Following the scheme of Qatar Telecom Q.S.C. (Qtel) to acquire some 85.71 percent of PT Indosat Tbk shares stumbled on the negative list of investment, Bakrie Group targeted to acquire 25 percent of the second largest cellular operator in Indonesia.
The acquisition of Indosat could be done through tender offer or shares collection from market. But, there is no internal deal yet in Bakrie Group on the acquisition and funding scheme here.
Bakrie Group plans to make synergy with Indosat through its subsidiary company on code division multiple access (CDMA) cellular based, PT Bakrie Telecom Tbk can reach the areas of Indosat service.
Saturday, August 30, 2008
Thursday, August 28, 2008
Peter, Herwidayatmo and Soepomo, new executive Permata Bank
Herwidayatmo, Peter Benjamin Stok, and Ignatius Soepomo will be a new executive Permata Bank.
Herwidayatmo will change the poition from indenpendent comissioner to Legal Compliance Director. Peter and Soepomo will be a new commicioner Permata Bank.
Herwidayatmo will change the poition from indenpendent comissioner to Legal Compliance Director. Peter and Soepomo will be a new commicioner Permata Bank.
Wednesday, August 27, 2008
Fren and Esia Owners Negotiate over Shares Sales and Purchase
The management of PT Global Mediacom Tbk says the owners of PT Mobile-8 Telecom Tbk and PT Bakrie Telecom Tbk (BTEL), the operator of Esia, have started talking about shares sales and purchase transaction.
As of July 31, 2008, Global Mediacom controlled a 66.81% stake in Global Mediacom, the provider of Fren phone service, Qualcomm Incorporated held a 5.01% stake, and the public seized a 28.18% stake.
As of July 31, 2008, Global Mediacom controlled a 66.81% stake in Global Mediacom, the provider of Fren phone service, Qualcomm Incorporated held a 5.01% stake, and the public seized a 28.18% stake.
9 Securities fight for being underwriter for Krakatau Steel IPO
There are at least nine securities companies fighting to become the underwriter of the initial public offering (IPO) of PT Krakatau Steel.
Some securities companies establishing alliances include PT Bahana Securities with PT Mandiri Sekuritas, Citigroup with PT Indo Premier Securities.
Besides, there are also Credit Suisse, PT DBS Securities Indonesia, CLSA, CIMB GK Securities Indonesia, and PT Danareksa Sekuritas taking part here. In the IPO which is scheduled on semester II/2008, KS targeted to tap IDR3-4 trillion fund. This will be used to cover the total of IDR1.5 billion budget within the next five years.
Most of the fund will be allotted for the revitalization and steel processing factory modernization. Besides, the company will also build new factory for the commodity processing.
KS has appointed CIMB GK Securities as the finance consultant for the IPO preparation. IPO is scheduled to be one in October. However, the Parliament has yet to give their approval which in a way brings about the delay of the IPO of KS and also PTPN and PT Rekayasa Industri.
The Parliament has yet to approve the KS IPO this year despite the undergoing underwriter selection for the corporate action here.
Some securities companies establishing alliances include PT Bahana Securities with PT Mandiri Sekuritas, Citigroup with PT Indo Premier Securities.
Besides, there are also Credit Suisse, PT DBS Securities Indonesia, CLSA, CIMB GK Securities Indonesia, and PT Danareksa Sekuritas taking part here. In the IPO which is scheduled on semester II/2008, KS targeted to tap IDR3-4 trillion fund. This will be used to cover the total of IDR1.5 billion budget within the next five years.
Most of the fund will be allotted for the revitalization and steel processing factory modernization. Besides, the company will also build new factory for the commodity processing.
KS has appointed CIMB GK Securities as the finance consultant for the IPO preparation. IPO is scheduled to be one in October. However, the Parliament has yet to give their approval which in a way brings about the delay of the IPO of KS and also PTPN and PT Rekayasa Industri.
The Parliament has yet to approve the KS IPO this year despite the undergoing underwriter selection for the corporate action here.
