PT Bakrieland Development Tbk seeks out the issuance of sharia bonds worth IDR300 billion for the business expansion.
Earlier this year, Bakrieland issued IDR500 billion bonds assisted by the underwriters, namely PT Danareksa Sekuritas, PT Bahana Securities, PT Recapital Securities, and PT Madani Securities.
Bakrieland in semester I/2008 booked the net profit of 50.34 percent into IDr72.18 billion than that of last year of IDR48.01 billion.
Thursday, September 25, 2008
Monday, September 22, 2008
Indonesia's Bakrie Plantation Secure Loan Pledge of US$113 MLN
Indonesian plantation company PT Bakrie Sumatera Plantation has received a loan pledge of US$75 million and Rp350 billion (US$38 million) from a Singaporean bank.
Company president Ambono Janurianto said the funds will be used to finance expansion of oil palm plantation to cost around US$244 million.
The total cost will be covered with US$100 million in equity and US$144 million in bank loans, Ambono said.
This year the company hopes to produce 420,000 tons of crude palm oil (CPO) and 30,000 tons of rubber.
In the first half of this year the company posted Rp1.58 trillion in income or an increase of 140 per cent from the same period last year
Company president Ambono Janurianto said the funds will be used to finance expansion of oil palm plantation to cost around US$244 million.
The total cost will be covered with US$100 million in equity and US$144 million in bank loans, Ambono said.
This year the company hopes to produce 420,000 tons of crude palm oil (CPO) and 30,000 tons of rubber.
In the first half of this year the company posted Rp1.58 trillion in income or an increase of 140 per cent from the same period last year
Wednesday, September 17, 2008
Maybank could suspend the divestment of BII 20% shares
The Capital Market and Finance Institution Supervisory Agency (Bapepam-LK) eventually tolerates Malayan Banking Berhad (Maybank) to extend the divestment period of the 20 percent shares of PT Bank Internasional Indonesia Tbk.
Formerly, the divestment of BII 20 percent was only two years following the tender offer.
Bank Negara Malaysia re-opened the permit the Malayan Banking to acquire PT Bank Internasional Indonesia Tbk.
The information was addressed by Maybank in the public expose in the Malaysian Stock Exchange following the extended period given by Bapepam on the ongoing BII acquisition.
Maybank currently with Fullerton Financial Holding and Kookmin Bank attempted to finalize the acquisition proposal with reference to the share sale agreement dated on March 26, 2008. Article 21 of the Bapepam-LK regulation No. IX. H. 1 on the Go Public Company Takeover stipulates Bapepam-LK could extend the period for the new ultimate shareholder to meet the liability on condition that it is in emergency state.
Letter No. S-6428/BL/2008from Bapepam-LK chairman Ahmad Fuad Rahmany dated September 15 to the CEO of Maybank Dato Sri Abdul Wahid Omar informing the suspension of the refloating BII shares that might cause potentiall losses to the new ultimate shareholder. Secondly, the material losses condition is about 10 percent of the total investment in the acquisition of go public company.
Bapepam called for Maybank responses dealing with the letter and expected the BII acquisition to go on the positive direction.
The letter copy also goes to the Finance Minister, Sri Mulyani Indrawati, Bank Indonesia Governor Boediono, and Bank Negara Malaysia Governor Tan Sri Dato' Sri Zeti Akhtar Aziz.
Formerly, the divestment of BII 20 percent was only two years following the tender offer.
Bank Negara Malaysia re-opened the permit the Malayan Banking to acquire PT Bank Internasional Indonesia Tbk.
The information was addressed by Maybank in the public expose in the Malaysian Stock Exchange following the extended period given by Bapepam on the ongoing BII acquisition.
Maybank currently with Fullerton Financial Holding and Kookmin Bank attempted to finalize the acquisition proposal with reference to the share sale agreement dated on March 26, 2008. Article 21 of the Bapepam-LK regulation No. IX. H. 1 on the Go Public Company Takeover stipulates Bapepam-LK could extend the period for the new ultimate shareholder to meet the liability on condition that it is in emergency state.
