JP Morgan Securities Indonesia has cancels to underwrite the initial public offering of 20%-30% shares of PT Darma Henwa.
Darma Henwa has targeted to get US$100 million from the IPO instead of US$200 million on the previous plan. Darma Henwa has filed the plan to Bapepam LK and the Jakarta Stock Exchange so that the IPO should be arranged next September.
Monday, July 23, 2007
Tuesday, July 17, 2007
Elnusa on Sale
A unit of Indonesia's state oil company PT Pertamina expects to raise $30 million by selling stake to the public later this year, President Commissioner Iin
Arifin Takhyan said.
The unit, PT Elnusa, will sell 20 percent of new shares, Takhyan, also Vice President of Pertamina. Proceeds from the stake sale will be used to drill wells and expand its oil service business.
Elnusa owns 9 units plus two non-consolidated units. Elnusa has been in three line of business. Firstly, the company has been operating in upstream and downstream services. In upstream level the company has provided services on exploration, production, geo-physic data processing, integrated drilling and integrated oil and gas services.
In this sector, the company has four units -- Elnusa Geosains, Elnusa Drilling Services, Elnusa Petrofin and EWS Oilfield Services. Secondly, the company has the business on asset based oil and gas. The company's unit in this sector is Elnusa Bangkanai Energy Ltd.
The third services are on data and information for the companies on oil and gas industries. The units in this sector are PT Patra Nusa Data, PT Sigma Caraka Utama, ELMIK, PT Elnusa Rentrakom, PT Infomesia Nusantara and PT Patra Telekomunikasi Indonesia.
Arifin Takhyan said.
The unit, PT Elnusa, will sell 20 percent of new shares, Takhyan, also Vice President of Pertamina. Proceeds from the stake sale will be used to drill wells and expand its oil service business.
Elnusa owns 9 units plus two non-consolidated units. Elnusa has been in three line of business. Firstly, the company has been operating in upstream and downstream services. In upstream level the company has provided services on exploration, production, geo-physic data processing, integrated drilling and integrated oil and gas services.
In this sector, the company has four units -- Elnusa Geosains, Elnusa Drilling Services, Elnusa Petrofin and EWS Oilfield Services. Secondly, the company has the business on asset based oil and gas. The company's unit in this sector is Elnusa Bangkanai Energy Ltd.
The third services are on data and information for the companies on oil and gas industries. The units in this sector are PT Patra Nusa Data, PT Sigma Caraka Utama, ELMIK, PT Elnusa Rentrakom, PT Infomesia Nusantara and PT Patra Telekomunikasi Indonesia.
Restructuring and Privatization Unit of State Ministry for State Enterprises to be Liquidated
The government's plan to liquidate the first-echelon unit of the Restructuring and Privatization at the State Ministry for State Enterprises is estimated to ruin the privatization process of some state-owned enterprises.
The liquidation of the unit, which has been handling state-owned enterprise restructuring and sales for nine years, was deliberated at the meeting of the State Ministry for State Enterprises Board of Chairpersons on July 9, 2007.
Next year, the State Ministry for State Enterprises plan to dispose the government's shares in 16 state-owned enterprises, although the plan has yet been approved by the House of Representatives and the Privatization Policy Committee.
The liquidation of the unit, which has been handling state-owned enterprise restructuring and sales for nine years, was deliberated at the meeting of the State Ministry for State Enterprises Board of Chairpersons on July 9, 2007.
Next year, the State Ministry for State Enterprises plan to dispose the government's shares in 16 state-owned enterprises, although the plan has yet been approved by the House of Representatives and the Privatization Policy Committee.
Friday, July 13, 2007
Divestment Price of BNI IDR2,200-IDR2,450
The offering price of 30% shares of Bank Negara Indonesia Tbk during the government's divestment program will be around IDR2,20-IDR2,450 per share, a discount of 9.18% to yesterday closing price.
With such assumption, the government would be able to generate IDR3.3 trillion - IDR3.67 trillion. But the offering price still subject to change as it has not been approved by SOE Minister Sofyan A Djalil.
My data shows that the minimum revenue from the offering will be IDR8.7 trillion, IDR4.2 trillion of which will go to the bank to strengthen the capital, and the rest will go to the state budget of 2007.
