PT Salim Ivomas Pratama plans to issue IDR1 trillion rupiah bond to enhance the company's capital structure and financial condition.
Salim Ivomas is a business unit of Indofood Agri Resources Ltd (IndoAgri), a subsidiary of PT Indofood Sukses Makmur Tbk with an interest in the sugar industry. A 90% stake in Salim Ivomas is owned by Indofood Oil & Fats Pte Ltd, a business unit of IndoAgri, which holds 100% share in Indofood Oil and Fats.
Indofood controls a 69.4% stake in IndoAgri via Indofood Singapore Holdings Pte Ltd, in which Indofood seizes an 83.8% stake. In IndoAgri, Sariaatmadja controlled a 6.8% stake and the public seized a 23.8% stake through stock listing on the Singaporean bourse.
Chief Executive Officer of IndoAgri Mark Julian Wakeford revealed Salim Ivomas was in the process of sounding IDR1 trillion rupiah bond issuance.
"However, we have yet had any plan when the bond issuance would be realized. This depends on the market situation and condition. If Salim Ivomas continues the plan, the fund raised from the bond issuance will be used to refinance the group's debt," he explained in an information expose on the Singapore Stock Exchange yesterday.
Wakeford added he would inform further when the bond issuance would be realized.
When asked for confirmation, Vice President Director of Indofood Fransiscus Welirang said he didn't known about the bond issuance plan.
"I have just known it from you. Salim Ivomas is a subsidiary of IndoAgri and they have a separate management with Indofood," he said.
Fransiscus explained the bond issuance probably was part of the group's efforts to refinance its debts and restructure short-term debts to long-term ones, just like the strategy run by Indofood.
When asked for confirmation about the impacts of the bond issuance on Indofood's performance, he said Salim Ivomas was a separate entity from Indofood.
Monday, July 13, 2009
Matahari Offers to Exchange 9.5% 2009 Bonds
PT Matahari Putra Prima Tbk,Indonesia biggest retailer, offered to exchange it's 9.5
percent bonds due in 2009 for notes due in 2012, according to an e-mailed statement from the company distributed by Citigroup Inc., one of the transaction managers.
percent bonds due in 2009 for notes due in 2012, according to an e-mailed statement from the company distributed by Citigroup Inc., one of the transaction managers.
Thursday, July 9, 2009
Davomas' Business Sustainability Doubted
The business sustainability of PT Davomas Abadi Tbk and its subsidiary is doubted by the auditor due to their huge capital deficiency and accumulated deficit.
In Davomas' financial statement announced at the information transparency to the Indonesia Stock Exchange (BEI) yesterday, Tanubrata & Associates Public Accounting Office revealed Davomas' accumulated deficit and capital deficiency reached IDR785.86 billion and IDR163.66 billion, respectively, leading to substantial doubts about the company's business sustainability.
Such a condition makes the company unable to service their due liabilities in May 2009. Davomas is unable to service a bond coupon of US$13.09 million or IDR136.14 billion on slumping cash flow and financial performance. The coupon bond matured on May 8.
Davomas is a company processing chocolate ore into fatty cocoa and cocoa powder. The global economic crisis has lowered demand from Europe and America for the company's products.
In addition, the rupiah depreciation against the US dollar led to a total exchange rate spread loss of IDR122.03 billion in the first quarter of this year. In the first quarter of 2008, the company was able to record an exchange rate spread profit of IDR31.85 billion.
Currently, Davomas has appointed ING Bank NV financial advisor, Sidley Austin & Skadden Arps international legal consultant, and Hadiputranto, Hadinoto & partners Indonesian legal consultant.
In early June, several majority bondholders met with the management of Davomas and reviewed the conditions of the company's underlying assets.
The requirements for restructuring are scheduled to be completed in August this year.
Since May this year, the management of Davomas has temporarily suspended its production activities until the specified time.
In the first quarter, Davomas recorded IDR349.72 billion in sales, down from IDR820.6 billion in the first quarter of 2008. Davomas share was last traded on May 11 at IDR73 per share.
In Davomas' financial statement announced at the information transparency to the Indonesia Stock Exchange (BEI) yesterday, Tanubrata & Associates Public Accounting Office revealed Davomas' accumulated deficit and capital deficiency reached IDR785.86 billion and IDR163.66 billion, respectively, leading to substantial doubts about the company's business sustainability.
