Acquisition, privatization, and revaluation of PT. Semen Padang using EVA and MVA approaches
WENDRY, Benny, Drs. R. Agus Sartono, MBA
2001 | Tesis | Magister Manajemen-
An analysis has been done to address the question concerning the status of PT. Semen Padang (“PTSP’? in thehture; Should it be separated (“spin-off’? from its parent company, namely PT. Semen Gresik (“PTSG’Y to become independent State Owned Enterprise or should it be kept as the subsidiary of PTSG. The non-parametric bi-variate analysis Mann-Whitney test was done on the financial ratios of PTSG and PTSP in the period 1990 - 1995 to test d$%rences concerning the performance of PTSG and PTSP before acquisition; as the most common rationale behind acquisition is under performance where the acquirer company possessed outstanding performance while the acquired company strfsered zrnder performance. There is no supporting evidence that the performance of PTSP, as the acquired company, signrficantly worst than that of PTSG, as the acquirer company during the period before acquisition The most cited motive at the time of acquisition is referred to synergetic gain derived from combining two entities. The non-parametric bi-variate analysis Wilcoxon Signed Rank Test was done to test diflerences concerning the performance of PTSG before acquisition (1990-1995) and affr acquisition (1996-1999). 7here is no convincing evidence that PTSG, as the acquirer company, had erzjoyed some kind of synergy createdfrom acquisition, if we can assume ceteris paribus condition. 7he same test was also done to PTSP, as the acquired company. Again, there is no convincing evidence that PTSP had enjoyed some kind of synergy createdfrom acquisition; again, if we can assume ceteris paribus condition. Spin-ofs PTSP from PTSG has positive implication to stakeholders: the government, the strategic partner (Cemex), public, the people of West Sumatera, and PTSP itselJ: The separation of PTSP and PTSTfrom PTSG (spin-of%)i s intended to avoid Indonesian cement industry controlled by international cement cartel. If Indonesian cement industry is controlled by international cement cartel, it will cause many negatives e#ect for consumer, producer, and the government. The cement price will increase; hence, it will pve adverse e?ect on the development of infrastructure and housing program in Indonesia. On contrary, if the government owns PTSP and PTST andfree from exclusive right owned by the strategic partner as in the case in PTSG, then the government has the power to maintain cement supply and its price. As spin-ofs involves restructuring the company, it is needed to do valuation to the value of PTSP. Revaluation of PTSP has been done using EVA and MVA approaches. PTSP value and its stock price calculated using EVA are Rp. 2,917,219,345,450 and Rp. 6,647 per share respectively. PKSP value and its stock price calculated using M A are Rp. I , 486,539,792,338 and Rp. 2,338 per share respectively.
Kata Kunci : Akuisisi dan Privatisasi,PT Semen Padang,EVA dan MVA, acquisition, privatization, spin-08 EVA, MVA
