Securities Agent Receivables Financial Statement 2011
PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
December 31, 2011 and 2010 and For the Years then Ended
- 85 - PT Bintang Rajawali Perkasa
In May 2010, SU purchased shares of stock of PT Bintang Rajawali Perkasa BRP from the previous shareholder, amounting to 145,000 million or 68.5 ownership interest in BRP.
Despite the 68.5 ownership interest in BRP, the investment in BRP is accounted for using the cost method and its financial statements are not consolidated with the financial
statements of SU, since the previous shareholder has the right on dividend income or other income relating to the aforementioned shares and shall still be responsible for any liability
during the 12 months period or until the agreement is executed. The previous shareholder has given the option for buyback of the shares at least within 24 months. In August 2011, the
option cancelled and In September 2011, SU has sold 28.5 of its investment in BRP to PT Graha Indo Selaras, third party, for Rp 47,000 million, therefore, investment in shares of
BRP is accounted for using the equity method. PT Asuransi Sumit Oto
In October 10, 2011, the Company and ASM, a subsidiary, have sold 1,000 shares and 51,000 shares, respectively of ASO to Djohan Marzuki and PT Summit Investment
Indonesia, third parties, amounting to Rp 1,000 million and Rp 51,000 million or representing 1 and 51 ownership of interest in ASO. Therefore, the ASO’ financial statement are not
consolidate with ASM’ financial statement and accounted for using the equity method. Available for sale – acquisition cost
In May 2011, AJSM purchased shares of PT Rizky Lancar Sentosa from PT Jasnita Investindo, previous shareholder, amounting to Rp 2,500 million.
In April 2011, AJSM purchased 5,556 shares of Aries Capital Partner II, British Virgin Islands, amounting to Rp 43,548 million, or equivalent to 7.94 ownership interest.
In January 2011, SMS purchased 60 shares of PT Kustodian Sentral Efek Indonesia from PT Eurocapital Pereqrine Securities amounting to Rp 6,000 million.
In 2010, SF purchased shares of stock of PT Bursa Komoditi dan Derivatif Indonesia, which engages in commodity trading, amounting to Rp 2,000 million.
In 2010, ASM purchased shares of stock of Konsorsium Asuransi Risiko Khusus - PT Tugu Reasuransi Indonesia, which engages in reinsurance business, amounting to
Rp 1,000 million, or 16.31 ownership interest in AMI. In 2011 and 2010, ASM increased its investments in shares of PT Asuransi MAIPARK
Indonesia AMI by Rp 1 million and Rp 2 million, respectively, or equivalent to 3.96 ownership interest.
In June 2010, ASM purchased shares of stock of Fair Oil Energy Insurance Syndicate, Bahrain, amounting to Rp 455 million or equivalent to 3.6 ownership interest.