Khazanah Nasional Berhad is mulling to assign Glenn Muhammad Surya Yusuf to become the president director of Bank Niaga, and it has informally discussed the plan with Bank Indonesia.
My source said that Glen will replace Hashemi Albakri, the present president director of Bank Niaga.
"Khazanah has informally talked with BI on possible assignment of Glen Yusuf. The plan is being discussed seriously," he said yesterday.
Bank Niaga has established a team to review possible merger with Bank Lippo. The members of the committee are representatives of Bank Niaga, Bank Lippo, CIMB, Khazanah Bhd, and independent members Glenn Yusuf and Abdul Gani.
Glenn has started his carrier at Citibank in 1982 as a trainee, then a lease officer of the bank in 1982-1983. He became the manager of Citicorp Capital Market Group Citibank in 1983-1985.
In 1985-1989 he became the general manager of Bank Niaga in Los Angeles, and in 1989-1990 he become the Investment Banking Group of Bank Niaga and then Finance Director of the same bank in 1994.
He became the president director of Danareksa in 1998, and then the Chairman of Indonesian Bank Restructuring Agency in 1998-2000. Since then he chaired PT London Sumatra Plantation Tbk. He was successful in recovering the company's performance and the stock price.
Khazanah has assigned PT JP Morgan Securities Indonesia as the financial consultant for the merger of Bank Niaga and Bank Lippo. Khazanah also will assign Melli Darsa & Co and Hadiputranto, Hadinoto & partner as the legal advisor.
The merger plan of Bank Niaga and Bank Lippo is driven by Bumiputera-Commerce Holdings Berhad, the second largest bank in Malaysia and a leading bank in Southeast Asia. It controls 63.13% shares of Bank Niaga through CIMB Group and 87.5% shares of Lippo Bank through Khazanah Nasional Bhd.
Friday, February 29, 2008
Thursday, February 28, 2008
Mandiri versus Avenue
Bank Mandiri and Avenue Luksemburg prepare ammunition to buy Bank Internasional Indonesia. Who is the winner ?
Temasek Holding has planned to sell 55.85% shares of Bank Internasional Indonesia to get US$700 million while investors from China, the US and the Middle East have been interested in the bank.
Temasek Group, through Fullerton Financial Holdings Pte Ltd (FFH), has decided to sell its shares at BII in respond to Bank Indonesia's single presence policy.
It means FFH will retain its control over Bank Danamon and cancel the merger plan of the two banks. The sale of BII should be concluded before December 2010.
Temasek Holding has planned to sell 55.85% shares of Bank Internasional Indonesia to get US$700 million while investors from China, the US and the Middle East have been interested in the bank.
Temasek Group, through Fullerton Financial Holdings Pte Ltd (FFH), has decided to sell its shares at BII in respond to Bank Indonesia's single presence policy.
It means FFH will retain its control over Bank Danamon and cancel the merger plan of the two banks. The sale of BII should be concluded before December 2010.
Tuesday, February 26, 2008
Force Majour in Tuban Petro
Indonesian petrochemical firm Trans Pacific Petrochemical Indotama (TPPI) has declared force majeure this week due to a problem with port facilities.
The shareholders of Tuban Petro outside PPA are Itochu Corporation (4.25%), Tuban Petrochemicals Pte Ltd (the subsidiary of Siam Cement PCL, 17%), Sojitz Corporation (4.25%), and Pertamina (15%).
Currently, PPA's stock and credit assets in Tuban Petro consist of IDR3.266 trillion's worth multi years bond and IDR4.167 trillion's worth mandatory convertible bonds (MCB).
The MCBs represent a 21%-25% stake in PT Trans Pacific Petrochemical Indotama (TPPI). TPPI produces 1.06 million tons of aromatic, such as paraxylene, benzene, toluene, and orthoxylene, annually.
In addition, TPPI will also produce 1.62 million tons of fuel per annum and 1.06 million tons of light naptha per annum.
Tuban Petro now is trying to boost the production capacity of its paraxylene plant.
The shareholders of Tuban Petro outside PPA are Itochu Corporation (4.25%), Tuban Petrochemicals Pte Ltd (the subsidiary of Siam Cement PCL, 17%), Sojitz Corporation (4.25%), and Pertamina (15%).
Currently, PPA's stock and credit assets in Tuban Petro consist of IDR3.266 trillion's worth multi years bond and IDR4.167 trillion's worth mandatory convertible bonds (MCB).
The MCBs represent a 21%-25% stake in PT Trans Pacific Petrochemical Indotama (TPPI). TPPI produces 1.06 million tons of aromatic, such as paraxylene, benzene, toluene, and orthoxylene, annually.
In addition, TPPI will also produce 1.62 million tons of fuel per annum and 1.06 million tons of light naptha per annum.
