Limitless has finalized the acquisition of 10 percent -15 percent of PT Bakrieland Development Tbk shares owned by PT Bakrie & Brothers Tbk.
The stock price of Bakrieland is negotiated to be at IDR200 per share. Referring to the latest Bakrieland finance report in September 2008, the corporate book value stands at IDR214,81.Bakrieland listed stocks are about 19.91 billion. With the 15 percent acquisition and par value of IDR200, the transaction value will stand at IDR3.98 trillion. Now, Bakrieland seeks exchange bond issuance option to absorb some IDR1 trillion fund from the Avenue Luxembourg SARL.
Avenue last month increased total share ownership at Bakrieland turns into 30.76 percent as from 15.45 percent. Bakrieland stock closing transaction had been done a month before.
Bakrieland has got US$110 million funding commitment from Limitless plus IDR1 trillion from Avenue and IDR750 billion internal cash. The total cash commitment for Bakrieland is worth IDR2.85 trillion.
The fund here after reduced by the stock buyback worth IDR510 billion is enough to cover the corporate projects finalization up to end of 2009.
Thursday, November 13, 2008
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