Such a condition makes the company unable to service their due liabilities in May 2009. Davomas is unable to service a bond coupon of US$13.09 million or IDR136.14 billion on slumping cash flow and financial performance. The coupon bond matured on May 8.
Davomas is a company processing chocolate ore into fatty cocoa and cocoa powder. The global economic crisis has lowered demand from Europe and America for the company's products.
In addition, the rupiah depreciation against the US dollar led to a total exchange rate spread loss of IDR122.03 billion in the first quarter of this year. In the first quarter of 2008, the company was able to record an exchange rate spread profit of IDR31.85 billion.
Currently, Davomas has appointed ING Bank NV financial advisor, Sidley Austin & Skadden Arps international legal consultant, and Hadiputranto, Hadinoto & partners Indonesian legal consultant.
In early June, several majority bondholders met with the management of Davomas and reviewed the conditions of the company's underlying assets.
The requirements for restructuring are scheduled to be completed in August this year.
Since May this year, the management of Davomas has temporarily suspended its production activities until the specified time.
In the first quarter, Davomas recorded IDR349.72 billion in sales, down from IDR820.6 billion in the first quarter of 2008. Davomas share was last traded on May 11 at IDR73 per share.
BTPN plans to issue IDR700 billion bonds
PT Bank Tabungan Pensiunan Nasional Tbk (BTPN) plans to have bond issuance worth IDR700 billion at maximum in two tranches with 3 and 5 years tenure.
Two securities companies have been appointed to handle the bond issuance, namely PT Mandiri Sekuritas and PT CIMB-GK Securities Indonesia.
The Fitch Ratings has scored the long term national rating of BTPN at the level of A+ idn with positive prospect.
The individual rating of BTPN is set on the level of D with supporting rating of level 4.
At the same time BTPN bond issuance scheme has A+ (idn) expectation level.
BTPN rating reflects good asset quality, experiences in credit disbursement to the retired employment, experienced management team, and strong corporate fundamental to tap profit.
Besides, the positive prospect reflects the strong support from the major shareholder, Texas Pacific Group. The prospect shows the initiative to secure BTPN long term funding resource.
Two securities companies have been appointed to handle the bond issuance, namely PT Mandiri Sekuritas and PT CIMB-GK Securities Indonesia.
The Fitch Ratings has scored the long term national rating of BTPN at the level of A+ idn with positive prospect.
The individual rating of BTPN is set on the level of D with supporting rating of level 4.
At the same time BTPN bond issuance scheme has A+ (idn) expectation level.
BTPN rating reflects good asset quality, experiences in credit disbursement to the retired employment, experienced management team, and strong corporate fundamental to tap profit.
Besides, the positive prospect reflects the strong support from the major shareholder, Texas Pacific Group. The prospect shows the initiative to secure BTPN long term funding resource.
BTPN issue bonds
Fitch Ratings has today assigned PT Bank Tabungan Pensiunan Nasional (BTPN) a National Long-term rating of 'A+(idn)' with a Positive Outlook, Individual Rating at 'D' and Support Rating at '4'. At the same time, the agency has assigned an expected rating of 'A+(idn)' to the bank's proposed issue of senior unsecured bonds which will be issued in two tranches, with maturities of three and five years. The final issue rating is contingent on the receipt of final documents conforming to information already received.
SBY-Boediono to Win in One Round
The SBY-Boediono duet is estimated to win the 2009 presidential election in one round based on the results of quick counts made by several survey institutions. The duet, backed by the coalition of the Democrat party, is estimated to rake in 60% votes.
In the meantime, the three presidential candidates ask the people to be calm in responding to quick count results released by several survey institutions. Megawati Soekarnoputri, Susilo Bambang Yudhoyono, and Jusuf Kalla together agree to wait for the official count by the General Elections Commission (KPU), which will be held from July 22 through 24.
In the meantime, the three presidential candidates ask the people to be calm in responding to quick count results released by several survey institutions. Megawati Soekarnoputri, Susilo Bambang Yudhoyono, and Jusuf Kalla together agree to wait for the official count by the General Elections Commission (KPU), which will be held from July 22 through 24.
Wednesday, June 24, 2009
Ito lead Bursa Efek Indonesia
The Indonesia Stock Exchange, Southeast Asia' s third-largest bourse, named Ito Warsito as its
president director for a three year term.
Ito, the president commisioner of PT Bahana Securities, replaces Erry Firmansyah as the head of the bourse
president director for a three year term.
Ito, the president commisioner of PT Bahana Securities, replaces Erry Firmansyah as the head of the bourse
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