Letter No. S-6428/BL/2008from Bapepam-LK chairman Ahmad Fuad Rahmany dated September 15 to the CEO of Maybank Dato Sri Abdul Wahid Omar informing the suspension of the refloating BII shares that might cause potentiall losses to the new ultimate shareholder. Secondly, the material losses condition is about 10 percent of the total investment in the acquisition of go public company.
Bapepam called for Maybank responses dealing with the letter and expected the BII acquisition to go on the positive direction.
The letter copy also goes to the Finance Minister, Sri Mulyani Indrawati, Bank Indonesia Governor Boediono, and Bank Negara Malaysia Governor Tan Sri Dato' Sri Zeti Akhtar Aziz.
Tuesday, September 16, 2008
FIF seeks IDR500 billion MTN
PT Federal Internasional Finance (FIF) prepares the issuance of the medium term notes worth IDR500 billion to support the financing expansion.
Now, the company has appointed PT Mandiri Sekuritas to become the underwriter.
FIF has either proposed loan to the World Bank subsidiary, International Finance Corporation (IFC) worth US$150 million. The loan proposal will be divided into three tranche, namely the US$100 million with four years tenure with fixed rate, the US$40 million with five years tenure with fixed interest rate in IDR, and the other US$10 million with five year tenure in foreign currency.
FIF booked net profit this semester by IDR300 billion or rose 66.7 percent up from IDR180 billion last year. The company targets IDR500 billion net profit by yearend.
As per June 2008, FIF realized the financing of 500,000 units of motorcycles or worth IDR5.7 trillion.
The number keeps climbing up as from 300,000 units last year. This year the company targets to realize the financing of one million units worth IDR12 trillion.
Now, the company has appointed PT Mandiri Sekuritas to become the underwriter.
FIF has either proposed loan to the World Bank subsidiary, International Finance Corporation (IFC) worth US$150 million. The loan proposal will be divided into three tranche, namely the US$100 million with four years tenure with fixed rate, the US$40 million with five years tenure with fixed interest rate in IDR, and the other US$10 million with five year tenure in foreign currency.
FIF booked net profit this semester by IDR300 billion or rose 66.7 percent up from IDR180 billion last year. The company targets IDR500 billion net profit by yearend.
As per June 2008, FIF realized the financing of 500,000 units of motorcycles or worth IDR5.7 trillion.
The number keeps climbing up as from 300,000 units last year. This year the company targets to realize the financing of one million units worth IDR12 trillion.
Sunday, September 14, 2008
Texmaco Group's Credit Asset free and clear
The Attorney General's Office (AGO) states Texmaco Group's credit assets are free and clear, making the Assets Management Company able to sell the assets.
However, the AGO's statement contradicts the Central Jakarta Commercial Court ruling saying the secured debt restructuring plan of PT Polysindo Eka Perkasa Tbk will bind separate creditors agreeing to the restructuring plan.
PT Polysindo owes PPA a secured debt worth 28% of the total loan of US$1 billion. In addition, PT Polysindo also owes US$630 million worth of unsecured debt.
President Director of Polysindo Ravi Shankar informed he had received a revised ruling from the Central Jakarta Commercial Court through a letter No 43/Pailit/2004/PN Niaga. Jkt.Pst.Jo. No.01 K/N/2005 Jo. No. 04 PK/N/2005 dated August 19.
According to him, the revised ruling bound all creditors. The homologation ruling is established through letter No 43/Pailit/2004/PN Niaga.Jkt. Pst.Jo. No.01/K/N/2005 dated November 16, 2005.
The Central Jakarta Commercial Court on June 5, 2008 also issued ruling No.43/PAILIT/204/PNIAGA.JKT. PT No.01/N/2005 jo 04/PK/ 2005.
The ruling states the restructuring plan on November 16, 2005 and the secured debt restructuring pan on November 29, 2005 offered by PT Polysindo to concurrent creditors are valid and binds all creditors, concurrent as well as separate creditors.
Based on the ruling, PT Polysindo issues new bonds for BPP and the IBRA (BPPN) reducing debts to PT Bina Prima Perdana (BPP) from US$199.665 million to US$21.428 million and debts to BPPN from US$84.525 million to US$9.071 million.
