Following indications of transaction manipulation, the Jakarta Stock Exchange (BEJ) since yesterday has been examining 16 brokers that have been trading PT Agis Tbk stock at the largest volume in the past few months.
BEJ suspends the trading of Agis stock. When last traded on June 5, the price of Agis stock plummeted by 24.84% or IDR975 to IDR2,950 from IDR3,925 on June 4.
Agis stock had been actively traded since January. The stock coded TMPI soared from IDR225 on January 2 to IDR3,925 on June 4, the highest in the history.
Data by Bloomberg showed that three brokerage firms dominating Agis sales and purchase transactions from April 3 to June 5 were CIMB-GK Securities Indonesia (64.23 million shares), AmCapital Indonesia (41.09 million shares), and Ciptamahardhika Mandiri (30.51 million shares).
During the period, a total 6.31 billion shares of Agis stock worth IDR11.31 trillion had been traded.
Thursday, June 28, 2007
Monday, June 25, 2007
Bakrieland Look for Loan of IDR1.5 Trillion
PT Bakrieland Development Tbk is seeking the loan of IDR1.5 trillion to meet the need on working capital. In the meantime the company has spent IDR932.5 billion to buy 8.3 hectares of land in Kuningan of Jakarta and 110 hectares of land around Bogor Nirwana Residences.
CP Prima Revises up Bonds to US$325 Million
PT Central Proteinaprima Tbk (CP Prima) decided to issue US$325 million bonds instead of US$200 billion it has planned earlier. The company has assigned Barclays Capital to arrange the bonds issuance.
The bonds will be with the tenor of five years and with the yield of 11%. CP Prima has assigned Barclays to arrange the bonds, and the yield is 11%.
The company will use some of the cash to finance the acquisition of PT Dipasena Citra Darmaja in three years. After the acquisition the company has got IDR880 billion loan from Bank Panin.
A consortium of eight foreign banks has disbursed US$200 million for CP Prima last year to refinance the company's debt of IDR185 million and to meet the need on working capital.
CP Prima issues the senior debt through Blue Ocean Resources Pte Ltd, to be fully guaranteed by the company's units.
The company is seeking to issue up to US$400 million bonds to repay the expensive loan of US$200 million and to finance the expansion following the acquisition of Dipasena.
Fitch Ratings has granted B+ rating for the loan term foreign currency debt of CP Prima with the recovery rating of RR4 for the US$325 million bonds of CP Prima. The prospect is stable.
Fitch will issue the final rating if the company has concluded the bonds issuance.
Even though the debt of CP Prima has been increasing, Fitch believes the company's cash flow will be positive next year, and it will improve the debt's rating.
But Fitch warned that the negative free cash flow will harm the company's rating. On the other hand, the ratio of debt to EBITDA (earnings before interest, tax, depreciation and amortization) will also affect the rating.
The bonds will be with the tenor of five years and with the yield of 11%. CP Prima has assigned Barclays to arrange the bonds, and the yield is 11%.
The company will use some of the cash to finance the acquisition of PT Dipasena Citra Darmaja in three years. After the acquisition the company has got IDR880 billion loan from Bank Panin.
A consortium of eight foreign banks has disbursed US$200 million for CP Prima last year to refinance the company's debt of IDR185 million and to meet the need on working capital.
CP Prima issues the senior debt through Blue Ocean Resources Pte Ltd, to be fully guaranteed by the company's units.
The company is seeking to issue up to US$400 million bonds to repay the expensive loan of US$200 million and to finance the expansion following the acquisition of Dipasena.
Fitch Ratings has granted B+ rating for the loan term foreign currency debt of CP Prima with the recovery rating of RR4 for the US$325 million bonds of CP Prima. The prospect is stable.
Fitch will issue the final rating if the company has concluded the bonds issuance.
Even though the debt of CP Prima has been increasing, Fitch believes the company's cash flow will be positive next year, and it will improve the debt's rating.
But Fitch warned that the negative free cash flow will harm the company's rating. On the other hand, the ratio of debt to EBITDA (earnings before interest, tax, depreciation and amortization) will also affect the rating.
Thursday, June 21, 2007
Who Will Replace Lin Che Wei ?
Lin Che Wei resign from his position as President Director PT Danareksa Sekuritas. The next question who will replace Lin Che Wei ?
