Indonesia’s Blue Bird Sold Minority Shares to Undisclosed Buyer

JAKARTA (TheInsiderStories)– Major shareholders of local taxi operator, PT Pusaka Citra Djokosoetono, sold 108.21 million shares or 4.32 percent of enlarged and paid up of PT Blue Bird Tbk (IDX: BIRD) to undisclosed buyer. The company raised Rp411.1 billion from the share sales, said the company yesterday (02/17).

After the transaction, Pusaka ownerships will declined from 35.84 percent to 31.51 percent. It said, the transaction took place on Feb. 13 with price of Rp3,800 a share.

PT Applications Karya Anak Bangsa, the operator of ride-hailing GoJek, is rumored as the buyer of the company’ share. Previously, Blue Bird Group head, Michael Tene, both parties had run a limited joint operations the technology firm through its application since 2016.

The companies also has collaborating with state-owned power producer, PT Perusahaan Listrik Negara (PLN) to build a network of charging stations for electric vehicles in the country. Beside with the two operators, the deal also involves other ride-hailing firm, Grab, Chinese automaker BYD Auto, regional public bus operator PT Transjakarta, and automaker PT Mobil Anak Bangsa.

In April 2019, Blue Bird Group has launched the “e-Taxi”, an electric taxi fleet for Blue Bird and Silver bid services with the BYD e6 A/T and Tesla models x 75D A/T. According to the director of Blue Bird, Adrianto Djokosoetono, the company plans to operate 2,000 electric cars in the period 2020 – 2025.

This year, the operator will focus on vehicle change and increase the utilization of operating vehicles by estimating capital expenditure of around Rp1.5 trillion for vehicle purchases. As known, the company was established in 2011 as an open company in the field of passenger transportation and land transportation services that have 15 subsidiaries in 18 locations in Indonesia.

While, since last June, GoJek and conglomeration company, PT Astra International Tbk (IDX: ASII) have been testing electric motorcycles through their second wheel service. And according to GoJek’ spokeswoman, Nila Marita said, both parties are exploring trials for the next stage.

Blue Bird has been listed on the Indonesia Stock Exchange since Nov. 5, 2014. The integration of the company’s business is divided into four main pillars of regular taxis with the Blue Bird and Pusaka brands, executive taxis with the Silver Bird brand, limousine vehicles and car rental under the Golden Bird brand and bus rental services under their brand Big Bird.

Currently, the taxi manager operates 36,000 taxi units. In the third quarter of 2019, Blue Bird has booked a net profit Rp 229.33 billion from a prior year Rp334.66 billion and the revenues also dropped 4.51 percent to Rp2.96 trillion.

At the close of trading on Monday, the company’ BIRD-coded shares closed down 1.25 percent to Rp2,370 a share.

by Linda Silaen, Email: linda.silaen@theinsiderstories.com