The acquisition of 64.04% stakes of PT Perusahaan Perkebunan London Sumatera Tbk (Lonsum) at IDR9,1 trillion has been concluded yesterday, faster than the target of December this year.
With such conclusion, the stocks of Lonsum have changed hand to IndoAgri. Following the deal IndoAgri will arrange tender offer over the public stocks of Lonsum at IDR6,900 using banking loans and internal cash reserve.
Wednesday, October 31, 2007
Semen Gresik Considers Convertible Bonds in 2008
PT Semen Gresik Tbk is considering issuing convertible bonds next year. Bisnis Indonesia source said the company will issue the convertible bonds after the issuance of US$500 million bonds in January 2008.
The company will issue US$500 million loan and then it will issue the convertible bonds.
The Vice President Director of Semen Gresik Rudiantara said to me that he did not know the plan yet.
The company needs additional capital of US$200 million in addition to US$1.3 billion in the previous plan to finance the development of two power plants.
The company will issue US$500 million loan and then it will issue the convertible bonds.
The Vice President Director of Semen Gresik Rudiantara said to me that he did not know the plan yet.
The company needs additional capital of US$200 million in addition to US$1.3 billion in the previous plan to finance the development of two power plants.
Monday, October 29, 2007
Who lead Danareksa ?
The SOE Minitry has run fit and proper test over the candidates of the company's president director. Kahlil Rowter, Edgar, Eko Budiwijono, Ito Warsito are the candidate for this position.
The SOE Ministry has assigned Wahzary Wardaya as the acting president director of Danareksa as Lin Che Wei has resigned five months ago.
The SOE Ministry has assigned Wahzary Wardaya as the acting president director of Danareksa as Lin Che Wei has resigned five months ago.
Jasa Marga Deal
Big institutions, such as Jamsostek, Telkom Pension Fund, and Schroder Investment Management Indonesia are deal with goverment to boost the price to IDR1,700 in a bid to secure Jasa Marga's stock price movement in the secondary market.
The IDR1,700 price reflects an estimate of the 2008 price to earning ratio (PER) at 26.6 times, far higher than Plus Expressway Bhds PER of14.64 times. Based on the initial price, the market cap of Jasa Marga is only US$1.27 billion, far below US$4.9 billion in Plus's market cap.
Most of the funds raised from Jasa Marga's IPO (90%) are going to be spent as equities in its subsidiaries in Bogor Ring Road, Gempol-Pasuruan, Semarang-Solo, JORR W2 Utara, and other toll roads, while the remaining 10% will be spent to improve the capacity of the existing toll roads.
The underwriters of Jasa Marga's IPO are PT Bahana Securities, PT Danareksa Sekuritas, and PT Mandiri Sekuritas, while the international lead arrangers are Credit Suisse and UBS Securities.
The IDR1,700 price reflects an estimate of the 2008 price to earning ratio (PER) at 26.6 times, far higher than Plus Expressway Bhds PER of14.64 times. Based on the initial price, the market cap of Jasa Marga is only US$1.27 billion, far below US$4.9 billion in Plus's market cap.
Most of the funds raised from Jasa Marga's IPO (90%) are going to be spent as equities in its subsidiaries in Bogor Ring Road, Gempol-Pasuruan, Semarang-Solo, JORR W2 Utara, and other toll roads, while the remaining 10% will be spent to improve the capacity of the existing toll roads.
The underwriters of Jasa Marga's IPO are PT Bahana Securities, PT Danareksa Sekuritas, and PT Mandiri Sekuritas, while the international lead arrangers are Credit Suisse and UBS Securities.
Tuesday, October 16, 2007
BLTA to Acquire Chembulk Tankers at US$850 Million
The acquisition value of US shipping company Chembulk Tankers by Berlian Laju Tanker Tbk has increased from US$500 million to US$850 million. As much as US$750 million of the acquisition fund will be from new loan.
In this regard BLTA has planned to search for money by selling non-core assets to cut the debt ratio. Fitch Rating has responded negatively by granting negative rating for the acquisition plan.