However, the AGO's statement contradicts the Central Jakarta Commercial Court ruling saying the secured debt restructuring plan of PT Polysindo Eka Perkasa Tbk will bind separate creditors agreeing to the restructuring plan.
PT Polysindo owes PPA a secured debt worth 28% of the total loan of US$1 billion. In addition, PT Polysindo also owes US$630 million worth of unsecured debt.
President Director of Polysindo Ravi Shankar informed he had received a revised ruling from the Central Jakarta Commercial Court through a letter No 43/Pailit/2004/PN Niaga. Jkt.Pst.Jo. No.01 K/N/2005 Jo. No. 04 PK/N/2005 dated August 19.
According to him, the revised ruling bound all creditors. The homologation ruling is established through letter No 43/Pailit/2004/PN Niaga.Jkt. Pst.Jo. No.01/K/N/2005 dated November 16, 2005.
The Central Jakarta Commercial Court on June 5, 2008 also issued ruling No.43/PAILIT/204/PNIAGA.JKT. PT No.01/N/2005 jo 04/PK/ 2005.
The ruling states the restructuring plan on November 16, 2005 and the secured debt restructuring pan on November 29, 2005 offered by PT Polysindo to concurrent creditors are valid and binds all creditors, concurrent as well as separate creditors.
Based on the ruling, PT Polysindo issues new bonds for BPP and the IBRA (BPPN) reducing debts to PT Bina Prima Perdana (BPP) from US$199.665 million to US$21.428 million and debts to BPPN from US$84.525 million to US$9.071 million.
Astra Sedaya got US$100 million loan
PT Astra Sedaya Finance attained US$100 million loans from overseas syndication loans of Bank of Tokyo-Mitsubishi UFJ Ltd (BTMU Tokyo), Mizuho Bank, SMBC, and China Trust Bank.
The company also seeks IDR1 trillion bonds issuance which is scheduled in quarter II/2009.
Director of Astra Sedaya Hugeng Gozali said the loan interest rate refers to the London inter bank offered rate (Libor) plus 2 percent.
"The loan is effective from next week. Each bank disbursed some US$25 million," he said to me last week.
He said the interest rate is quite low-priced. But, the company is facing the mounting swap rate situation.
Last year, the company got US$60 million loan from the BNP Paribas.
Hugeng said the company is also negotiating the interest rate to disburse IDR1 trillion loan from PT Bank Negara Indonesia Tbk (BNI). "There has been BNI loan commitment but the interest rate negotiation is underway. This year we will got the loan disbursement."
This year, Astra Sedaya targets the financing credit expansion could stand at IDR12.5 trillion as from IDR9.8 trillion last year loan expansion.
Astra Sedaya is one of the automotive multifinance under the control of PT General Electric Services with shareholding portion of 47 percent. Besides, PT Astra Internasional Tbk has 44.28 percent share ownership and PT Sedaya Investama sebesar 8.72 percent.
The company also seeks IDR1 trillion bonds issuance which is scheduled in quarter II/2009.
Director of Astra Sedaya Hugeng Gozali said the loan interest rate refers to the London inter bank offered rate (Libor) plus 2 percent.
"The loan is effective from next week. Each bank disbursed some US$25 million," he said to me last week.
He said the interest rate is quite low-priced. But, the company is facing the mounting swap rate situation.
Last year, the company got US$60 million loan from the BNP Paribas.
Hugeng said the company is also negotiating the interest rate to disburse IDR1 trillion loan from PT Bank Negara Indonesia Tbk (BNI). "There has been BNI loan commitment but the interest rate negotiation is underway. This year we will got the loan disbursement."
This year, Astra Sedaya targets the financing credit expansion could stand at IDR12.5 trillion as from IDR9.8 trillion last year loan expansion.
Astra Sedaya is one of the automotive multifinance under the control of PT General Electric Services with shareholding portion of 47 percent. Besides, PT Astra Internasional Tbk has 44.28 percent share ownership and PT Sedaya Investama sebesar 8.72 percent.
