Maybank's statement on Tuesday, Bank Negara Malaysia revoked its approval to Malayan Banking Berhad's plan (Maybank) to acquire all BII shares worth US$2.7 billion.
Maybank revealed the US$147 million worth of deposit contributed in March in relation to BII shares acquisition would be lost if the transaction failed. Maybank continued that it would not require approval from Bank Negara to reimburse the deposit.
The Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) No. IX. H. 1 on Acquisition of Publicly Listed Companies is potential to create losses for Maybank.
Maybank acquired a 56% stake in BII from a Temasek-led corporate group for US$1.5 billion or IDR510 per share. Maybank also plans to do tender offer for the remaining BII's public-owned shares worth US$1.2 billion.
Thursday, July 31, 2008
Wednesday, July 23, 2008
China Construction Bank Eyes BNI
China Construction Bank (CCB) has expressed it is interested in acquiring 20% or 3.02 billion shares of Bank Negara Indonesia.
At the price of IDR2,050 per unit the transaction value may be IDR6.23 trillion.
My sources said the bank expressed its interest during BNI's non deal road show to Hong Kong.
"The meeting was attended by SOE Minister Sofyan Djalil, the Vice President Director Felia Salim, and the Finance Director Yap Tjay Soen. CCB expressed that it is interested to acquire up to 20% stakes," he said me yesterday.
CCI is interested in minority stake in order to maintain its relationship with its customers in Indonesia. "The alternative is that CCB will get the green shoe stocks of 3.7% plus the ones from the market."
The 3.7% green shoe stocks were the ones issued during the secondary offering.
The SOE Minister is also planning to sell 10% stakes of BNI in block sale.
He added that CCB will meet the officials of SOE Ministry.
At the price of IDR2,050 per unit the transaction value may be IDR6.23 trillion.
My sources said the bank expressed its interest during BNI's non deal road show to Hong Kong.
"The meeting was attended by SOE Minister Sofyan Djalil, the Vice President Director Felia Salim, and the Finance Director Yap Tjay Soen. CCB expressed that it is interested to acquire up to 20% stakes," he said me yesterday.
CCI is interested in minority stake in order to maintain its relationship with its customers in Indonesia. "The alternative is that CCB will get the green shoe stocks of 3.7% plus the ones from the market."
The 3.7% green shoe stocks were the ones issued during the secondary offering.
The SOE Minister is also planning to sell 10% stakes of BNI in block sale.
He added that CCB will meet the officials of SOE Ministry.
Sunday, July 20, 2008
Eight securities competing to handle Tugu Pratama IPO
PT Tugu Pratama Indonesia has invited eight securities companies to cope with the IPO in the semester II this year.
The securities companies here include PT BNI Securities, PT CLSA Indonesia, PT DBS Securities Indonesia, PT Danareksa Sekuritas, PT Danatama Makmur, PT Mandiri Sekuritas, PT Indo Premier Securities, and PT Trimegah Securities Tbk.
Pertamina has 40 percent Tugu Pratama share ownership, Pension Fund has 20 percent, PPA 17.5 percent, and Mohammad Bod Hasan 17.5 percent.
Tugu Pratama has 100 percent shares possession in PT Tugu Pratama Interindo (TP Interindo) as the investment company possessing 30 percent of PT Tugu Reasuransi Indonesia (Tugu Re) shares in which the government or PPA also owns 30 percent shares.
Bambang Trihatmojo also has 20 percent share ownership for Tugu Re and Pertamina Pension Fund 20 percent.
Besides, TP Interindo also has 10 percent of PT Asuransi Jiwa Tugu Mandiri in which PPA has 30 percent of shares, Pertamina Pension Fund possesses 40 percent and Timah Pension Fund 20 percent of shares. Tugu Pratama has gone into sharia insurance since 2005.
In the IPO scheme here, PPA seeks out to have tender over the sales of 17.5 percent of Tugu Pratama shares.
