Indonesian energy and construction firm Truba Alam TRUB.JK has delayed its planned dollar bond issuance, according to an email sent to investors on Wednesday.
The firm did not give any reason for the delay in the email but banking sources have said the sale struggled because of adverse credit market conditions.
The transaction could have been the year's first high-yield corporate debt sale from an Asian firm to global investors, and the move is likely to shift the focus to Singapore-listed Noble Group another high-yield issuer in the midst of a bond sale.
Truba's decision may highlight the uphill battle faced by Asian "junk" issuers in attracting investor demand, as global credit fears linger nearly a year after the U.S. subprime mortgage market began to collapse.
Truba Alam postponed the deal after setting guidance on May 7 for a $100-$150 million sale of three-year senior unsecured bonds at a yield of 17 to 18 percent.
Sunday, May 25, 2008
Saturday, May 24, 2008
Candidate for BTPN CEO
Who will replace Paulus Wiranata as CEO BTPN ?
I hear former Universal Bankers will be a CEO BTPN.
I hear former Universal Bankers will be a CEO BTPN.
Monday, May 19, 2008
Gajah Tunggal allocated US$55 million for expansion
PT Gajah Tunggal Tbk will allocate some US$55 million or IDR506 billion to expand the corporate business this year and to boost up the production.
Director of Gajah Tunggal Catharina Widjaja said the company targeted to have revenue growth this year by 20 percent than that of last year from the fund.
The net sales of the company in the quarter I/2008 are IDR1.85 trillion, rose by 20 percent as from the IDR1.53 trillion sales in the same period last year.
Gajah Tunggal profit stands at IDR192.34 billion as from the 161.85 billion profit in 2007.
Director of Gajah Tunggal Catharina Widjaja said the company targeted to have revenue growth this year by 20 percent than that of last year from the fund.
The net sales of the company in the quarter I/2008 are IDR1.85 trillion, rose by 20 percent as from the IDR1.53 trillion sales in the same period last year.
Gajah Tunggal profit stands at IDR192.34 billion as from the 161.85 billion profit in 2007.
Thursday, May 15, 2008
Two Bank Mandiri boards of directors members replaced
The State Owned Enterprise (BUMN) Ministry will replace two boards of directors' members and one commissioner of PT Bank Mandiri Tbk due to their end of term.
Deputy of BUMN State Minister on Other Service unit Muchayat who also serves as the Commissioner of Bank Mandiri named Omar Sjawaldi Anwar and Zulkifli Zaini as the two members of board of directors to be replaced.
"You would better ask the BUMN State Minister for the detail of the successors. The process is underway," he said in the BUMN Ministry yesterday.
He named Yap Tjai Soen of the boards of commissioner who will be replaced and assigned to be the director of PT Bank Negara Indonesia Tbk.
The major agenda of Bank Mandiri Annual General Meeting of Shareholders (AGMS) on May 29 includes six points. One of the agendas is about the change of boards of directors and commissioners. Omar will become the director for Bank Mandiri Consumer which has developed the credit card market. Omar is from Citibank who once developed his career at PT Bimantara Citra Tbk and ABN Amro.
On July 1999, Omar joint with Bank Mandiri as the Senior Vice President for the product and business development unit. He was appointed as the Senior Executive Vice President Consumer Banking on January 2003 and served the position of Managing Director Consumer Banking on April 2003. He was then appointed as Bank Mandiri Consumer Director on May 2003.
Deputy of BUMN State Minister on Other Service unit Muchayat who also serves as the Commissioner of Bank Mandiri named Omar Sjawaldi Anwar and Zulkifli Zaini as the two members of board of directors to be replaced.
"You would better ask the BUMN State Minister for the detail of the successors. The process is underway," he said in the BUMN Ministry yesterday.
He named Yap Tjai Soen of the boards of commissioner who will be replaced and assigned to be the director of PT Bank Negara Indonesia Tbk.
The major agenda of Bank Mandiri Annual General Meeting of Shareholders (AGMS) on May 29 includes six points. One of the agendas is about the change of boards of directors and commissioners. Omar will become the director for Bank Mandiri Consumer which has developed the credit card market. Omar is from Citibank who once developed his career at PT Bimantara Citra Tbk and ABN Amro.
