BUMI Pengendali Baru DEWA, Seharusnya Wajib Tender Offer

Posted February 2nd, 2009 by irwanariston

Zurich Asset Investments Ltd. sebelumnya memiliki 55% saham DEWA. BUMI melalui anak perusahaannya, Bumi Investment, kemudian melakukan pembelian 80% saham Zurich Asset Investment Ltd. dari pemilik perusahaan tersebut.

Secara akuntansi yang berlaku di Indonesia, maka laporan keuangan Zurich Asset Investment Ltd. harus dikonsolidasikan ke laporan keuangan Bumi Investment, dimana laporan keuangan Bumi Investment juga dikonsolidasikan ke PT. Bumi Resources Tbk. alias Zurich Asset Investment Ltd sudah menjadi anak perusahaan PT. Bumi Resources Tbk.
secara tidak langsung melalui anak perusahaan PT. Bumi Resources Tbk.

Di sisi lain, laporan keuangan DEWA harus dikonsolidasikan ke laporan keuangan Zurich Asset Investment Ltd. karena Zurich menguasai 55% saham DEWA. DEWA sudah jadi anak perusahaan Zurich Asset Investment Ltd, dan Zurich Asset Investment Ltd. sudah menjadi anak perusahaan Bumi Investment yg merupakan anak perusahaan dari PT. Bumi Resources Tbk.

Jadi, secara tidak langsung sebenarnya PT. Bumi Resources Tbk melalui anak perusahaannya, Bumi Investment, melalui anak perusahaannya Bumi Investment yaitu Zurich Asset Investment Ltd., telah menjadi pengendali baru dari perusahaan PT. Dharma Henwa Tbk. (DEWA). Jadi, soal pengendali baru itu bukan soal orangnya sama atau tidak,
perusahaan yang pegang sahamnya sama atau tidak, tapi lebih kepada siapa yg jadi pengendali akhir dari rentetan pemegang saham tersebut.

Semua hal di atas bisa dipelajari dari PSAK (Pernyataan Standar Akuntansi Keuangan) no. 4 yang berlaku di Indonesia.

Financial engineering memang banyak caranya. Tapi sebaiknya Bapepam harus berani bersikap tegas dalam kasus ini.

Tinggal dua pilihan yg bisa ditetapkan ke PT. Bumi Resources Tbk. bila dilihat hanya dari sudut kasus di atas yaitu:
1. PT. Bumi Resources Tbk. wajib melakukan tender offer terhadap sahamDEWA dengan harga minimal Rp351 per saham, atau
2. Bila PT. Bumi Resources Tbk. menolak, maka akuisisi Zurich Asset Investment Ltd, melalui perusahaan Bumi Investment, yang merupakan anak perusahaan dari PT. Bumi Resources Tbk. harus dibatalkan.

Sekali lagi, penekanan saya di atas dalam kasus soal apakah BUMI itu sebagai pengendali baru DEWA atau tidak. Saya belum menyinggung kasus lain apakah harga akuisisi yg dilakukan terhadap Zurich Asset Investment Ltd. oleh Bumi Investment itu dilakukan dengan harga wajaratau tidak. Ini sudah jadi kasus yang berbeda lagi.

jabat erat,
Irwan Ariston Napitupulu

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