The transfer to the state budget of 2007 would increase from the previous target of IDR3.3 trillion to the present target of IDR4.7 trillion from the sales of 1.5 billion stocks. In the meantime the government will sell additional shares of 1.9 billion units it has got from rights issue.
It means the government will get some profit as the rights issue price was IDR2,025 per unit.
If the government could sell the stocks at the price of IDR2,450, it would get the additional revenues of IDR839.18 billion.
It means that if the rights issued and the divestment will be at IDR2,450, the transfer to the state budget would be IDR4.51 trillion, lower than the target of IDR4.7 trillion. It will come from IDR3.67 trillion and IDR839.18 billion.
The bank's business plan shows that the bank's capital adequacy ratio could be 20%.
If BNI disburses new loan of IDR1 trillion, the bank's capital adequacy ratio will decline by 0.15%, while to increase the CAR by one percentage point it should get additional capital of IDR909 billion. The bank needs additional capital of IDR4.48 trillion this year.
On the rights issue BNI set the price of IDR2,025 per unit. Investors owning 20 units of stock may buy three new units. Initially the privatization target is IDR3.3 trillion, but it has been revised to IDR4.3 trillion, and later to IDR4.7 trillion.
With such assumption, the government would be able to generate IDR3.3 trillion - IDR3.67 trillion. But the offering price still subject to change as it has not been approved by SOE Minister Sofyan A Djalil.
My data shows that the minimum revenue from the offering will be IDR8.7 trillion, IDR4.2 trillion of which will go to the bank to strengthen the capital, and the rest will go to the state budget of 2007.
The transfer to the state budget of 2007 would increase from the previous target of IDR3.3 trillion to the present target of IDR4.7 trillion from the sales of 1.5 billion stocks. In the meantime the government will sell additional shares of 1.9 billion units it has got from rights issue.
It means the government will get some profit as the rights issue price was IDR2,025 per unit.
If the government could sell the stocks at the price of IDR2,450, it would get the additional revenues of IDR839.18 billion.
It means that if the rights issued and the divestment will be at IDR2,450, the transfer to the state budget would be IDR4.51 trillion, lower than the target of IDR4.7 trillion. It will come from IDR3.67 trillion and IDR839.18 billion.
The bank's business plan shows that the bank's capital adequacy ratio could be 20%.
If BNI disburses new loan of IDR1 trillion, the bank's capital adequacy ratio will decline by 0.15%, while to increase the CAR by one percentage point it should get additional capital of IDR909 billion. The bank needs additional capital of IDR4.48 trillion this year.
On the rights issue BNI set the price of IDR2,025 per unit. Investors owning 20 units of stock may buy three new units. Initially the privatization target is IDR3.3 trillion, but it has been revised to IDR4.3 trillion, and later to IDR4.7 trillion.
Monday, July 9, 2007
BNI Seeks IDR8.7 Trillion from 30% Shares Offering
BNI has targeted to get IDR8.7 trillion from the offering of 30% shares. Some IDR4.2 trillion will go to the company's capital, and the rest IDR4.7 trillion will go to the state budget of 2007.
the initial target of transfer to the state budget was IDR3.3 trillion. The transfer will be from the sale of 1.5 billion shares. Apart from that, the government will sell 1.9 billion shares it got from rights issue of BNI.
It means that, the government has projected to get some gains from the rights issue of IDR2,025 and the ones it will get from the sale of the shares. If the share price from the rights issue can be IDR2,400, the government will get additional revenue of IDR570 billion. This is conservative figure as the stock price can be higher than that.
The prospectus has said that the price target is IDR2,025 both for the rights issue and for the divestment program. In fact the price should be determined based on the book building process.
BNI has determined that the share price during the rights issue is IDR2,025 per share, and investor with 20 shares may get three new stocks.
The SOE Ministry has confirmed not to take the right and let investors to buy the stocks. BNI will get IDR4.03 trillion from the rights issue.
the initial target of transfer to the state budget was IDR3.3 trillion. The transfer will be from the sale of 1.5 billion shares. Apart from that, the government will sell 1.9 billion shares it got from rights issue of BNI.