Danareksa has chances to handle PTPN VII IPO
PT Perkebunan Nusantara (PTPN) VII recommended PT Danareksa Sekuritas which seeks cooperation with Credit Suisse to become the underwriter of initial public offering (IPO).
The State Enterprise Ministry has approved the recommendation proposal here.
PTPN VII formerly selected five local securities companies to become the underwriter for the yearend IPO.
President Director of PTPN VII Andi Punoko said the fixed selection of Danareksa should wait for the State Enterprise Ministry approval.
"Danareksa got the highest score. We give the recommendation to the State Enterprise Ministry including the other underwriters list with lower scoring," he said yesterday.
The selection of securities companies involved PT Bahana Securities, PT Danareksa Sekuritas, and PT Mandiri Sekuritas. "Would Danareksa be approvad, they will handle the PTPN VII IPO with their partners assistances."
He declined to mention Danareksa partners. But a reliable source said Danareksa will seek cooperation with Credit Suisse to help market PTPN VII abroad.
Andi said the company cut down the targeted fund from the IPO as from the prior target of IDR1.5 trillion.
"The commodity pricing decreases so that the IPO target should be cut down into IDR1-1.2 trillion. Formerly we predicted the IPO will tap some IDR1.2-1.5 trillion," he said.
The State Enterprise Ministry has approved the recommendation proposal here.
PTPN VII formerly selected five local securities companies to become the underwriter for the yearend IPO.
President Director of PTPN VII Andi Punoko said the fixed selection of Danareksa should wait for the State Enterprise Ministry approval.
"Danareksa got the highest score. We give the recommendation to the State Enterprise Ministry including the other underwriters list with lower scoring," he said yesterday.
The selection of securities companies involved PT Bahana Securities, PT Danareksa Sekuritas, and PT Mandiri Sekuritas. "Would Danareksa be approvad, they will handle the PTPN VII IPO with their partners assistances."
He declined to mention Danareksa partners. But a reliable source said Danareksa will seek cooperation with Credit Suisse to help market PTPN VII abroad.
Andi said the company cut down the targeted fund from the IPO as from the prior target of IDR1.5 trillion.
"The commodity pricing decreases so that the IPO target should be cut down into IDR1-1.2 trillion. Formerly we predicted the IPO will tap some IDR1.2-1.5 trillion," he said.
Wednesday, August 20, 2008
PT Asean Aceh Fertilizer Finally Liquidated
The State Ministry for State-owned Enterprises finally liquidates PT Asean Aceh Fertilizer (AAF) after a long deliberation in the House.
The measure is taken after the Constitutional Court lowers the status of AAF as a non-state-owned enterprise.
Secretary to the State Minister for State-owned Enterprise Muhammad Said Didu informed the liquidating team to handle AAF had been established.
AAF shares are controlled by Indonesia (60%), Malaysia (13%), the Philippine (13%), Thailand (13%), and Singapore (1%).
The delay in AAF liquidation since September 2005, had indirectly caused PT Pupuk Sriwidjaja to bear an additional cost of IDR100 billion to maintain the company's assets.
The liquidation of AAF had actually been established at the company's shareholders general meeting on September 17, 2005, after the Lhokseumawe-based company could not operate following ExxonMobil Oil Indonesia Inc's decision to put its gas supply to an end since August 2003.
The liquidation was delayed because the House wanted the liquidation to have a government regulation (PP) as its legal umbrella. In addition, there have been differences in perceptions between the House and the government over whether AAF is a state-owned enterprise or not.
State Minister for State-owned Enterprises Sofyan A. Djalil rejected to acknowledge AAF as a state-owned enterprise since several regulations, such as PP No. 6/1979, the Minister of Finance Decree No. 151/ KMK.01/1979, and AAF Statute state that a 60% stake in AAF is controlled by PT Pupuk Sriwidjaja (Pusri), not by the state.
On that ground, the liquidation of AAF didn't need a PP and was sufficient to refer only to the Limited Company Law. The State Ministry for State-owned Enterprises later brought the issue to the Constitutional Court after it failed to reach an agreement with the House.