Fitch granted BB- rating for BLTA. The rating agency also granted BB- for US$400 million bonds issued by Berlian Laju Tanker Finance that will mature in 2014.
Fitch has predicted that the debt to EBITDA (earnings before interest, taxes, and amortization) ratio of BLTA will increase substantially from 2.7 times in the first half of 2007.
In this regard BLTA has planned to search for money by selling non-core assets to cut the debt ratio. Fitch Rating has responded negatively by granting negative rating for the acquisition plan.
Fitch granted BB- rating for BLTA. The rating agency also granted BB- for US$400 million bonds issued by Berlian Laju Tanker Finance that will mature in 2014.
Fitch has predicted that the debt to EBITDA (earnings before interest, taxes, and amortization) ratio of BLTA will increase substantially from 2.7 times in the first half of 2007.
Wednesday, October 3, 2007
Silakencana Acquires a 50% Stake in Tuban Petro
PT Silakencana Tirtalestari, which is owned by businessperson Honggo Wendratno, has reached an agreement with the Department of Finance and the Assets Management Company (PPA) to acquire a 50% stake in PT Tuban Petrochemical Industries (Tuban Petro) for IDR3.2 trillion.
In the wake of the transaction, PPA has secured IDR3.2 trillion in contribution to the 2008 State Budget, larger than IDR300 billion targeted. With the agreement, the State Oil Company (Pertamina) has to cancel its intention to acquire a majority stake in Tuban Petro.
The confirmation about the entry of Silakencana was made after the Minister of Finance gave a go to PPA to dispose its stake asset in Tuban Petro. The Department of Finance approved the acquisition if Silakencana could service its IDR3.2 trillion debt faster than 2014 initially scheduled.
With the transaction, Silakencana increases its stake in Tuban Petro from 30% to 80%, while PPA still retains a 20% stake. President Director of PPA Mohammad Syahrial revealed the Minister of Finance had given a go to dispose PPA's stake in Tuban Petro.
"We ask for IDR3.2 trillion in cash payment, not in notes," he told me last week.
The legal documentation process of the acquisition is still being made and is scheduled for completion next year. Following the acquisition, PPA will still hold a 20% stake in Tuban Petro.
Silakencana is owned by Honggo Wendratno-partner of Hashim S. Djojohadikusumo, the owner of Tirtamas Grup-who owes PPA IDR3.2 trillion. Previously, Hashim intended to acquire a 45%-50% stake in Tuban Petro, but the plan was cancelled due to differences in opinions between Honggo and Hashim.
After the transaction, the government will review whether it will still retain its stake in Tuban Petro. However, judging from the company's good outlook, it is likely the government will retain its stake in Tuban Petro.
In the wake of the transaction, PPA has secured IDR3.2 trillion in contribution to the 2008 State Budget, larger than IDR300 billion targeted. With the agreement, the State Oil Company (Pertamina) has to cancel its intention to acquire a majority stake in Tuban Petro.
The confirmation about the entry of Silakencana was made after the Minister of Finance gave a go to PPA to dispose its stake asset in Tuban Petro. The Department of Finance approved the acquisition if Silakencana could service its IDR3.2 trillion debt faster than 2014 initially scheduled.
With the transaction, Silakencana increases its stake in Tuban Petro from 30% to 80%, while PPA still retains a 20% stake. President Director of PPA Mohammad Syahrial revealed the Minister of Finance had given a go to dispose PPA's stake in Tuban Petro.
"We ask for IDR3.2 trillion in cash payment, not in notes," he told me last week.
The legal documentation process of the acquisition is still being made and is scheduled for completion next year. Following the acquisition, PPA will still hold a 20% stake in Tuban Petro.
Silakencana is owned by Honggo Wendratno-partner of Hashim S. Djojohadikusumo, the owner of Tirtamas Grup-who owes PPA IDR3.2 trillion. Previously, Hashim intended to acquire a 45%-50% stake in Tuban Petro, but the plan was cancelled due to differences in opinions between Honggo and Hashim.
After the transaction, the government will review whether it will still retain its stake in Tuban Petro. However, judging from the company's good outlook, it is likely the government will retain its stake in Tuban Petro.
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