Public Offering of the Company’s Shares
PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
December 31, 2012 and 2011 and January 1, 2011December 31, 2010 and For the Years then Ended December 31, 2012 and 2011
Figures are Presented in Millions of Rupiah, unless Otherwise Stated
- 17 - In 2012, the non-controlling shareholder public converted warrants of BS into shares, thus,
the ownership of the Company and SU in BS were diluted to 56.47 and 3.53, respectively as of December 31, 2012. The impact of the dilution in ownership interest
amounting to Rp 2,367 was recognized as “Other equity components – share in gain on change in ownership interest in subsidiaries and associates” in equity section of the 2012
consolidated statement of financial position Note 37. PT Asuransi Jiwa Sinarmas MSIG AJSM
AJSM obtained an approval from the Minister of Finance of the Republic of Indonesia to engage in life insurance business based on its Decision Letter No. KEP-107KM.131989
dated August 5, 1989. In June 2011, AJSM declared and distributed dividends to the Company and SU totaling to
Rp 765,271.
In May 2011, AJSM received deposits for future stock subscription from Mitsui Sumitomo Insurance Co. Ltd., Japan; to purchase AJSM’s shares amounting to Rp 7,000,000 or
equivalent to ownership interest of 50. At the same time, the AJSM’s shares owned by SU had been sold to Company. Effective July 1, 2011, the Company ownership interest in
AJSM was diluted from 99.99 to 50. Despite the reduction in ownership interest in AJSM to only 50, the Company continues to control AJSM through a majority of the AJSM’s
directors, thus, continues to consolidate the financial statements of AJSM. Since the Company continues to control AJSM, the impact of the dilution in ownership interest
amounting to Rp 2,775,240 was recognized as “Other equity components – share in gain on change in ownership interest in subsidiaries and associates” in equity section of the 2011
consolidated statement of financial position Note 37. In April 2012, AJSM declared and distributed dividens to the Company and Mitsui Sumitomo
Insurance, Co. Ltd., Japan, amounting to Rp 148,834.
PT Sinar Mas Insurance SMI In April 2011, the Company, ASM and SU established SMI, domiciled in the Democratic
Republic of Timor-Leste, by investing Rp 447.5, Rp 3,580 and Rp 447.5, or representing 10, 80 and 10 ownership interest in SMI, respectively.
In February 2012, the Company, ASM and SU made additional investments in shares of SMI amounting to Rp 90, Rp 170 and Rp 90, respectively. The increase in investment did
not change their direct ownership interest in SMI.
PT Autopro Utama Perkasa AUP In May 2012, JTU made additional investment in shares of AUP amounting to Rp 7,500. The
increase in investment did not change its direct ownership interest in AUP. PT Sinarmas Asset Management SAM
In April 2011, SMS and SMF established SAM, by investing Rp 49,999 and Rp 1, respectively.
PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
December 31, 2012 and 2011 and January 1, 2011December 31, 2010 and For the Years then Ended December 31, 2012 and 2011
Figures are Presented in Millions of Rupiah, unless Otherwise Stated
- 18 -
PT Sinar Mas Multifinance SMF SMF obtained an approval from the Minister of Finance of the Republic of Indonesia to
engage in finance leasing, factoring and consumer financing in his Decision Letter No. 441KMK.0171996 dated June 21, 1996.
In June 2011 and December 2011, the Company increased its investment in SMF amounting to Rp 100,000 and Rp 120,000, respectively. The increase in investment did not
change its direct ownership interest in SMF. In September 2012, the Company increased its investment in SMF amounting to
Rp 100,000. The increase in investment did not change its direct ownership interest in SMF.
PT Jakarta Teknologi Utama Motor JTU In June 2011, the Company increased its investment in JTUM amounting to Rp 25,000,
thus, increased its direct ownership interest in JTUM from 99.90 to 99.93. In June 2012, the Company increased its investment in JTUM amounting to Rp 25,000,
thus, increased its direct ownership interest in JTUM from 99.93 to 99.95. PT Golden Tropical GT
In January 2011, SU and third parties established GT, by investing Rp 1,500 each. PT Shinta Utama SU
In October 2011, the Company paid advances for investment in shares of SU amounting to Rp 81,500.
In July 2012, the Company made advances for investment in shares of SU amounting to Rp 10,000.
PT Sinarmas Futures SF SF obtained an approval from Commodity Measurement Trading Supervisory Agency to
engage in business activity as measurement broker in its Decision Letter
No. 889BAPPEBTISI32006 dated March 27, 2006. In October 2004, SMS and SMF established SF which engages in commodity trading.
SMS’s ownership interest in SF as of December 2012 and 2011 is 99.75. In December 2011, SMF has sold all of its investment in shares of SF to SU amounting to
Rp 12,500. PT Asuransi Sinar Mas ASM
ASM obtained an approval from the Minister of Finance of the Republic of Indonesia through the Directorate General of Domestic Monetary Affairs to engage in loss insurance under
Decree No KEP-2562MD1986 dated April 21, 1986. ASM obtained an approval from the Minister of Finance of the Republic of Indonesia to open a branch which was based on
Sharia principles in his Decision Letter No. 253KM.62004 dated June 25, 2004.
PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
December 31, 2012 and 2011 and January 1, 2011December 31, 2010 and For the Years then Ended December 31, 2012 and 2011
Figures are Presented in Millions of Rupiah, unless Otherwise Stated
- 19 -
PT Sinarmas Sekuritas SMS SMS obtained an approval from the Capital Market Supervisory Agency or Bapepam-LK to
engage in stock brokerage, stock underwriting and as an investment manager in its Decision Letters No. Kep-82PM1992 dated February 29, 1992, No. Kep 83PM1992 dated
February 29, 1992 and No. Kep-02PMMI2000 dated May 15, 2000, respectively.
PT AB Sinar Mas Multifinance ABSM ABSM obtained an approval from the Minister of Finance of the Republic of Indonesia to
engage in finance leasing, factoring and consumer financing in his Decision Letter No. 525KMK.0171995 dated November 17, 1995.
PT Sinartama Gunita STG STG obtained an approval from Capital Market Supervisory Agency or Bapepam-LK to
engage in business activities as shares registrar in its Decision Letter No. Kep-82PM1991 dated September 30, 1991.