Since AAF stopped operation in August 2003, the company has suffered from US$7.1 billion worth of losses.
The measure is taken after the Constitutional Court lowers the status of AAF as a non-state-owned enterprise.
Secretary to the State Minister for State-owned Enterprise Muhammad Said Didu informed the liquidating team to handle AAF had been established.
AAF shares are controlled by Indonesia (60%), Malaysia (13%), the Philippine (13%), Thailand (13%), and Singapore (1%).
The delay in AAF liquidation since September 2005, had indirectly caused PT Pupuk Sriwidjaja to bear an additional cost of IDR100 billion to maintain the company's assets.
The liquidation of AAF had actually been established at the company's shareholders general meeting on September 17, 2005, after the Lhokseumawe-based company could not operate following ExxonMobil Oil Indonesia Inc's decision to put its gas supply to an end since August 2003.
The liquidation was delayed because the House wanted the liquidation to have a government regulation (PP) as its legal umbrella. In addition, there have been differences in perceptions between the House and the government over whether AAF is a state-owned enterprise or not.
State Minister for State-owned Enterprises Sofyan A. Djalil rejected to acknowledge AAF as a state-owned enterprise since several regulations, such as PP No. 6/1979, the Minister of Finance Decree No. 151/ KMK.01/1979, and AAF Statute state that a 60% stake in AAF is controlled by PT Pupuk Sriwidjaja (Pusri), not by the state.
On that ground, the liquidation of AAF didn't need a PP and was sufficient to refer only to the Limited Company Law. The State Ministry for State-owned Enterprises later brought the issue to the Constitutional Court after it failed to reach an agreement with the House.
Since AAF stopped operation in August 2003, the company has suffered from US$7.1 billion worth of losses.
Barclays & JP Morgan tackle subdebt Bank Danamon
PT Bank Danamon Tbk last week appointed Barclays Capital and JP Morgan Securities as the underwriter for US$300 million subordination bonds by this yearend. The fund generated from bonds issuance will be allotted for bonds payment options issued in 2004 earlier.
An executive involved in the transaction said the bonds issuance will be done when the global bonds market betters.the US$300 million subordination bonds issuance scheme has been proposed to the Central Bank of Indonesia despite the lacking of the bonds structure.
Subordination bonds commonly have 10 years tenure with call option on the fifth year of the bonds. Would the call option be failed to execute, there will be additional interest to be paid by the emitter to the bonds issuer.
Subordination bonds have the same rights as the whole existing subordination debt or the would-be issued debts. However, subordination bonds have junior claim than the debt deposit claim and other debts borne by the bank.
Bank Danamon issued US$300 million subordination bonds four years ago with 7.65 percent interest rate with the due date in 2014.
An executive involved in the transaction said the bonds issuance will be done when the global bonds market betters.the US$300 million subordination bonds issuance scheme has been proposed to the Central Bank of Indonesia despite the lacking of the bonds structure.
Subordination bonds commonly have 10 years tenure with call option on the fifth year of the bonds. Would the call option be failed to execute, there will be additional interest to be paid by the emitter to the bonds issuer.
Subordination bonds have the same rights as the whole existing subordination debt or the would-be issued debts. However, subordination bonds have junior claim than the debt deposit claim and other debts borne by the bank.
Bank Danamon issued US$300 million subordination bonds four years ago with 7.65 percent interest rate with the due date in 2014.
Friday, August 15, 2008
Akhabani new CFO Bakrie Capital
Akhabani, Director Investment Banking PT Trimegah Sekuritas Tbk become a CFO Bakrie Capital. Bakrie & Brothers now controls a 35% stake in Bumi, a 40% stake in Energi Mega, and a 40% stake in Bakrieland. Bakrie family now owned a 70% stake in the company. The Bakrie family entered through PT Bakrie Capital and affiliated company Long Haul Holding Ltd.
PLN holds underwriter tender for global bonds
The State-owned Electricity Company (PLN) will soon have tender for underwriter for the issuance of US$1.1 billion global bonds or IDR10 trillion in November.
