Indonesian government has allocated IDR306 billion to execute its rights during the rights issue of PT Adhi Karya Tbk in the second quarter of 2008. The SOE Minister Sofyan A. Djalil said the money has been from interim dividend from some SOEs.
The government will execute the right to maintain its ownership at Adhi Karya. Adhi Karya has postponed its rights issue plan from quarter IV 2007 to quarter II 2008. Adhi Karya has targeted to get IDR600 billion from the rights issue. The company has prepared the capital expenditure of IDR40 billion in 2008.
Tuesday, November 27, 2007
Friday, November 23, 2007
Abacus Offers Highest Price for Apexindo
Abacus Capital has bid 52% shares of PT Apexindo Pratama Duta of PR Medco Energi International Tbk at the price of IDR2,450 per unit, the highest bid compared with the other bidders.
But the price is lower than Medco's expectation of IDR2,700 per share. If Medco agrees with the bid, Apexindo will get IDR3.35 trillion.
Abacus has represented Apexindo so that the process has passed management buyout option.
My source said that the bid of Bormindo Nusantara was the second largest, followed with Recapital Investment Bank and Texas Pacific Group (TPG).
But the price is lower than Medco's expectation of IDR2,700 per share. If Medco agrees with the bid, Apexindo will get IDR3.35 trillion.
Abacus has represented Apexindo so that the process has passed management buyout option.
My source said that the bid of Bormindo Nusantara was the second largest, followed with Recapital Investment Bank and Texas Pacific Group (TPG).
Thursday, November 22, 2007
The State Gas Company (PGN) joins hands with the State Electricity Company (PLN) to develop a US$400 million's worth liquefied natural gas (LNG) terminal in East Java.
The development of LNG terminal with 250 million standard cubic feet per day (MMscfd) of gas is realized once the gas supply has been made certain.
President Director of PGN Sutikno revealed the plan was being finalized by the State Ministry for State Enterprises, which is the majority shareholder in the two state-owned enterprises.
According to Sutikno, the expensive land price in Gresik could force the company to shift the location to Tuban. Previously, PGN disclosed it would develop to terminal in Situbondo. However, following Pertamina's pipeline blast in Sidoarjo, PGN decided to relocate the terminal to Gresik.
The LNG terminal will be built to anticipate rising demands for gas from East Java in 2012-2013. The province is even predicted to suffer from gas deficit in the period.
East Java currently needs 450 MMscfd of gas. For a start, PGN will develop one LNG train with an annual capacity of 1.5 million tons or 200 MMscfd.
The development of LNG terminal with 250 million standard cubic feet per day (MMscfd) of gas is realized once the gas supply has been made certain.
President Director of PGN Sutikno revealed the plan was being finalized by the State Ministry for State Enterprises, which is the majority shareholder in the two state-owned enterprises.
According to Sutikno, the expensive land price in Gresik could force the company to shift the location to Tuban. Previously, PGN disclosed it would develop to terminal in Situbondo. However, following Pertamina's pipeline blast in Sidoarjo, PGN decided to relocate the terminal to Gresik.
The LNG terminal will be built to anticipate rising demands for gas from East Java in 2012-2013. The province is even predicted to suffer from gas deficit in the period.
East Java currently needs 450 MMscfd of gas. For a start, PGN will develop one LNG train with an annual capacity of 1.5 million tons or 200 MMscfd.
Bank Panin to Issue IDR4 Trillion Bonds
Having issued IDR1.65 trillion bonds in the first half of the year, PT Bank Pan Indonesia Tbk (Bank Panin) has planned to issue subordinated debt of IDR3 trillion - IDR4 trillion.
My sources knowing the plan said the bonds will be in dollar and rupiah. The bank plans to issue the bonds next year as the market is unfavorable at present.
"The bond issuance is aimed at supporting the plan to acquire other companies as it will lower the bank's capital adequacy ratio. "
My sources knowing the plan said the bonds will be in dollar and rupiah. The bank plans to issue the bonds next year as the market is unfavorable at present.