On July 1999, Omar joint with Bank Mandiri as the Senior Vice President for the product and business development unit. He was appointed as the Senior Executive Vice President Consumer Banking on January 2003 and served the position of Managing Director Consumer Banking on April 2003. He was then appointed as Bank Mandiri Consumer Director on May 2003.
Indofood bonds postponed due to investors demand for 14% interest
PT Indofood Sukses Makmur Tbk decided to put off the issuance of bonds V worth by Rp1.5 trillion given that the investors demanded for 14 percent interest bonds following the rising trend of current benchmark interest rate (BI Rate) of 8.25 percent.
The underwriters for Indofood bonds V include DBS Vickers Securities Holdings Pte, ING Securities, Mandiri Sekuritas, Danareksa Sekuritas, and Kim Eng Securities.
In the past public offering, the five year tenured bonds offered coupon indication of 13,35%-13,7% with reference to the FR0019 series government bonds yield.
Some 82 percent of the bonds V issuance or Rp1.23 trillion will be allotted by Indofood for the payment of bonds II/2003 and Rp270 billion for work capital.
The underwriters for Indofood bonds V include DBS Vickers Securities Holdings Pte, ING Securities, Mandiri Sekuritas, Danareksa Sekuritas, and Kim Eng Securities.
In the past public offering, the five year tenured bonds offered coupon indication of 13,35%-13,7% with reference to the FR0019 series government bonds yield.
Some 82 percent of the bonds V issuance or Rp1.23 trillion will be allotted by Indofood for the payment of bonds II/2003 and Rp270 billion for work capital.
Thursday, May 8, 2008
BTN delay bond issue IDR1,5 trilion
PT Bank Tabungan Negara (BTN) is surely to suspend the issuance of Rp1 trillion bonds while waiting for the financial market condition.
BTN president director Iqbal Latanro said the company keeps preparing the bonds issuance scheme here. "The preparation needs about 1.5 months so that we can go in the market soon the financial market gets better," he said yesterday.
BTN president director Iqbal Latanro said the company keeps preparing the bonds issuance scheme here. "The preparation needs about 1.5 months so that we can go in the market soon the financial market gets better," he said yesterday.
PLN issued Rp3 trillion bonds
The State-owned Electricity Company (PLN) will issue Rp3 trillion bonds to support the power plant development scheme.
there are at least six securities companies that have been invited by PLN to take part in the underwriter selection. The companies here include PT Andalan Artha Advisindo Sekuritas, PT Bahana Securities, PT Danareksa Sekuritas, PT Indo Premier Securities, PT Mandiri Sekuritas, and PT Trimegah Securities Tbk.
PLN plans to issue sukuk worth by US$2 - US$2.5 billion to fund the coal-based power plant development with 2,000 MW capacities.
there are at least six securities companies that have been invited by PLN to take part in the underwriter selection. The companies here include PT Andalan Artha Advisindo Sekuritas, PT Bahana Securities, PT Danareksa Sekuritas, PT Indo Premier Securities, PT Mandiri Sekuritas, and PT Trimegah Securities Tbk.
PLN plans to issue sukuk worth by US$2 - US$2.5 billion to fund the coal-based power plant development with 2,000 MW capacities.
Monday, May 5, 2008
Five underwriter nominees compete for global bonds
Five foreign investment banks have been shortlisted by the government for the selection of underwriter nominees for the US$1.5 billion worth global bonds.
This is the government's second issuance scheme following the global bonds issuance worth by US$2 billion four months ago.
The five investment banks were shortlisted from 10 nominees including Barclays Capital, Deutsche Bank, Credit Suisse, Lehman Brothers, dan UBS AG.
This is the government's second issuance scheme following the global bonds issuance worth by US$2 billion four months ago.
The five investment banks were shortlisted from 10 nominees including Barclays Capital, Deutsche Bank, Credit Suisse, Lehman Brothers, dan UBS AG.
Mittal Willing to Become Minority Shareholder
ArcelorMittal, the world's largest steel maker, reasserts its seriousness to realize all of its corporate actions conveyed to the government.
The Indian company even has no objection to become a minority shareholder of PT Krakatau Steel (KS) or of other joint ventures to be established.