In preparation of the IDR3 trillion bonds issuance, PLN is assisted by three underwriters, Danareksa Sekuritas, Trimegah Securities, and Indo Premier Securities.
In the same time, PLN to acquire Bahter Adhiguna shipping company.
The payment method will be done through imbreng mechanism in a bid to avoid hard cash transaction noting that they are owned by the government.
The transaction is scheduled to complete in semester II/2008 so that PLN could boost up the performance and capacity of Bahtera.
PricewaterhouseCoopers recommended the 100 percent of acquisition value of Bahtera shares stands at IDR74 billion based on the financial report of Bahtera as per September 30, 2007.
In preparation of the IDR3 trillion bonds issuance, PLN is assisted by three underwriters, Danareksa Sekuritas, Trimegah Securities, and Indo Premier Securities.
In the same time, PLN to acquire Bahter Adhiguna shipping company.
The payment method will be done through imbreng mechanism in a bid to avoid hard cash transaction noting that they are owned by the government.
The transaction is scheduled to complete in semester II/2008 so that PLN could boost up the performance and capacity of Bahtera.
PricewaterhouseCoopers recommended the 100 percent of acquisition value of Bahtera shares stands at IDR74 billion based on the financial report of Bahtera as per September 30, 2007.
Wednesday, August 13, 2008
Four securities compete for Pertamina subsidiary
Four securities companies, PT CIMB-GK Securities Indonesia, PT Bahana Securities, PT Danareksa Sekuritas, dan PT Mandiri Sekuritas, are competing for being the financial advisor for PT Pertamina subsidiary company.
Pertamina has tender for the selection of financial advisor to tackle the restructuring of its subsidiary company.
State Ministry for state enterprise calls Pertamina to promptly realize the initial public offering (IPO) of some subsidiary companies. Last year, Pertamina appointed Bahana Securities, which has worked for six months up to end of last year, to conduct study on the company restructuring.
Currently, one of the Pertamina subsidiary companies is PT Tugu Pratama Indonesia which has been ready to enter the capital market.
Pertamina has tender for the selection of financial advisor to tackle the restructuring of its subsidiary company.
State Ministry for state enterprise calls Pertamina to promptly realize the initial public offering (IPO) of some subsidiary companies. Last year, Pertamina appointed Bahana Securities, which has worked for six months up to end of last year, to conduct study on the company restructuring.
Currently, one of the Pertamina subsidiary companies is PT Tugu Pratama Indonesia which has been ready to enter the capital market.
Tuesday, August 12, 2008
Pusri Assigns Bahana to become Financial Advisor
PT Pupuk Sriwidjaja has assigned PT Bahana Securities to become its financial advisor to prepare the financing for the development of fertilizer facility in Iran worth US$700 million.
Bahana has to prepare the financing scheme for the facility.
Initially the two companies planned to start developing the facility last year. Indonesia and Iran developed a joint venture, Hengam Petrochemical Company, in Teheran on November 11 2007. The company planned to develop a facility on ammoniac and another one on urea.
The company has secured the loan commitment of US$100 million from IDB from the total investment of US$700 million. In this regard Indonesia and Iran agreed to lobby IDB to increase the loan facility to US$200 million, so that each facility will get the initial financing of US$100 million.
Of the total equity, each country has to pay 50% or US$105 million each, while the rest US$490 will be from other parties in loan. Each party will take the responsibility of 50% to the loan.
Pusri said that the company has spent US$97 million as the initial capital for the first three years of the facilities development.
Bahana has to prepare the financing scheme for the facility.
Initially the two companies planned to start developing the facility last year. Indonesia and Iran developed a joint venture, Hengam Petrochemical Company, in Teheran on November 11 2007. The company planned to develop a facility on ammoniac and another one on urea.
The company has secured the loan commitment of US$100 million from IDB from the total investment of US$700 million. In this regard Indonesia and Iran agreed to lobby IDB to increase the loan facility to US$200 million, so that each facility will get the initial financing of US$100 million.