Tuesday, September 9, 2008
House agreed the Krakatau Steel IPO
The initial public offering (IPO)of PT Krakatau Steel scheme will surely be materialized following the approval given by the House of Representatives(DPR)' Working Committee for Privatization to the corporate action.
Danareksa Sekuritas has chances to handle the KS IPO noting that the company gives the cheapest fee offer. However, the government still calculates the other assessment points due to the stand by buyer consideration.
There is tight competition for fee among the securities companies to get KS IPO. From the IPO, KS target to rake some IDR5 trillion fund. So far there are three securities companies shortlisted, namely PT Danareksa Securities, PT Bahana Sekuritas, and Mandiri Sekuritas.
Danareksa Sekuritas has chances to handle the KS IPO noting that the company gives the cheapest fee offer. However, the government still calculates the other assessment points due to the stand by buyer consideration.
There is tight competition for fee among the securities companies to get KS IPO. From the IPO, KS target to rake some IDR5 trillion fund. So far there are three securities companies shortlisted, namely PT Danareksa Securities, PT Bahana Sekuritas, and Mandiri Sekuritas.
Monday, September 8, 2008
Boby Nazif is the Telkom commissioner
The government will appoint academic expert from the University of Indonesia’s Computer Science Faculty, Boby Nazif, as the commissioner of PT Telekomunikasi Indonesia Tbk (Telkom) to replace Anggito Abimanyu who resigned from his post.
Anggito resigned from his post as the Telkom commissioner following the Finance Minister regulation banning official with double post at the ministry.
Double posts have emerged as problem following the query of the Corruption Eradication Commission (KPK) on the regulation to the State Enterprise Ministry.
KPK also stressed out not only on the questionable income, but also the conflict of interest arising from the double posts.
Responding to KPK call, the Finance Ministry and State Enterprise Ministry agreed to issue shared decision policy on the official double posts.
Anggito resigned from his post as the Telkom commissioner following the Finance Minister regulation banning official with double post at the ministry.
Double posts have emerged as problem following the query of the Corruption Eradication Commission (KPK) on the regulation to the State Enterprise Ministry.
KPK also stressed out not only on the questionable income, but also the conflict of interest arising from the double posts.
Responding to KPK call, the Finance Ministry and State Enterprise Ministry agreed to issue shared decision policy on the official double posts.
Thursday, September 4, 2008
Battle in Danareksa
Following the appointment of Edgar Ekaputra Sujanto as the president director of PT Danareksa for nine months for filling the former Lin Che Wei post after his resignation, the boards of directors will be promptly replaced.
The current recent boards of directors include Aloysius Kiik Ro, Muhammad Hanif, Sebastianus Harry Wiguna, and Wahzary Wardaya. They are one package of directors including Lin Che Wei appointed by the former Minister for State Enterprise Sugiharto at the time.
One of the reasons behind the replacement is due to the fact of less befitting relation with Edgar Ekaputra.
However, Danareksa commissioners claimed the change scenario comes from the State Enterprise Ministry. Those commissioners include Sutan Remy Sjahdeini, Soehandjono, Dino Patti Djalal, and Mohamad Ikhsan.
Danareksa Sekuritas, Danareksa subsidiary company with its 99 percent share ownership, is deemed the largest contributor to 70 percent revenue of Danareksa last year and PT Danareksa Investment Management coming after with 14 percent contribution.
Danareksa Sekuritas follows some underwriting tenders for initial pubic offering (IPO) in some state enterprises including PT Krakatau Steel, PT Perkebunan Nusantara (PTPN) III, IV, and VII. Danareksa could likely become the underwriter for PTPN VII IPO with the highest score in the beauty contest.
Bloomberg data on IPO underwriter shows that Danareksa Sekuritas is on the top four with 5.6 percent market shares worth IDR2.02 trillion which comes after PT MAndiri Sekuritas with 9.8 percent market shares worth DIR3.49 trillion.
Most Danareksa Sekuritas deals are bonds IPO as done by Indosat, Mayora Indah, Tunas Financindo Sarana, and some others. One of stock IPO is from PT Indika Energy Tbk.