The securities companies here include PT BNI Securities, PT CLSA Indonesia, PT DBS Securities Indonesia, PT Danareksa Sekuritas, PT Danatama Makmur, PT Mandiri Sekuritas, PT Indo Premier Securities, and PT Trimegah Securities Tbk.
Pertamina has 40 percent Tugu Pratama share ownership, Pension Fund has 20 percent, PPA 17.5 percent, and Mohammad Bod Hasan 17.5 percent.
Tugu Pratama has 100 percent shares possession in PT Tugu Pratama Interindo (TP Interindo) as the investment company possessing 30 percent of PT Tugu Reasuransi Indonesia (Tugu Re) shares in which the government or PPA also owns 30 percent shares.
Bambang Trihatmojo also has 20 percent share ownership for Tugu Re and Pertamina Pension Fund 20 percent.
Besides, TP Interindo also has 10 percent of PT Asuransi Jiwa Tugu Mandiri in which PPA has 30 percent of shares, Pertamina Pension Fund possesses 40 percent and Timah Pension Fund 20 percent of shares. Tugu Pratama has gone into sharia insurance since 2005.
In the IPO scheme here, PPA seeks out to have tender over the sales of 17.5 percent of Tugu Pratama shares.
Adhi Karya prepare provision for monorail project
PT Adhi Karya (Persero) Tbk must prepare provision for monorail project. Adhi Karya needs to spare the IDR126 billion reserve for the loss potential due to the share possession of PT Jakarta Monorail.
The policy should be taken by the management of Adhi Karya noting that the monorail project is halted and has so far lacked of fixed plan to move further.
Adhi Karya had shared a total of IDR26.6 billion dividend or 25 percent of the net profits in 2007 worth by IDR11.6 billion. The dividend equals to the par value of IDR14.78.
The policy should be taken by the management of Adhi Karya noting that the monorail project is halted and has so far lacked of fixed plan to move further.
Adhi Karya had shared a total of IDR26.6 billion dividend or 25 percent of the net profits in 2007 worth by IDR11.6 billion. The dividend equals to the par value of IDR14.78.
Monday, July 14, 2008
BTN Issues Investment Contract in October
PT Bank Tabungan Negara has changed the scheme of its assets securitization plan from secondary market financing into assets backed collective investment at the value of IDR500 billion in the October 2008.
The assets backed collective investment (KIK-EBA) is a contract between investment manager and custodian bank in which the investment manager will manage the investment and the custodian will manage the money.
The assets backed collective investment (KIK-EBA) is a contract between investment manager and custodian bank in which the investment manager will manage the investment and the custodian will manage the money.
Tuesday, July 8, 2008
New Battle in KBC
Government open new case in Karaha Bodas Power Plant because find a novum. What kind of novum ?? Wait in court because this case very very high politics
The State Oil Company (PT Pertamina), last year had lost in the case of Karaha Bodas Power Plant project halt against Karaha Bodas Company (KBC) in the trial held by a court in Cayman Islands recently.
The court rules that the funds of Pertamina saved in some US banks have to be used to pay the claim and interests.
KBC is the 201 MW Geothermal Power Plant (PLTP) in Karaha Bodas, Garut, West Java. The US$264 million's worth project was signed by KBC and Pertamina in December 1994.
However, according to Pertamina Bulletin, the monetary crisis in 1997 made the project put to halt in accord with the Presidential Decree No. 39 year 1997, which was issued as a requirement from the International Monetary Fund (IMF) to disburse their assistance funds during the monetary crisis.
Following the halt in the project, KBC filed a lawsuit against Pertamina in an international arbitrage agency in Geneva, Switzerland, in December 2000.
The arbitrage agency later ruled in favor of KBC and ordered Pertamina to pay US$261 million in claim plus a 4% annual interest to KBC. The ruling was corroborated by the US Supreme Court decree issued in October 2006.