State Minister for State Enterprises Sofyan A Djalil said today the person who replace Lin Che Wei is priored from internal company. But my source told me maybe foreigner investment bankers will replace Lin Che Wei.
Lin Che Wei became President Director Danareksa at 16 July 2005. Another directors are Wahzari Wardaya, Harry Wiguna, M Hanif, and Aloysius Kiik Ro (directors).
They replace the old board of directors consisting of Zas Ureawan (President Director), Jos Parengkuan, Daniel Iskandar, Harry Nugroho Prasetyo Danardojo, and F. Heliyanti Sastrosatomo (directors).
State Minister for State Enterprises Sofyan A Djalil said today the person who replace Lin Che Wei is priored from internal company. But my source told me maybe foreigner investment bankers will replace Lin Che Wei.
Lin Che Wei became President Director Danareksa at 16 July 2005. Another directors are Wahzari Wardaya, Harry Wiguna, M Hanif, and Aloysius Kiik Ro (directors).
They replace the old board of directors consisting of Zas Ureawan (President Director), Jos Parengkuan, Daniel Iskandar, Harry Nugroho Prasetyo Danardojo, and F. Heliyanti Sastrosatomo (directors).
Wednesday, June 20, 2007
PLN Prices The Bonds
PT Perusahaan Listrik Negara, Indonesia's state utility, may price the 10-year portion of a $1
billion bond sale at a yield of 7.375 percent, lower than the 7.9 percent the company paid last year.
The company is also selling 30-year bonds, which may be priced at 8.125 percent. The utility hired UBS AG to help sell the bonds.
Investors applied for six times the bonds on offer when PLN raised $1 billion in the nation's biggest overseas sale of corporate debt last year. The yield on the 7.75 percent bonds
maturing in 2016 fell to 7.525 percent when they started trading on Oct. 13 because of the excess demand. The yield on the 7.25 percent bonds maturing 2011 fell 50 basis points to 6.905 percent the same day.
billion bond sale at a yield of 7.375 percent, lower than the 7.9 percent the company paid last year.
The company is also selling 30-year bonds, which may be priced at 8.125 percent. The utility hired UBS AG to help sell the bonds.
Investors applied for six times the bonds on offer when PLN raised $1 billion in the nation's biggest overseas sale of corporate debt last year. The yield on the 7.75 percent bonds
maturing in 2016 fell to 7.525 percent when they started trading on Oct. 13 because of the excess demand. The yield on the 7.25 percent bonds maturing 2011 fell 50 basis points to 6.905 percent the same day.
Tuesday, June 19, 2007
Mandiri Provide Loan For TNI
Bank Mandiri offer license credit for procurement of weapon and defense systems for the Indonesian Armed Forces (TNI). National state enterprises, like PAL, PT Dirgantara, and PT Pindad are also potential to get financing from banks for their project.
The government allocates this year a budget of Rp 4.5 trillion or US$494 million each for the Indonesian Air Force and Indonesian Navy. While an amount of Rp 9 trillion ($989 million) is allocated for the Army from the total 2007 defense budget of Rp 18 trillion or approximately US$1.9 million.
The government allocates this year a budget of Rp 4.5 trillion or US$494 million each for the Indonesian Air Force and Indonesian Navy. While an amount of Rp 9 trillion ($989 million) is allocated for the Army from the total 2007 defense budget of Rp 18 trillion or approximately US$1.9 million.
Monday, June 18, 2007
BII to Increase Ownership at WOM Finance
PT Bank International Indonesia (BII) Tbk has planned to increase its stake at PT Wahana Ottomitra Multiartha (WOM) Finance more than 50% this year.
In 2005 BII acquired 43% shares of WOM Finance at IDR400 billion. The rest stakes belong to International Finance Corporation (IFC, 19%), DBS Nominees Ltd (5%) and public (33%).
In 2005 BII acquired 43% shares of WOM Finance at IDR400 billion. The rest stakes belong to International Finance Corporation (IFC, 19%), DBS Nominees Ltd (5%) and public (33%).
Thursday, June 14, 2007
Antam Buy Freeport or Newmont
Antam currently is interested in acquiring stakes in PT Newmont Nusa Tenggara and in PT Freeport Indonesia. What next corporate action Antam ? Of course the company need to hire financial consultant.
Data by Antam showed that in the first quarter this year the company produced 770 kilograms of minerals, up from 466 kilograms in the first quarter of 2006. Outside of gold, Antam also mines nickel ore and bauxite.