The current recent boards of directors include Aloysius Kiik Ro, Muhammad Hanif, Sebastianus Harry Wiguna, and Wahzary Wardaya. They are one package of directors including Lin Che Wei appointed by the former Minister for State Enterprise Sugiharto at the time.
One of the reasons behind the replacement is due to the fact of less befitting relation with Edgar Ekaputra.
However, Danareksa commissioners claimed the change scenario comes from the State Enterprise Ministry. Those commissioners include Sutan Remy Sjahdeini, Soehandjono, Dino Patti Djalal, and Mohamad Ikhsan.
Danareksa Sekuritas, Danareksa subsidiary company with its 99 percent share ownership, is deemed the largest contributor to 70 percent revenue of Danareksa last year and PT Danareksa Investment Management coming after with 14 percent contribution.
Danareksa Sekuritas follows some underwriting tenders for initial pubic offering (IPO) in some state enterprises including PT Krakatau Steel, PT Perkebunan Nusantara (PTPN) III, IV, and VII. Danareksa could likely become the underwriter for PTPN VII IPO with the highest score in the beauty contest.
Bloomberg data on IPO underwriter shows that Danareksa Sekuritas is on the top four with 5.6 percent market shares worth IDR2.02 trillion which comes after PT MAndiri Sekuritas with 9.8 percent market shares worth DIR3.49 trillion.
Most Danareksa Sekuritas deals are bonds IPO as done by Indosat, Mayora Indah, Tunas Financindo Sarana, and some others. One of stock IPO is from PT Indika Energy Tbk.
BTN proposed 3 underwriters
PT Bank Tabungan Negara (BTN) proposed three nominated joint lead underwriters to the State Enterprise Ministry to handle the initial public offering (IPO) to rake some IDR2 trillion funds.
The three nominated joint lead underwriters here include PT Bahana Securities, PT Danareksa Sekuritas, dan PT Mandiri Sekuritas.
Mandiri Sekuritas formerly planned to cooperate with the CIMB GK Securities, and Danareksa Sekuritas will form consortium with Bahana Securities and Credit Suisse.
The three nominated joint lead underwriters here include PT Bahana Securities, PT Danareksa Sekuritas, dan PT Mandiri Sekuritas.
Mandiri Sekuritas formerly planned to cooperate with the CIMB GK Securities, and Danareksa Sekuritas will form consortium with Bahana Securities and Credit Suisse.
The divested XL shares have another 15 percent
TM International will sell 10-15 percent of it shares at PT Excelcomindo Pratama Tbk on the better stock market condition.
Public shareholders held extraordinary general meeting of shareholders (EGMS) has permitted Excelcomindo to provide assistance to the TM International to pave the way of the stock divestment.
To pave the way of the divestment, XL appointed three underwriters including JP Morgan, Merrill Lynch, and PT Mandiri Sekuritas.
But, the company could not set the targeted fund to generate from the divestment. But, it will only TMI divestment instead of the other shareholders' shares.
With the divestment of 10-15 percent Indocell shares, the public stock ownership will increase.
TM International Berhad (TMI) possesses 83.79 percent of XL shares, Emirates Telecom has 15.79 percent and the remaining owned by public.
The shareholders have agreed to sell its 7,000 tower units.
The fund generated from the tower sale will be allotted for capital expenditure and paying the debt.
The tower price referring to PT Ujatek Baru as the independent auditor cost US$90.737-115.408 per tower unit. Referring to the price here, the potential fund to be raked is about US$635-808 million or IDR5.7-7.3 trillion.
Public shareholders held extraordinary general meeting of shareholders (EGMS) has permitted Excelcomindo to provide assistance to the TM International to pave the way of the stock divestment.
To pave the way of the divestment, XL appointed three underwriters including JP Morgan, Merrill Lynch, and PT Mandiri Sekuritas.
But, the company could not set the targeted fund to generate from the divestment. But, it will only TMI divestment instead of the other shareholders' shares.
With the divestment of 10-15 percent Indocell shares, the public stock ownership will increase.
TM International Berhad (TMI) possesses 83.79 percent of XL shares, Emirates Telecom has 15.79 percent and the remaining owned by public.
The shareholders have agreed to sell its 7,000 tower units.