"The bond issuance is aimed at supporting the plan to acquire other companies as it will lower the bank's capital adequacy ratio. "
Tuesday, November 20, 2007
Indosat On Sale ????
The ruling of the Business Competition Supervisory Commission (KPPU), which views Temasek Holdings Pte Ltd to have violated the Anti-Monopoly Law and to have cross-ownerships in two Indonesian telecommunication companies, have made the stock prices of PT Indosat Tbk and PT Telkom go down.
At the trading closing on the Jakarta Stock Exchange (BEJ) today, Indosat's and Telkom's stock prices fell 4,76% and 3,35% by IDR400 and IDR350, respectively to IDR8,000 and IDR10,100.
Yesterday KPPU ruled that Temasek's cross-ownership in Indosat and Telkomsel had violated Article 27 of the Anti-Monopoly and Unhealthy Business Competition Law No. 5 year 1999.
Temasek has a 40.77% stake in PT Indosat Tbk through Indonesia Communcation Pte Ltd and controls a 35% stake in PT Telkomsel through Singapore Telecom Mobile Pte Ltd. The cross-ownership has inflicted losses on the market and cell phone subscribers. From 2003 to 2006, Telkomsel subscribers and Indosat subscribers had lost between IDR14.7 trillion and IDR30.8 trillion.
In the cross-ownership case, there are ten accused parties, namely Temasek Holdings Pte, Ltd, Singapore Technologies Telemedia Pte Ltd (STT), STT Communication Ltd, Asia Mobile Holding Company Pte Ltd, Asia Mobile Holding Pte Ltd, Indonesia Communication Limited, Indonesia Communication Pte Ltd, SingTel, Singtel Mobile Pte Ltd, and PT Telkomsel.
At the trading closing on the Jakarta Stock Exchange (BEJ) today, Indosat's and Telkom's stock prices fell 4,76% and 3,35% by IDR400 and IDR350, respectively to IDR8,000 and IDR10,100.
Yesterday KPPU ruled that Temasek's cross-ownership in Indosat and Telkomsel had violated Article 27 of the Anti-Monopoly and Unhealthy Business Competition Law No. 5 year 1999.
Temasek has a 40.77% stake in PT Indosat Tbk through Indonesia Communcation Pte Ltd and controls a 35% stake in PT Telkomsel through Singapore Telecom Mobile Pte Ltd. The cross-ownership has inflicted losses on the market and cell phone subscribers. From 2003 to 2006, Telkomsel subscribers and Indosat subscribers had lost between IDR14.7 trillion and IDR30.8 trillion.
In the cross-ownership case, there are ten accused parties, namely Temasek Holdings Pte, Ltd, Singapore Technologies Telemedia Pte Ltd (STT), STT Communication Ltd, Asia Mobile Holding Company Pte Ltd, Asia Mobile Holding Pte Ltd, Indonesia Communication Limited, Indonesia Communication Pte Ltd, SingTel, Singtel Mobile Pte Ltd, and PT Telkomsel.
Monday, November 19, 2007
Default of Panin Capital Getting more Serious
The default of sovereign bonds by PT Panin Capital has been increasingly serious so that the total has reached IDR200 billion.
Panin Capital has not been able to pay the purchase of sovereign bonds to three securities companies, Bank Negara Indonesia and Bank Mandiri.
But Bank Mandiri Treasury Director Thomas Arifin denied the information saying that the bank did not have such transaction with Panin Capital.
"I have checked my staff and they confirmed that there is no transaction between Bank Mandiri and Panin Capital. We don't suffer any financial losses."
Panin Capital has cancelled bonds transaction with PT Andalan Artha Advisindo Sekuritas (AAA), PT CIMB-GK Securities Indonesia, and PT Trimegah Securities Tbk.
Panin Capital has not been able to pay the purchase of sovereign bonds to three securities companies, Bank Negara Indonesia and Bank Mandiri.
But Bank Mandiri Treasury Director Thomas Arifin denied the information saying that the bank did not have such transaction with Panin Capital.