Tuban Petro now is trying to boost the production capacity of its paraxylene plant.
Monday, February 25, 2008
Denied Polysindo Plan
The State Assets Management Corporation (PPA) has rejected the debt to equity conversion of PT Polysindo Eka Perkasa Tbk as it has cut the principle of the debt.
PPA has 28% out of the total secured loan of Polysindo as much as US$1 billion. Polysindo also has US$630 million of unsecured loan.
The President Director of PPA Mohammad Syahrial said that the debt to equity conversion program of Polysindo is not accountable.
"The Polysindo-style restructuring is unacceptable," he told me last week.
He said PPA cannot accept the restructuring offer of Polysindo.
PPA Corporate Secretary Renny O Rorong said PPA did not attend the EGMS of Polysindo on February 21. "We did not attend the EGMS. On whether they would like to seek loan, it is a matter of corporate action."
The EGMS has approved reverse stock program of Polysindo at the ratio of 1:20 as the part of the debt conversion program.
For the unsecured loan the company issued 43 billion shares that have been traded since October 2007.
But there has not been any solution regarding with 28% out of US$1 billion of secured debt of Polysindo.
After the reverse stock program Damiano BV still become the controlling shareholder (59.83%) shares of Polysindo. The rest consist of A series stocks that belong to PT Multikarsa Investama (5.53%) and the public (3.71%) and C series of stocks that belong to the public (9.07%).
PPA has 28% out of the total secured loan of Polysindo as much as US$1 billion. Polysindo also has US$630 million of unsecured loan.
The President Director of PPA Mohammad Syahrial said that the debt to equity conversion program of Polysindo is not accountable.
"The Polysindo-style restructuring is unacceptable," he told me last week.
He said PPA cannot accept the restructuring offer of Polysindo.
PPA Corporate Secretary Renny O Rorong said PPA did not attend the EGMS of Polysindo on February 21. "We did not attend the EGMS. On whether they would like to seek loan, it is a matter of corporate action."
The EGMS has approved reverse stock program of Polysindo at the ratio of 1:20 as the part of the debt conversion program.
For the unsecured loan the company issued 43 billion shares that have been traded since October 2007.
But there has not been any solution regarding with 28% out of US$1 billion of secured debt of Polysindo.
After the reverse stock program Damiano BV still become the controlling shareholder (59.83%) shares of Polysindo. The rest consist of A series stocks that belong to PT Multikarsa Investama (5.53%) and the public (3.71%) and C series of stocks that belong to the public (9.07%).
Who get BII ?
PT Bank Internasional Indonesia, Tbk (BII) announced that Fullerton Financial Holdings Pte. Ltd. (FFH), as the majority shareholder of BII, has informed its decision to select the option of a sale of its interest in BII in line with the Single Presence Policy. FFH expects to complete the sale before the regulatory deadline of end December 2010.
The decision is in line with the Ownership Structure Adjustment Plan that was submitted by FFH to the Central Bank in December 2007. After evaluating both options as stated in the Ownership Structure Adjustment Plan, FFH has selected the option to sell its investment in BII.
We compare the price of BII whe The State Assets Management Corporation (PPA) and Indonesian Bank Restructuring Agency sold the shares.
PPA has sold 5.22% stakes in BII at the price of IDR205 per unit so that the state owned company has raised IDR514.26 billion. IBRA sell 17,43% shares in BII at price IDR90 per unit so that the government has raised Rp749,465 miliar. IBRA get IDR1,998 triliun from strategic sale 51% BII shares and drip sale 2,57% shares at average prica IDR104 that government has raised IDR128,286 billion.
Nothing wrong, because Temaseh Holding success to develop market apetite investor.
The decision is in line with the Ownership Structure Adjustment Plan that was submitted by FFH to the Central Bank in December 2007. After evaluating both options as stated in the Ownership Structure Adjustment Plan, FFH has selected the option to sell its investment in BII.
We compare the price of BII whe The State Assets Management Corporation (PPA) and Indonesian Bank Restructuring Agency sold the shares.
PPA has sold 5.22% stakes in BII at the price of IDR205 per unit so that the state owned company has raised IDR514.26 billion. IBRA sell 17,43% shares in BII at price IDR90 per unit so that the government has raised Rp749,465 miliar. IBRA get IDR1,998 triliun from strategic sale 51% BII shares and drip sale 2,57% shares at average prica IDR104 that government has raised IDR128,286 billion.
Nothing wrong, because Temaseh Holding success to develop market apetite investor.
Monday, February 18, 2008
Who lead Bank Mandiri
Three name have become the strongest candidates to become the President Director of Bank Mandiri Tbk. Two from internal executives of that bank and one from eksternal
Bank Mandiri Mulls to Acquire 56% Shares of BII
PT Bank Mandiri Tbk is mulling to acquire 56.12% shares of PT Bank Internasional Indonesia Tbk (BII) as Temasek Holding is considering selling the shares.
