurance, NEC Corporation, and Nippon Sheet Glass Co Ltd. It also owns a 13% stake in the Morenci copper mine in the United States.
In his research, Mr Surya also underlined that the taxi issuer has established an auction agency called Balai Lelang Caready with Mitsubishi UFJ Lease & Finance and Takari Kokoh Sejahtera, as well as started a taxi business in Yogyakarta in late January.
Mr Surya also said that BIRD has prepared Rp 115 billion in capital expenditure (capex) to acquire the Jakarta-Bandung shuttle service business with a fleet of 130 hi-ace cars. The company's conditional sales and purchase agreement will be completed in February with revenue from the business consolidated in March. (AM/MS)