The court also suspended Pertamina's assets worth US$300 million saved in US banks. Pertamina in December 2006 made an appeal to a court in Cayman Islands. KBC LLC is owned by Caithness Energy, Florida Power and Light, Tomen Corp as well as PT Sumarah Dayasakti as a local partner.
The State Oil Company (PT Pertamina), last year had lost in the case of Karaha Bodas Power Plant project halt against Karaha Bodas Company (KBC) in the trial held by a court in Cayman Islands recently.
The court rules that the funds of Pertamina saved in some US banks have to be used to pay the claim and interests.
KBC is the 201 MW Geothermal Power Plant (PLTP) in Karaha Bodas, Garut, West Java. The US$264 million's worth project was signed by KBC and Pertamina in December 1994.
However, according to Pertamina Bulletin, the monetary crisis in 1997 made the project put to halt in accord with the Presidential Decree No. 39 year 1997, which was issued as a requirement from the International Monetary Fund (IMF) to disburse their assistance funds during the monetary crisis.
Following the halt in the project, KBC filed a lawsuit against Pertamina in an international arbitrage agency in Geneva, Switzerland, in December 2000.
The arbitrage agency later ruled in favor of KBC and ordered Pertamina to pay US$261 million in claim plus a 4% annual interest to KBC. The ruling was corroborated by the US Supreme Court decree issued in October 2006.
The court also suspended Pertamina's assets worth US$300 million saved in US banks. Pertamina in December 2006 made an appeal to a court in Cayman Islands. KBC LLC is owned by Caithness Energy, Florida Power and Light, Tomen Corp as well as PT Sumarah Dayasakti as a local partner.
PLN sell P Notes IDR5 trillion
PLN sell promissory notes IDR5 trillion to Pertamina. The p-notes is part of IDR12,9 trillion debt restructuring PLN to Pertamina. PLN able to pay Pertamina at two tranche for IDr7,9 trillion.
Ignatius Leads Securities Pricing Company
The former Listing Division Head of Indonesia Stock Exchange (IDX) Ignatius Girindroheru is assigned to become the president director of PT Penilai Harga Efek Indonesia (PHEI), a domestic securities pricing company, starting July 1.
He is accompanied by the former Division Head of Information Technology of PT Kliring Penjaminan Efek Indonesia, Hasan Fawzi.
PHEI should have been able to announce the new pricing for Indonesian securities by the end of the year. The company has been in operation following the approval of the Capital Market and Financial Institution Supervisory Board (Bapepam LK).
He is accompanied by the former Division Head of Information Technology of PT Kliring Penjaminan Efek Indonesia, Hasan Fawzi.
PHEI should have been able to announce the new pricing for Indonesian securities by the end of the year. The company has been in operation following the approval of the Capital Market and Financial Institution Supervisory Board (Bapepam LK).
Wednesday, July 2, 2008
Bumi, Crazy action to acquire Herald
Indonesia's PT Bumi Resources BUMI.JK raised its offer for Australian-listed miner Herald Resources Ltd on Wednesday in an effort to knock out a rival bid from an Indonesian-Chinese partnership.
Bumi raised its cash offer by five cents a share to A$2.85, valuing Herald at A$563 million ($541 million), and extended the deadline for its offer until July 18.
Until Bumi's latest move, both it and the rival partnership, comprising Indonesia's PT Aneka Tambang Tbk ANTM.JK and China's Shenzhen Zhongjin Lingnan Nonfemet Co Ltd 000060.SZ, had been offering Herald shareholders A$2.80 per share in cash.
Bumi's latest offer is roughly double the three-month volume weighted average price of Herald's shares before Bumi first launched its takeover bid in December, Bumi said in a statement to the Australian Stock Exchange.
Herald Resources last week declined to pick a winner from two rival bidders for the company, advising shareholders to make up their own mind on which of the then-equal offers to accept.
Herald has said that the takeover process should be concluded as soon as possible.