In the meantime, Newmont Nusa Tenggara's gold production capacity in Batu Hijau, West Nusa Tenggara, reaches 13 tons per annum, while Freeport's gold production capacity averagely hits 64 tons per annum.
Data by Antam showed that in the first quarter this year the company produced 770 kilograms of minerals, up from 466 kilograms in the first quarter of 2006. Outside of gold, Antam also mines nickel ore and bauxite.
In the meantime, Newmont Nusa Tenggara's gold production capacity in Batu Hijau, West Nusa Tenggara, reaches 13 tons per annum, while Freeport's gold production capacity averagely hits 64 tons per annum.
Wednesday, June 13, 2007
What next after SCM Acquire Indosiar ?
Sariaatmadja family, which also engages in the media industry through PT Surya Citra Media Tbk (SCM), a holding company of SCTV, is going to strengthen its TV business by buying Indosiar.
The synergy between SCM and Indosiar is expected to create a new TV giant that can compete with Rajawali Citra Televisi, Media Nusantara Citra, and Televisi Transformasi Indonesia-Trans7 groups.
How about another TV Grup ??? Wait a big deal
The synergy between SCM and Indosiar is expected to create a new TV giant that can compete with Rajawali Citra Televisi, Media Nusantara Citra, and Televisi Transformasi Indonesia-Trans7 groups.
How about another TV Grup ??? Wait a big deal
Sunday, June 10, 2007
Consortium of Bahana to Underwrite IPO of Wika
The Consortium of PT Bahana Securities has become the strongest candidate to underwrite the initial public offering (IPO) of PT Wijaya Karya (Wika).
Based on the scoring, the consortium of Bahana got the larger point than that of PT Danatama Sekuritas. The assignment of the underwriter should be approved by the SOE Minister.
Based on the scoring, the consortium of Bahana got the larger point than that of PT Danatama Sekuritas. The assignment of the underwriter should be approved by the SOE Minister.
Friday, June 8, 2007
Indosat, What Next ?
The United States Securities and Exchange Commission (SEC) does not raise any question on the derivative transaction by PT Indosat Tbk.
In the meantime Indonesian financial authority has kept investigating derivative transaction by PT Indosat Tbk even though the transaction has been in line with the prudence principles in financial standard. So what happen Indosat ???
In the meantime Indonesian financial authority has kept investigating derivative transaction by PT Indosat Tbk even though the transaction has been in line with the prudence principles in financial standard. So what happen Indosat ???
Jasa Marga Revises up Bonds to IDR1.5 Trillion
PT Jasa Marga has decided that the yield of Bonds XIII of R series is 10.25%. The company also has revised the volume to IDR1.25 trillion from the initial plan of IDR1 trillion as the subscription has reached IDR3 trillion.
Previously, the indicative interest rate is 9.8%-10.5%. The company will use the ten year's bonds to refinance its bank loans.
Previously, the indicative interest rate is 9.8%-10.5%. The company will use the ten year's bonds to refinance its bank loans.
Wednesday, June 6, 2007
Bond Jasa Marga ?
PT Jasa Marga plans to enlarge the volume of bonds it will issue to IDR1.5 trillion from the initial plan to issue IDR1 trillion due the bonds have been oversubscribed.
The coupon of the XIII of bonds (R series) is 9.8%-10.5%.
The coupon of the XIII of bonds (R series) is 9.8%-10.5%.
Indosat Logs Losses on Derivative Transactions
PT Indosat Tbk books IDR653 billion in losses on its IDR2.5 trillion's worth (around US$275 million) derivative transactions, which are not hedged.
Ttransactions were made in 2004 and consisted of 17 agreement contracts with several financial institutions. The problem is those transactions are not hedged as prescribed by the accounting principle.
Some financial institutions involved in the agreement contracts are Goldman Sachs Capital Market (GSC) New York, Standard Chartered Bank (Jakarta), JP Morgan Chase Bank, Goldman Sachs International, Merrill Lynch, Barclays Capital (London), ABN AMRO Bank, and HSBC.
Derivative transaction is a high-risk transaction that it needs to be specifically regulated in the financial accounting principle.
In Indonesia, the transaction is regulated in the Financial Accounting Standard Statement (PSAK), in Europe in IFRS (International Financial Reporting Standards), and in the US in US GAAP (United States Generally Accepted Accounting Principles).