"I have checked my staff and they confirmed that there is no transaction between Bank Mandiri and Panin Capital. We don't suffer any financial losses."
Panin Capital has cancelled bonds transaction with PT Andalan Artha Advisindo Sekuritas (AAA), PT CIMB-GK Securities Indonesia, and PT Trimegah Securities Tbk.
Friday, November 16, 2007
After BII, Temasek sell Indosat ??
KPPU signaled Temasek had violated of the Anti-Monopoly and Unhealthy Business Competition Law No. 5/ 1999. So..Temasek will sell Temasek ???
Last year, the government has prepared IDR12 trillion funds to buy back a 40.77% stake in publicly listed PT Indosat controlled by Singapore Technologies Telemedia Limited (STT) through Indonesia Communications Limited (ICL).
The funds will be taken from the government's reserve funds, the internal cash of publicly listed PT Telekomunikasi Indonesia and other state enterprises.
On the other side, Kookmin Bank, South Korea's largest bank, has been interested in taking control over PT Bank International Indonesia Tbk if Temasek Holding of Sorak Financial consortium is willing to sell its control.
The consortium of Sorak Financial, lead by Temasek, controls 55.95% shares of BII. Kookmin owns 14.07% at the consortium. Temasek, in the meantime, controls 67.99% shares of Bank Danamon Indonesia Tbk.
The Singapore based bank has to take decision this year regarding with Bank Indonesia's single presence policy, in which an investor may not control more than one bank.
Last year, the government has prepared IDR12 trillion funds to buy back a 40.77% stake in publicly listed PT Indosat controlled by Singapore Technologies Telemedia Limited (STT) through Indonesia Communications Limited (ICL).
The funds will be taken from the government's reserve funds, the internal cash of publicly listed PT Telekomunikasi Indonesia and other state enterprises.
On the other side, Kookmin Bank, South Korea's largest bank, has been interested in taking control over PT Bank International Indonesia Tbk if Temasek Holding of Sorak Financial consortium is willing to sell its control.
The consortium of Sorak Financial, lead by Temasek, controls 55.95% shares of BII. Kookmin owns 14.07% at the consortium. Temasek, in the meantime, controls 67.99% shares of Bank Danamon Indonesia Tbk.
The Singapore based bank has to take decision this year regarding with Bank Indonesia's single presence policy, in which an investor may not control more than one bank.
Sunday, November 11, 2007
BNI Divestment Postponed
The Ministry of State Owned Enterprises (MSOE) suggested it would postpone the divestment of 3.1% or 473.89 million shares of PT Bank Negara Indonesia Tbk has the stock price is less than IDR2,050 per unit.
Initially the government has planned to sell the stocks to cover the state budget deficit of 2007.
The SOE Ministry Sofyan Djalil said the sale should be at the optimum price. "We may postpone the divestment as the market price is not optimum. We don't want to force the market to buy at the higher price."
He said that the sale also should be discussed with finance minister.
The Deputy of MSOE on Restructuring and Privatization Mahmuddin Yasin also has complained about the price. "It has not passed the divestment price."
Initially the government planned to sell the stock to cover the state budget deficit of IDR21.8 trillion.
The bank stock price closed at IDR1,900 per unit, unchanged from that on the previous day, while the divestment price is IDR2,050.
Initially the government has planned to sell the stocks to cover the state budget deficit of 2007.
The SOE Ministry Sofyan Djalil said the sale should be at the optimum price. "We may postpone the divestment as the market price is not optimum. We don't want to force the market to buy at the higher price."
He said that the sale also should be discussed with finance minister.
The Deputy of MSOE on Restructuring and Privatization Mahmuddin Yasin also has complained about the price. "It has not passed the divestment price."
Initially the government planned to sell the stock to cover the state budget deficit of IDR21.8 trillion.
The bank stock price closed at IDR1,900 per unit, unchanged from that on the previous day, while the divestment price is IDR2,050.
Krakatau Steel Considering Bonds Issuance
PT Krakatau Steel has been reviewing the plan to issue US$130 million bonds to modernize its facilities.