It means that, the government has projected to get some gains from the rights issue of IDR2,025 and the ones it will get from the sale of the shares. If the share price from the rights issue can be IDR2,400, the government will get additional revenue of IDR570 billion. This is conservative figure as the stock price can be higher than that.
The prospectus has said that the price target is IDR2,025 both for the rights issue and for the divestment program. In fact the price should be determined based on the book building process.
BNI has determined that the share price during the rights issue is IDR2,025 per share, and investor with 20 shares may get three new stocks.
The SOE Ministry has confirmed not to take the right and let investors to buy the stocks. BNI will get IDR4.03 trillion from the rights issue.
Saptaindra IPO to get US$350 milion
Following PT Adaro Indonesia, another coal mining contractor, PT Saptaindra Sejati, has planned to go public in a bid to get US$300 million - US$350 million.
Saptaindra Sejati, is a unit of Dianlia Group with the main business of coal mining contractor.
An executive getting involved in the transaction said that some brokers have been invited to handle the transaction of the stock.
Apart from Saptaindra, Adaro Indonesia also has planned to offer the stock on the second half of the year in order to get US$600 million. The owners of Adaro Indonesia are Dianlia Setyamukti (91.8%) and MEC Indo Coal from the US (8.2%).
The company has assigned Goldman Sachs and UBS AG to underwrite the IPO.
Some other investors also have been preparing themselves to go public. PT Dharma Henwa Indonesia, a mining contractor, also has planned to sell 30% of new shares to get the fresh capital of US$200 million.
The IPO will be on the second half of the year, and PT Danatama Makmur and PT JP Morgan Securities Indonesia will be the underwriter. One source said that Dharma Henwa may go public next August.
The offering of Dharma Henwa is one of 25 companies that were targeted by JSX to go public this year. Among other companies are PT Jasa Marga, PT Wijaya Karya, and PT Wijaya Karya.
Saptaindra Sejati, is a unit of Dianlia Group with the main business of coal mining contractor.
An executive getting involved in the transaction said that some brokers have been invited to handle the transaction of the stock.
Apart from Saptaindra, Adaro Indonesia also has planned to offer the stock on the second half of the year in order to get US$600 million. The owners of Adaro Indonesia are Dianlia Setyamukti (91.8%) and MEC Indo Coal from the US (8.2%).
The company has assigned Goldman Sachs and UBS AG to underwrite the IPO.
Some other investors also have been preparing themselves to go public. PT Dharma Henwa Indonesia, a mining contractor, also has planned to sell 30% of new shares to get the fresh capital of US$200 million.
The IPO will be on the second half of the year, and PT Danatama Makmur and PT JP Morgan Securities Indonesia will be the underwriter. One source said that Dharma Henwa may go public next August.
The offering of Dharma Henwa is one of 25 companies that were targeted by JSX to go public this year. Among other companies are PT Jasa Marga, PT Wijaya Karya, and PT Wijaya Karya.
Thursday, July 5, 2007
Lin Che Wei Likely Retained
Lin Che Wei Likely RetainedCommissioners and Directors of Danareksa Conflicting on Profit
Wednesday, July 4, 2007
Nalin VS Alambai
My source told me we can see big battle between Syarifuddin Alambai former President Director PT Jasa Marga and Eksekutif Bakrie Grup Nalin Rathod.
Whats impact from this battle ? Ahaa BNI pospone the plan to drawdown credit for toll road Kanci-Pejagan who build by PT Semesta Marga Raya
Whats impact from this battle ? Ahaa BNI pospone the plan to drawdown credit for toll road Kanci-Pejagan who build by PT Semesta Marga Raya
Monday, July 2, 2007
Adaro May Seek $600 Million in Record Indonesia IPO
PT Adaro Indonesia, the nation's second-largest coal producer, plans to sell shares in what may be the biggest initial public offering in Indonesia.
Adaro may raise as much as $600 million selling between 20 percent and 30 percent of existing and new shares this yearAdaro is considering hiring Goldman Sachs Group Inc. and UBS AG as advisers for the share sale,
Adaro may raise as much as $600 million selling between 20 percent and 30 percent of existing and new shares this yearAdaro is considering hiring Goldman Sachs Group Inc. and UBS AG as advisers for the share sale,
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