In PSAK No. 55 on Derivative Instrument and Hedging Activities Accounting, it is mentioned that derivative transaction requires formal documentation of risk management analysis and transaction effectiveness analysis if such transaction wants to be hedged.
For three years in a row (2004-2006), the independent auditor Ernst & Young has reminded the management of Indosat to improve its derivate transaction-related risk management formal policy.
Ttransactions were made in 2004 and consisted of 17 agreement contracts with several financial institutions. The problem is those transactions are not hedged as prescribed by the accounting principle.
Some financial institutions involved in the agreement contracts are Goldman Sachs Capital Market (GSC) New York, Standard Chartered Bank (Jakarta), JP Morgan Chase Bank, Goldman Sachs International, Merrill Lynch, Barclays Capital (London), ABN AMRO Bank, and HSBC.
Derivative transaction is a high-risk transaction that it needs to be specifically regulated in the financial accounting principle.
In Indonesia, the transaction is regulated in the Financial Accounting Standard Statement (PSAK), in Europe in IFRS (International Financial Reporting Standards), and in the US in US GAAP (United States Generally Accepted Accounting Principles).
In PSAK No. 55 on Derivative Instrument and Hedging Activities Accounting, it is mentioned that derivative transaction requires formal documentation of risk management analysis and transaction effectiveness analysis if such transaction wants to be hedged.
For three years in a row (2004-2006), the independent auditor Ernst & Young has reminded the management of Indosat to improve its derivate transaction-related risk management formal policy.
Sunday, June 3, 2007
Syamsul Muarif Buy 25% stake of ConocoPhillips in Pangkah PSC block
I hear Syamsul Muarif will buy Conoco via PT Ina International Co. Ina is going to prepare US$411 million funds to take over a 25% stake of ConocoPhillips in Pangkah PSC block, East Java.
US$211 million would be allocated to buy the stake, while US$200 million would be used as part of US$800 million allocated for oil and gas plan of development.
Ina had fund supports from two international banks, BNP Paribas (France) and CIMB (Malaysia). BNP is touted to be committed to contribute US$180 million in funds, while CIMB committed to allocate US$50 million.
US$211 million would be allocated to buy the stake, while US$200 million would be used as part of US$800 million allocated for oil and gas plan of development.
Ina had fund supports from two international banks, BNP Paribas (France) and CIMB (Malaysia). BNP is touted to be committed to contribute US$180 million in funds, while CIMB committed to allocate US$50 million.
Next Question For CP Prima
After the State Assets Management Corporation (Perusahaan Pengelola Aset/PPA) finally decided that Neptune is the winner to acquire 100% stake of PT Dipasena Citra Darmaja, we have big question about CP Prima.
CP Prima is a leader Neptune Consortium but that company had'nt explain about the finance structure dan shareholder structure????
Neptune took over 100% stakes of Dipasena at IDR688.12 billion. When Sjamsul Nursalim handed over the asset to the government, the book value of the assets was IDR19.9 trillion, compared with his total debt of IDR28 trillion.
CP Prima is a leader Neptune Consortium but that company had'nt explain about the finance structure dan shareholder structure????
Neptune took over 100% stakes of Dipasena at IDR688.12 billion. When Sjamsul Nursalim handed over the asset to the government, the book value of the assets was IDR19.9 trillion, compared with his total debt of IDR28 trillion.
Adhi Karya Gets US$104 Million Project in Oman
PT Adhi Karya Tbk gets a US$104 million business in Oman and the contract will be signed on June 6.
Corporate Secretary of Adhi Karya Kurnadi Gularso said to me that the company will develop Tilal Complex in Oman consisting of hotel, apartment and shopping center. The project belongs to Al Madina Real Estate.
"The value of the project is US$104 million," he said last week.
He said that it will take two years to conclude the project. "We are working on the payment detail. The down payment is 10%. Usually, after signing the contract we will get the money to run the project."
Corporate Secretary of Adhi Karya Kurnadi Gularso said to me that the company will develop Tilal Complex in Oman consisting of hotel, apartment and shopping center. The project belongs to Al Madina Real Estate.
"The value of the project is US$104 million," he said last week.
He said that it will take two years to conclude the project. "We are working on the payment detail. The down payment is 10%. Usually, after signing the contract we will get the money to run the project."
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