Bumi has built up a 19.86 percent interest in Herald, while the Antam joint venture owns a 19.29 percent stake. Bumi made a bid through an investment vehicle called Calipso Investment Pte Ltd, while the Antam venture made a takeover offer through Tango Mining Pte Ltd.
Bumi raised its cash offer by five cents a share to A$2.85, valuing Herald at A$563 million ($541 million), and extended the deadline for its offer until July 18.
Until Bumi's latest move, both it and the rival partnership, comprising Indonesia's PT Aneka Tambang Tbk ANTM.JK and China's Shenzhen Zhongjin Lingnan Nonfemet Co Ltd 000060.SZ, had been offering Herald shareholders A$2.80 per share in cash.
Bumi's latest offer is roughly double the three-month volume weighted average price of Herald's shares before Bumi first launched its takeover bid in December, Bumi said in a statement to the Australian Stock Exchange.
Herald Resources last week declined to pick a winner from two rival bidders for the company, advising shareholders to make up their own mind on which of the then-equal offers to accept.
Herald has said that the takeover process should be concluded as soon as possible.
Bumi has built up a 19.86 percent interest in Herald, while the Antam joint venture owns a 19.29 percent stake. Bumi made a bid through an investment vehicle called Calipso Investment Pte Ltd, while the Antam venture made a takeover offer through Tango Mining Pte Ltd.
ANJ Agri Considers IPO to Seek IDR1.5 Trillion
An oil palm plantation company of Austindo Group that belongs to George S. Tahija, PT Austindo Nusantara Jaya Agri (ANJ Agri) has returned to its initial plan to sell its shares in initial public offering (IPO) to seek IDR1.5 trillion.
ANJ Agri assigned Morgan Stanley, Macquarie Securities, and PT Mandiri Sekuritas as the underwriters.
A well informed market source said the IPO will be in the second half of the year as the CPO price has been increasing rapidly. "The IPO result should be optimum amid the increasing price of CPO," he said over the weekend.
The IPO of ANJ Agri has been an old plan. The market has known it since two years ago when the company planned to seek US$80 million of capital. The company granted the underwriting job to Mandiri Sekuritas and Macquire Securities.
But the plan was cancelled on the changing of ownership. ANJ Agri is a unit of PT Austindo Nusantara Jaya of Tahija family. The holding company has some businesses such as financial service, palm plantation, and health care. It also has some minority investments in some other businesses.
ANJ Agri plans to acquire 50,000 hectares of palm plantation land. It controls three units - PT Sahabat Mewah dan Makmur, PT Ondop Perkasa Makmur, and PT ANJ Agri Papua.
The initial name of the company was PT Eka Pendawa Sakti, established on March 20 1986. It started with 9,100 hectares of oil palm plantation, and it has grown through acquisition and organic expansion.
It has controlled 67,488 hectares of land, 25,500 hectares of which has become productive plantation with the capacity of 125 tons per hour.
ANJ Agri assigned Morgan Stanley, Macquarie Securities, and PT Mandiri Sekuritas as the underwriters.
A well informed market source said the IPO will be in the second half of the year as the CPO price has been increasing rapidly. "The IPO result should be optimum amid the increasing price of CPO," he said over the weekend.
The IPO of ANJ Agri has been an old plan. The market has known it since two years ago when the company planned to seek US$80 million of capital. The company granted the underwriting job to Mandiri Sekuritas and Macquire Securities.
But the plan was cancelled on the changing of ownership. ANJ Agri is a unit of PT Austindo Nusantara Jaya of Tahija family. The holding company has some businesses such as financial service, palm plantation, and health care. It also has some minority investments in some other businesses.
ANJ Agri plans to acquire 50,000 hectares of palm plantation land. It controls three units - PT Sahabat Mewah dan Makmur, PT Ondop Perkasa Makmur, and PT ANJ Agri Papua.
The initial name of the company was PT Eka Pendawa Sakti, established on March 20 1986. It started with 9,100 hectares of oil palm plantation, and it has grown through acquisition and organic expansion.