Regarding with this, the government has postponed the IPO plan of Krakatau Steel from the initial schedule of 2008-2009.
But the IPO plan of two units of Krakatau Steel, PT Pelat Timah Nusantara and PT KHI Pipe Industri, will still be next year.
Krakatau Steel President Director Fazwar Bujang said the company has explained to modernize the facility next year. "We need the investment of US$130 million. Bonds will be a financing alternative apart from the external financing," he said last week.
Krakatau Steel has assigned PT Trimegah Securities Tbk to underwrite the IPO of 35% shares of PT Pelat Timah Nusantara (Latinusa).
PT Danatama Makmur will underwrite the IPO of 32.5% shares of PT KHI Pipe Industries to get the fresh capital of IDR118 billion.
KHI Pipe has appointed PT Danareksa Sekuritas as the financial consultant for the IPO.
According to plan KHI will offer 40.25% or one billion shares to the public at the price of IODR105-IDR115. KHI will also issue 200 million units of warrant.
Krakatau Steel controlled 97.72% shares of KHI and KHI's other shares belong to PT Indhsana.
Last year Krakatau Steel posted the net loss of IDR97 billion, mainly from the loss of the holding company as much as IDR194 billion, meaning that the company failed to meet last year's target. The company has targeted to post the net profit of IDR109 billion last year.
Regarding with this, the government has postponed the IPO plan of Krakatau Steel from the initial schedule of 2008-2009.
But the IPO plan of two units of Krakatau Steel, PT Pelat Timah Nusantara and PT KHI Pipe Industri, will still be next year.
Krakatau Steel President Director Fazwar Bujang said the company has explained to modernize the facility next year. "We need the investment of US$130 million. Bonds will be a financing alternative apart from the external financing," he said last week.
Krakatau Steel has assigned PT Trimegah Securities Tbk to underwrite the IPO of 35% shares of PT Pelat Timah Nusantara (Latinusa).
PT Danatama Makmur will underwrite the IPO of 32.5% shares of PT KHI Pipe Industries to get the fresh capital of IDR118 billion.
KHI Pipe has appointed PT Danareksa Sekuritas as the financial consultant for the IPO.
According to plan KHI will offer 40.25% or one billion shares to the public at the price of IODR105-IDR115. KHI will also issue 200 million units of warrant.
Krakatau Steel controlled 97.72% shares of KHI and KHI's other shares belong to PT Indhsana.
Last year Krakatau Steel posted the net loss of IDR97 billion, mainly from the loss of the holding company as much as IDR194 billion, meaning that the company failed to meet last year's target. The company has targeted to post the net profit of IDR109 billion last year.
Thursday, November 8, 2007
Titan to Takeover Fatrapolindo at US$195 Million
After acquiring 100% shares of PT Petrokimia Nusantara (Peni) in 2005, Titan Chemicals Corp Bhd of Malaysia has planned to arrange reverse takeover over 5.16 million shares of PT Fatrapolindo Nusa Industri Tbk at US$195 million.
Titan also has announced at Kuala Lumpur Stock Exchange yesterday that it has been ready to sell its assets in Indonesia to Fatrapolindo at US$188.4 million.
In this regard Titan, through its unit Titan Internasional Corp Sdn Bhd, plans to buy 5.16 million shares of Fatrapolindo at IDR345 per share, a discount of 22.5% from yesterday closing price of IDR455 at the Jakarta Stock Exchange.
In the meantime Titan Chemicals, through its init Titan Petchem, has signed conditional sale and purchase agreement with Fatra Internasional Holding Limited, a unit of Fatrapolindo.
Titan Petchem will sell 100% shares at Chemical Brothers Limited at US$188.4 million in cash to Fatra Internasional.
The acquisition is arranged while Fatrapolindo is suffering some losses. In the first nine months of the year Fatrapolindo posted the net loss of IDR33.9 billion compared with IDR17.6 billion at the same period of last year.
But the share price of the company has jumped so that the Jakarta Stock Exchange has suspended the stock on September 6.
