PT Aneka Tambang Tbk (Antam) has secured loan commitment of US$1.5 billion from PT Bank Mandiri Tbk, PT Bank Central Asia Tbk, and PT Bank Negara Indonesia Tbk.
The company also has got new partner, Tien Shan of China, replacing Xinfa, to develop Bintan Smelter Grade Alumina with the investment of US$250 million.
Antam has been developing Bintan Smelter to increase the added value of nickel and bauxite produced by the company. The unit will be active in 2010 with the capacity of 400,000 tons per annum. But Bimo said the unit will be in operation in 2013.
Antam will cooperate with United Company Rusal of Rusia at Tayan of Kalimantan to develop aluminum smelter. The MOU will be signed during the visit of Rusia President Vladimir Putin to Indonesia on September 6. The signing will be before two presidents of the two countries.
Wednesday, August 22, 2007
Government Reviews IPO of Jasa Marga & Wika
The government has been reviewing the plan to privatize PT Jasa Marga and PT Wijaya Karya (Wika) amid the declining price of stocks at the Jakarta Stock Exchange on the crisis of US subprime mortgage.
BNI Cancels Bonds Issuance
PT Bank Negara Indonesia Tbk has decided to cancel the issuance of US$150 million bonds that should be early next year.
BNI Director Fero Poerbonegoro said the additional fund from rights issue, as much as IDR4.03 trillion, has increased the capital adequacy ratio so that the issuance of subordinated bonds is unnecessary.
"We have got some money from right issue so that bonds issuance is unnecessary anymore. If the market is favorable and we need the money, we may do that later," he said to me last week.
He added the bank has allocated some money from the rights issue to repay some subordinated bonds that would mature this year. The total bonds to mature this year are US$150 million.
BNI has planned to execute call option to prevent from high interest rate. "We are trying to cut interest cost."
BNI Director Fero Poerbonegoro said the additional fund from rights issue, as much as IDR4.03 trillion, has increased the capital adequacy ratio so that the issuance of subordinated bonds is unnecessary.
"We have got some money from right issue so that bonds issuance is unnecessary anymore. If the market is favorable and we need the money, we may do that later," he said to me last week.
He added the bank has allocated some money from the rights issue to repay some subordinated bonds that would mature this year. The total bonds to mature this year are US$150 million.
BNI has planned to execute call option to prevent from high interest rate. "We are trying to cut interest cost."
Tuesday, August 14, 2007
Laks, What Happen with VLCC
Attorney General's Office (AGO) will summon ex- State Ministry for State Enterprises Laksamana Sukardi in case VLCC Tanker. What Next ?????
Pertamina appointed Goldman Sachs financial advisor and arranger for the divestiture of the VLCCs without tender.
Goldman in the divestiture selected three shortlisted bidders: Frontline, Essar Shipping Ltd, and Overseas Shipholding Group.
In enclosing their bid, Frontline was represented by an agency, PT Perusahaan Pelayaran Equinox.
Pertamina appointed Goldman Sachs financial advisor and arranger for the divestiture of the VLCCs without tender.
Goldman in the divestiture selected three shortlisted bidders: Frontline, Essar Shipping Ltd, and Overseas Shipholding Group.
In enclosing their bid, Frontline was represented by an agency, PT Perusahaan Pelayaran Equinox.
BNI Under Pressure
Margin trading pressure The price of PT Bank Negara Indonesia's Tbk (BNI) stock on the first trading day after its divestiture was closed down by 2.43% to IDR2,000 from IDR2,050. Today price BNI down by 6,25% to IDR 1.875.
Of 3.47 billion shares of BNI sold, 29.10% were bought by foreign investors, 43.38% by domestic institutional investors, and 27.52% by domestic individual investors. After the rights issue, the Indonesian government controls a 73.35% stake in BNI, down from 99%, and the public seizes a 26.5% stake.
Of 3.47 billion shares of BNI sold, 29.10% were bought by foreign investors, 43.38% by domestic institutional investors, and 27.52% by domestic individual investors. After the rights issue, the Indonesian government controls a 73.35% stake in BNI, down from 99%, and the public seizes a 26.5% stake.
Tuesday, August 7, 2007
Minister of Finance not Satisfied with BNI's Stock Price
Minister of Finance Sri Mulyani Indrawati expressed her dissatisfaction with the price of the divestiture of 3.95 billion shares of PT Bank Negara Indonesia Tbk (BNI) as it should be higher than IDR2,050 to give considerable contribution to meet IDR4.7 trillion in privatization fund target in the State Budget.
The Minister of Finance revealed that with BNI's stock sold at IDR2,050 per share, the privatization fund only reached IDR4.05 trillion, or IDR700 billion shortage. It was why, she continued, the government was seeking alternatives to patch up the shortage.
The Minister of Finance revealed that with BNI's stock sold at IDR2,050 per share, the privatization fund only reached IDR4.05 trillion, or IDR700 billion shortage. It was why, she continued, the government was seeking alternatives to patch up the shortage.
Sunday, August 5, 2007
BNI, What Happen ???
The market cap of PT Bank Negara Indonesia Tbk (BNI) stock has been undermined by nearly IDR3.98 trillion in the past two days since the stock price had continuously plummeted following the divestiture of the stock at IDR2,050 per share.
State Minister for State Enterprises Sofyan A. Djalil decided to sell 3.95 billion shares of BNI at the floor price of IDR2,050 of IDR2,050-IDR2,700 price range. The government insisted on selling the stock, allocating only half of the shares to domestic investors, when the world's stock bourses were plummeting.
In the meantime, of IDR8.1 trillion in funds raised from divestiture, the government is going to have IDR4.04 trillion in fresh funds as privatization contribution fund, which is targeted to reach IDR4.7 trillion this year. Therefore, the State Ministry for State Enterprises has to find IDR700 billion more to compensate for the shortage.
Sofyan Djalil is now only relying on the IPO of PT Jasa Marga and the second rights issue of PT Wijaya Karya that all will dilute the government's stakes in the two companies.
State Minister for State Enterprises Sofyan A. Djalil decided to sell 3.95 billion shares of BNI at the floor price of IDR2,050 of IDR2,050-IDR2,700 price range. The government insisted on selling the stock, allocating only half of the shares to domestic investors, when the world's stock bourses were plummeting.
In the meantime, of IDR8.1 trillion in funds raised from divestiture, the government is going to have IDR4.04 trillion in fresh funds as privatization contribution fund, which is targeted to reach IDR4.7 trillion this year. Therefore, the State Ministry for State Enterprises has to find IDR700 billion more to compensate for the shortage.
Sofyan Djalil is now only relying on the IPO of PT Jasa Marga and the second rights issue of PT Wijaya Karya that all will dilute the government's stakes in the two companies.
Subscribe to:
Posts (Atom)