It has controlled 67,488 hectares of land, 25,500 hectares of which has become productive plantation with the capacity of 125 tons per hour.
Tuesday, July 1, 2008
XL buyback bonds for US$122 million
PT Excelcomindo Pratama Tbk. (XL) announced today that in connection with the planned
sale and transfer of substantially all of the wireless communication towers and certain
related assets currently used by XL in the operation of its wireless communications
business in Indonesia and the consent solicitation and offer announced on June 2, 2008 (the Consent Solicitation and Offer), as of 5:00 p.m.
Consents received US$227,605,000 (91.0% of Notes), Notes Tendered and Acceptedfor Payment US$122,298,000 (48.9% of Notes), and remaining principal amount of notes outstanding US$127,702,000
The Expiration Date has now passed. Holders of Notes that have been validly tendered
on or prior to the Expiration Date will be eligible to receive the tender consideration of
US$1,010 per US$1,000 principal amount of Notes (the “Tender Consideration”) along
with the accrued and unpaid interest up to but not including the payment date for Notes
accepted for tender, and will be deemed to have consented pursuant to the Consent
Solicitation. As previously announced, holders who validly consented or tendered on or
prior to June 13, 2008 will be eligible to receive a consent payment of US$10 per
US$1,000 principal amount of the Notes (the “Consent Payment”). The payment date
for the Tender Consideration and the Consent Payment is expected to occur on or about
July 2, 2008.
Goldman Sachs (Singapore) Pte. and its respective affiliates acted as the S
Solicitation Agent and Dealer Manager with respect to the Consent Solicitation and Offer.
sale and transfer of substantially all of the wireless communication towers and certain
related assets currently used by XL in the operation of its wireless communications
business in Indonesia and the consent solicitation and offer announced on June 2, 2008 (the Consent Solicitation and Offer), as of 5:00 p.m.
Consents received US$227,605,000 (91.0% of Notes), Notes Tendered and Acceptedfor Payment US$122,298,000 (48.9% of Notes), and remaining principal amount of notes outstanding US$127,702,000
The Expiration Date has now passed. Holders of Notes that have been validly tendered
on or prior to the Expiration Date will be eligible to receive the tender consideration of
US$1,010 per US$1,000 principal amount of Notes (the “Tender Consideration”) along
with the accrued and unpaid interest up to but not including the payment date for Notes
accepted for tender, and will be deemed to have consented pursuant to the Consent
Solicitation. As previously announced, holders who validly consented or tendered on or
prior to June 13, 2008 will be eligible to receive a consent payment of US$10 per
US$1,000 principal amount of the Notes (the “Consent Payment”). The payment date
for the Tender Consideration and the Consent Payment is expected to occur on or about
July 2, 2008.
Goldman Sachs (Singapore) Pte. and its respective affiliates acted as the S
Solicitation Agent and Dealer Manager with respect to the Consent Solicitation and Offer.
Rizal Ramli Ousted from SG on Alleged Involvement in Demonstration
Publicly listed PT Semen Gresik Tbk's shareholders' general meeting approves the replacement of Rizal Ramli as the President Commissioner of the state-owned enterprises. Rizal is replaced by former President Director of publicly listed PT Aneka Tambang Tbk Dedy Aditya Sumanagara.
Rizal Ramli alleged President Susilo Bambang Yudhoyono of interfering with the shareholders to approve the replacement.
"Argument that I have violated the ethics of President Commissioner is only a camouflage. This is an intervention from President Susilo Bambang Yudhoyono. The replacement is political, unethical, and unprofessional," told Rizal.
Rizal Ramli alleged President Susilo Bambang Yudhoyono of interfering with the shareholders to approve the replacement.
"Argument that I have violated the ethics of President Commissioner is only a camouflage. This is an intervention from President Susilo Bambang Yudhoyono. The replacement is political, unethical, and unprofessional," told Rizal.
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