"We have three corporate action plans and are probing to what extent we can participate in the Indonesian steel industry. We will realize all of the three investment plans," said Lakshmi Mittal, Chief Executive Officer of Arcelor-Mittal, in a conference call over last weekend.
several other Indian steel makers have been aggressively expanding businesses by buying companies overseas to boost their global capacity.
Last year, Essar bought Algoma Steel Inc and Minnesota Steel Industries LLC in North America. At the end of April 2008, Essar also bought Esmark Inc.
J. Mehra, Chief Executive Officer of Essar Steel Holdings Ltd, said the company was consistently seeking opportunities for expansion, while Director of Essar Group Prashant Ruia added the company would boost its production capacity to 25 million tons.
Another Indian steel company, Tata Steel, also bought a British steel make, Corus Group Plc, for US$12 billion in 2007.
The Indian company even has no objection to become a minority shareholder of PT Krakatau Steel (KS) or of other joint ventures to be established.
"We have three corporate action plans and are probing to what extent we can participate in the Indonesian steel industry. We will realize all of the three investment plans," said Lakshmi Mittal, Chief Executive Officer of Arcelor-Mittal, in a conference call over last weekend.
several other Indian steel makers have been aggressively expanding businesses by buying companies overseas to boost their global capacity.
Last year, Essar bought Algoma Steel Inc and Minnesota Steel Industries LLC in North America. At the end of April 2008, Essar also bought Esmark Inc.
J. Mehra, Chief Executive Officer of Essar Steel Holdings Ltd, said the company was consistently seeking opportunities for expansion, while Director of Essar Group Prashant Ruia added the company would boost its production capacity to 25 million tons.
Another Indian steel company, Tata Steel, also bought a British steel make, Corus Group Plc, for US$12 billion in 2007.
Honggo Acquires a 50% Stake in Tuban Petro for IDR3.2 Trillion
The Assets Management Company (PPA) confirms Honggo Wendratno-owned Sila Kencana group will acquire a 50% stake in PT Tuban Petrochemical Industries (Tuban Petro).
The transaction will be settled under a subrogation method enabling Honggo to replace the role of PPA as Tuban Petro's creditor. Subrogation is the transfer of a creditor's rights to a third party who pays a sum of money to the creditor.
Tuban Petro controls a 59.5% stake in Trans Pacific Petrochemical Indotama (TPPI) and an 80% stake in PT Polytama Propindo. TPPI is an integrated petrochemical producer in the northern coast of Tuban, East Java. The lines of products cover light naphtha for plastic raw material, aromatic for textile raw material, and oil fuel products. It also has a capacity to produce 3.6 million tons of aromatic per year, making it the largest aromatic plant in Southeast Asia.
The transaction will be settled by the end of June this month and the realization of the transaction will raise IDR3.2 trillion in proceeds for the state.
President Director of PT PPA Mohammad Syahrial revealed the legal documentation process of the settlement was still taking place.
"Our legal process is being helped by the Deputy Attorney General for Civil and State Administrative Affairs. The Department of Finance has also approved Honggo to settle debts," he said me over last weekend.
The transaction will be settled under a subrogation method enabling Honggo to replace the role of PPA as Tuban Petro's creditor. Subrogation is the transfer of a creditor's rights to a third party who pays a sum of money to the creditor.
Tuban Petro controls a 59.5% stake in Trans Pacific Petrochemical Indotama (TPPI) and an 80% stake in PT Polytama Propindo. TPPI is an integrated petrochemical producer in the northern coast of Tuban, East Java. The lines of products cover light naphtha for plastic raw material, aromatic for textile raw material, and oil fuel products. It also has a capacity to produce 3.6 million tons of aromatic per year, making it the largest aromatic plant in Southeast Asia.
The transaction will be settled by the end of June this month and the realization of the transaction will raise IDR3.2 trillion in proceeds for the state.
President Director of PT PPA Mohammad Syahrial revealed the legal documentation process of the settlement was still taking place.
"Our legal process is being helped by the Deputy Attorney General for Civil and State Administrative Affairs. The Department of Finance has also approved Honggo to settle debts," he said me over last weekend.
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