Of the total equity, each country has to pay 50% or US$105 million each, while the rest US$490 will be from other parties in loan. Each party will take the responsibility of 50% to the loan.
Pusri said that the company has spent US$97 million as the initial capital for the first three years of the facilities development.
Ramayana Prepares Capital Expenditure of IDR1.5 Trillion
PT Ramayana Lestari Sentosa Tbk has prepared IDR1.5 trillion of capital expenditure to open 50 new outlets for the next five years with the focus of outside Java.
the company will book the revenue of IDR5.6 trillion and the net profit of IDR440 billion this year.
In the first half the revenue was IDR2.2 trillion, an increase of 19.2% from IDR1.85 trillion in the first half of 2007, while the net profit has increased from IDR91.39 billion to IDR99.71 billion.
the company will book the revenue of IDR5.6 trillion and the net profit of IDR440 billion this year.
In the first half the revenue was IDR2.2 trillion, an increase of 19.2% from IDR1.85 trillion in the first half of 2007, while the net profit has increased from IDR91.39 billion to IDR99.71 billion.
Monday, August 11, 2008
Tugu Pratama appointed three underwriters
PT Tugu Pratama Indonesia has appointed three state owned securities companies to cope with the initial public offering (IPO) in semester II/2008.
The three companies here include Mandiri Sekuritas, Danareksa Sekuritas, and Bahana Securities.
Formerly Tugu Pratama invited nine securities companies in the underwriter tender, namely PT BNI Securities, PT CLSA Indonesia, PT DBS Securities Indonesia, PT Danatama Makmur, PT Indo Premier Securities, and PT Trimegah Securities Tbk.
The company enters the market on the basis of June finance report this year. The IPO here has been approved by the shareholders including Pertamina with its 40 percent shares ownership, Pension Fund 20 percent, PPA 17.5 percent and Muhammad Bob Hasan 17.5 percent.
Tugu Pratama possesses 100 percent shares of PT Tugu Pratama Interindo (TP Interindo) as the investment company with 30 percent of PT Tugu Reasuransi Indonesia (Tugu Re) shares possession in which the government and PPA also has 30 percent of shares.
The other Tugu Re shareholders are Bambang Trihatmodjo with 20 percent ownership and Pertamina Pension Fund 20 percent.
TP Interindo has 10 percent shares of PT Asuransi Jiwa Tugu Mandiri in which PPA has 30 percent shares, Pertamina Pension Fund 40 percent, and Tin Pension Fund 20 percent. Tugu Pratama has entered sharia insurance market since 2005.
Along with the Tugu Pratama IPO, PPA seeks re tender of the 17.5 percent Tugu Pratama stock sales.
The three companies here include Mandiri Sekuritas, Danareksa Sekuritas, and Bahana Securities.
Formerly Tugu Pratama invited nine securities companies in the underwriter tender, namely PT BNI Securities, PT CLSA Indonesia, PT DBS Securities Indonesia, PT Danatama Makmur, PT Indo Premier Securities, and PT Trimegah Securities Tbk.
The company enters the market on the basis of June finance report this year. The IPO here has been approved by the shareholders including Pertamina with its 40 percent shares ownership, Pension Fund 20 percent, PPA 17.5 percent and Muhammad Bob Hasan 17.5 percent.
Tugu Pratama possesses 100 percent shares of PT Tugu Pratama Interindo (TP Interindo) as the investment company with 30 percent of PT Tugu Reasuransi Indonesia (Tugu Re) shares possession in which the government and PPA also has 30 percent of shares.
The other Tugu Re shareholders are Bambang Trihatmodjo with 20 percent ownership and Pertamina Pension Fund 20 percent.
TP Interindo has 10 percent shares of PT Asuransi Jiwa Tugu Mandiri in which PPA has 30 percent shares, Pertamina Pension Fund 40 percent, and Tin Pension Fund 20 percent. Tugu Pratama has entered sharia insurance market since 2005.
Along with the Tugu Pratama IPO, PPA seeks re tender of the 17.5 percent Tugu Pratama stock sales.
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