An executive familiar with the plan said Bank Mandiri will compete with some foreign banks.
"Bank Mandiri has talks with Temasek Holding on the acquisition plan," he said last week.
Temasek Holdings of Singapore has become the controlling shareholder of BII and Bank Danamon through Fullerton Financial Holdings Pte Ltd.
Fullerton controls 68.09% shares of Danamon through Asia Financial and controls 56.13% shares of Danamon through Sorak Financial Holdings Pte. Ltd.
In mid December 2007 Temasek and Fullerton announce that they prefer to merge BII. Fullerton said if merger is not beneficial they sell the bank while merger study is being conducted.
An executive familiar with the plan said Bank Mandiri will compete with some foreign banks.
"Bank Mandiri has talks with Temasek Holding on the acquisition plan," he said last week.
Temasek Holdings of Singapore has become the controlling shareholder of BII and Bank Danamon through Fullerton Financial Holdings Pte Ltd.
Fullerton controls 68.09% shares of Danamon through Asia Financial and controls 56.13% shares of Danamon through Sorak Financial Holdings Pte. Ltd.
In mid December 2007 Temasek and Fullerton announce that they prefer to merge BII. Fullerton said if merger is not beneficial they sell the bank while merger study is being conducted.
Sunday, February 17, 2008
Agus to BI
Agus DW Martowardojo strong candidate for central bank Governor. Indonesian President Susilo Bambang Yudhoyono on Friday proposed a respected commercial banker and a well-known economist as the two candidates for the position of central bank governor.
President Yudhoyono proposed Agus Martowardojo, who is president director of Indonesia's largest lender PT Bank Mandiri Tbk and Raden Pardede, the vice president of state asset management firm PT Perusahaan Pengelola Aset.
Martowardojo, 52, helped turned around Bank Mandiri from being a lender with a huge problematic loans. He built his career in several banks before Bank Mandiri, including PT Bank Permata Tbk, Bank Niaga, Exim Bank and Citibank
President Yudhoyono proposed Agus Martowardojo, who is president director of Indonesia's largest lender PT Bank Mandiri Tbk and Raden Pardede, the vice president of state asset management firm PT Perusahaan Pengelola Aset.
Martowardojo, 52, helped turned around Bank Mandiri from being a lender with a huge problematic loans. He built his career in several banks before Bank Mandiri, including PT Bank Permata Tbk, Bank Niaga, Exim Bank and Citibank
Tuesday, February 12, 2008
State-Owned Enterprises Private Equity Fund to be Launched
The State Ministry for State-owned Enterprises is going to launch private equity fund to finance state-owned enterprises' projects.
Two state-owned investment enterprises have been appointed investment managers, namely PT Bahana TCW Investment Management and PT Danareksa Investment Management (DIM).
Bapepam-LK plans to limit the number of investors to 50 investors for each product.
Investment managers overseeing private equity fund are also required to have minimum IDR25 billion in assets and to have at least one chartered financial analyst (CFA) directly involved in managing the fund.
In private equity fund, investment managers are prohibited from buying securities issued by the affiliated parties except if the affiliation occurs because of the government's interest or equity.
Two state-owned investment enterprises have been appointed investment managers, namely PT Bahana TCW Investment Management and PT Danareksa Investment Management (DIM).
Bapepam-LK plans to limit the number of investors to 50 investors for each product.
Investment managers overseeing private equity fund are also required to have minimum IDR25 billion in assets and to have at least one chartered financial analyst (CFA) directly involved in managing the fund.
In private equity fund, investment managers are prohibited from buying securities issued by the affiliated parties except if the affiliation occurs because of the government's interest or equity.
BW Plantations Eyes IDR1 Trillion in IPO
PT BW Plantations has planned to go public in the third quarter at the latest amid the high price of crude palm oil (CPO).
An executive getting involved in the transaction said the company has assigned BNP Paribas and PT Danareksa Sekuritas as the underwriters.
BW Plantations is a plantation company that has 20,000 hectares of plantation area in Kalimantan and Sumatra.
An executive getting involved in the transaction said the company has assigned BNP Paribas and PT Danareksa Sekuritas as the underwriters.
BW Plantations is a plantation company that has 20,000 hectares of plantation area in Kalimantan and Sumatra.
Sunday, February 10, 2008
Government Warns to Bankrupt Merpati
The Ministry of State Owned Enterprises (MSOE) has provided the option of bankruptcy for the state airline company PT Merpati Nusantara Airlines of the company could not improve the financial condition.
My source said the government has provided three options for the company - bankruptcy, non-core asset sale, and strategic sale.
My source said the government has provided three options for the company - bankruptcy, non-core asset sale, and strategic sale.