The Malaysian petrochemical company acquired 100% shares of Peni in 2005 from Indika Group at US$78 million so that Titan has become the Southeast Asian's largest company on polyethylene. Peni's production capacity of 450,000 tons per annum has boosted Titan's production capacity by 50%.
Titan also has announced at Kuala Lumpur Stock Exchange yesterday that it has been ready to sell its assets in Indonesia to Fatrapolindo at US$188.4 million.
In this regard Titan, through its unit Titan Internasional Corp Sdn Bhd, plans to buy 5.16 million shares of Fatrapolindo at IDR345 per share, a discount of 22.5% from yesterday closing price of IDR455 at the Jakarta Stock Exchange.
In the meantime Titan Chemicals, through its init Titan Petchem, has signed conditional sale and purchase agreement with Fatra Internasional Holding Limited, a unit of Fatrapolindo.
Titan Petchem will sell 100% shares at Chemical Brothers Limited at US$188.4 million in cash to Fatra Internasional.
The acquisition is arranged while Fatrapolindo is suffering some losses. In the first nine months of the year Fatrapolindo posted the net loss of IDR33.9 billion compared with IDR17.6 billion at the same period of last year.
But the share price of the company has jumped so that the Jakarta Stock Exchange has suspended the stock on September 6.
The Malaysian petrochemical company acquired 100% shares of Peni in 2005 from Indika Group at US$78 million so that Titan has become the Southeast Asian's largest company on polyethylene. Peni's production capacity of 450,000 tons per annum has boosted Titan's production capacity by 50%.
Monday, November 5, 2007
Temasek Can File Lawsuit
State Minister for State Enterprises Sofyan Djalil has no objection if Temasek wants to file lawsuit against the ruling of the Business Competition Supervisory Commission (KPPU)-scheduled to be issued in the third week of the month-on the allegation of monopoly and cross-ownership of Singapore's Temasek in Telkom and Indosat.
3.1% Stake in BNI Divested to Strategic Investors
The State Ministry for State Enterprises is offering a 3.1% stake in BNI or 473.89 million shares to strategic investors.
The measure is taken to meet the target of state enterprises to contribute IDR21.8 trillion to the State Budget and is expected to be realized by the yearend.
The shares of BNI that the government will divest are those purchased through stabilizing agent PT JP Morgan Securities Indonesia when BNI's stock price was still below IDR2,050 per share or equal its divestiture price.
In BNI's stock price stabilization, JP Morgan previously raised IDR1 trillion fund, which equals the bank's green shoe of 473.89 million shares at IDR2,050 per share.
BNI's stock price booked its record high on August 25, 2007 at IDR2,858 per share. However, after the divestiture, BNI's stock price fell to IDR1,640 per share.
According to Deputy State Minister for State Enterprises for Restructuring and Privatization Mahmuddin Yasin, the deadline of the divestiture of the 3.1% stake would fall on November 1, 2007, or the same with the end of the lock-up period of green shoe securities.
The measure is taken to meet the target of state enterprises to contribute IDR21.8 trillion to the State Budget and is expected to be realized by the yearend.
The shares of BNI that the government will divest are those purchased through stabilizing agent PT JP Morgan Securities Indonesia when BNI's stock price was still below IDR2,050 per share or equal its divestiture price.
In BNI's stock price stabilization, JP Morgan previously raised IDR1 trillion fund, which equals the bank's green shoe of 473.89 million shares at IDR2,050 per share.
BNI's stock price booked its record high on August 25, 2007 at IDR2,858 per share. However, after the divestiture, BNI's stock price fell to IDR1,640 per share.
According to Deputy State Minister for State Enterprises for Restructuring and Privatization Mahmuddin Yasin, the deadline of the divestiture of the 3.1% stake would fall on November 1, 2007, or the same with the end of the lock-up period of green shoe securities.
Thursday, November 1, 2007
Jasa Marga Allots 80% Shares for Institutional Investors
PT Jasa Marga and the underwriters have planned to allot 80% of the offered stocks to institutional investors and the rest will be for retail ones. The allocation is aimed at stabilizing the stock price at the secondary market.
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