Wednesday, February 6, 2008
Humpuss to Sell US$100 Million Bonds
PT Humpuss Intermoda Transportasi Tbk has planned to sell US$100 million during the first half of the year to support the expansion plan.
The company also has planned to conduct EGMS on March 10 to get approval to increase the floating stocks and to sell the bonds.
The President Director of Humpuss Intermoda Agus Darjanto declined to reveal the plan to increase the floating stock and to sell the bonds.
"We will conduct EGMS and to report to Indonesia Stock Exchange. Just wait the EGMS," he said me this week.
He declined to reveal how much stock to sell, but last year he said the floating stocks should be 30%. Last year the company repaid its IDR175 billion loan using its internal cash reserve so that it has lowered the debt to equity ratio and the company may get more loans to buy more ships.
Before the repayment, the company's debts were IDR151 billion and IDR168 billion.
As of September 2007 the company's cash was IDR228 billion and the earnings before interest, tax, depreciation and amortization was IDR269 billion.
Humpus also has the debt of IDR172.5 billion that will mature in 2009.
Today the public has 18.64% shares of Humpuss Intermoda while the rest stocks belong to PT Humpuss (54.37%), PT Danasakti Securities (5.56%), Fordsmith Agents Ltd (5.15%), portfolio (6.87%), and Humpuss Incorporated (9.41%).
Agus said the company has cancelled the plan to securitize the assets to buy more ships.
Asset securitization is risk distribution measure by grouping collection into a group. Then the company may sell some securities guaranteed with the group of asset.
The company has planned to buy two oil tankers, 11 chemical tankers, five bulk ships, and 20 barges.
"We are relying to the seller financing and direct financing. Humpuss change this strategy as it is easier yet more expensive."
He said that direct financing is based on asset financing. "Whenever we buy ships, bank provides 80%-90% of the financing. When we buy Panamax at US$67 million we got the loan of 80%."
Humpuss also got loan commitment from the seller until 90%.
The company also has planned to conduct EGMS on March 10 to get approval to increase the floating stocks and to sell the bonds.
The President Director of Humpuss Intermoda Agus Darjanto declined to reveal the plan to increase the floating stock and to sell the bonds.
"We will conduct EGMS and to report to Indonesia Stock Exchange. Just wait the EGMS," he said me this week.
He declined to reveal how much stock to sell, but last year he said the floating stocks should be 30%. Last year the company repaid its IDR175 billion loan using its internal cash reserve so that it has lowered the debt to equity ratio and the company may get more loans to buy more ships.
Before the repayment, the company's debts were IDR151 billion and IDR168 billion.
As of September 2007 the company's cash was IDR228 billion and the earnings before interest, tax, depreciation and amortization was IDR269 billion.
Humpus also has the debt of IDR172.5 billion that will mature in 2009.
Today the public has 18.64% shares of Humpuss Intermoda while the rest stocks belong to PT Humpuss (54.37%), PT Danasakti Securities (5.56%), Fordsmith Agents Ltd (5.15%), portfolio (6.87%), and Humpuss Incorporated (9.41%).
Agus said the company has cancelled the plan to securitize the assets to buy more ships.
Asset securitization is risk distribution measure by grouping collection into a group. Then the company may sell some securities guaranteed with the group of asset.
The company has planned to buy two oil tankers, 11 chemical tankers, five bulk ships, and 20 barges.
"We are relying to the seller financing and direct financing. Humpuss change this strategy as it is easier yet more expensive."
He said that direct financing is based on asset financing. "Whenever we buy ships, bank provides 80%-90% of the financing. When we buy Panamax at US$67 million we got the loan of 80%."
Humpuss also got loan commitment from the seller until 90%.
Gatot & Felia to Lead BNI
Finally, duet Gatot Mudiantoro Suwondo and Felia Salim become the President Director and Vice President Director of Bank Negara Indonesia Tbk.
The other directors are the old names like Achmad Baiquni and Bien Subiantoro, the existing directors of the bank.
There are three internal candidates like Suwoko Singoastro (EVP Network BNI), Doddy Virgianto (EVP Consumer Banking BNI), Darwin Suzandi (HRD Division of BNI).
The external candidates, meanwhile, are Yap Tjai Soen (commissioner of Bank Mandiri), Krishna R Suprapto (former director of Bank Danamon) and Ahdi Jumhari Luthan (BI Director).
The other directors are the old names like Achmad Baiquni and Bien Subiantoro, the existing directors of the bank.
There are three internal candidates like Suwoko Singoastro (EVP Network BNI), Doddy Virgianto (EVP Consumer Banking BNI), Darwin Suzandi (HRD Division of BNI).
The external candidates, meanwhile, are Yap Tjai Soen (commissioner of Bank Mandiri), Krishna R Suprapto (former director of Bank Danamon) and Ahdi Jumhari Luthan (BI Director).
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