The fund generated from the tower sale will be allotted for capital expenditure and paying the debt.
The tower price referring to PT Ujatek Baru as the independent auditor cost US$90.737-115.408 per tower unit. Referring to the price here, the potential fund to be raked is about US$635-808 million or IDR5.7-7.3 trillion.
Wednesday, September 3, 2008
CIMB-GK handles the restructuring of Pertamina subsidiary company
PT Pertamina has appointed PT CIMB-GK Securities Indonesia the financial advisor for the subsidiary company restructuring.
Formerly, there were four securities companies competed for being Pertamina financial advisors including PT CIMB-GK Securities Indonesia, PT Bahana Securities, PT Danareksa Sekuritas, and PT Mandiri Sekuritas.
The CIMG-GK will also sort out the subsidiary company with possible restructuring through initial public offering (IPO) mechanism with the subsidiary company that has possibility to be sold to strategic investors. Thus, Pertamina and its subsidiary company could be categorized into go public company.
Last year, Pertamina appointed Bahana Securities to make review on the company restructuring. Then, PT Mandiri Sekuritas handled the preparation of Pertamina as the would-be go public company.
Formerly, there were four securities companies competed for being Pertamina financial advisors including PT CIMB-GK Securities Indonesia, PT Bahana Securities, PT Danareksa Sekuritas, and PT Mandiri Sekuritas.
The CIMG-GK will also sort out the subsidiary company with possible restructuring through initial public offering (IPO) mechanism with the subsidiary company that has possibility to be sold to strategic investors. Thus, Pertamina and its subsidiary company could be categorized into go public company.
Last year, Pertamina appointed Bahana Securities to make review on the company restructuring. Then, PT Mandiri Sekuritas handled the preparation of Pertamina as the would-be go public company.
PPA raked IDR200 billion bank shares divestment
PT Perusahaan Pengelola Aset (PPA) raked some IDR200 billion as from the divestment of PT Bank Niaga CIMB Tbk shares.
Formerly, the share ownership was possessed by Bank Lippo and Bank Niaga. However, the two banks were merged into PT Bank CIMB Niaga Tbk. The fund will serve as the income of the 2008 State Budget.
President Director of PPA Mohammad Syahrial said the divestment of the two banks has been finalized so that the company attined some IDR200 billion fresh fund.
He said the PPA shares ownership in some banks are derived from the rights certificate (SBH) which was executed to be the share.
Syahrial said the asset divestment process keeps going despite the government decision to extend the restructuring company working period.
"We don't haste to divest the assets. But, when we consider the market condition is good, we can sell the assets so as to get maximum bid."
Formerly, the share ownership was possessed by Bank Lippo and Bank Niaga. However, the two banks were merged into PT Bank CIMB Niaga Tbk. The fund will serve as the income of the 2008 State Budget.
President Director of PPA Mohammad Syahrial said the divestment of the two banks has been finalized so that the company attined some IDR200 billion fresh fund.
He said the PPA shares ownership in some banks are derived from the rights certificate (SBH) which was executed to be the share.
Syahrial said the asset divestment process keeps going despite the government decision to extend the restructuring company working period.
"We don't haste to divest the assets. But, when we consider the market condition is good, we can sell the assets so as to get maximum bid."
Tuesday, September 2, 2008
9 Securities compete for being IPO underwriter
State owned plantation, PT Perkebunan Nusantara (PTPN) IV, targeted to rake some IDR3 trillion from in no time of initial public offering (IPO).
Nine securities companies compete for being underwriter of the PTPN IV IPO. That nine securities companies fighting for underwriter here includes the Consortium of Mandiri Sekurites which seeks cooperation with CLSA and Macquarie. The Consortium of Bahan Securities seeks cooperation with the UBS Securities Indonesia and CIMB GK Securities Indonesia. Other securities companies are Danareksa Securities, DBS, and Indopremiers Securities.
Nine securities companies compete for being underwriter of the PTPN IV IPO. That nine securities companies fighting for underwriter here includes the Consortium of Mandiri Sekurites which seeks cooperation with CLSA and Macquarie. The Consortium of Bahan Securities seeks cooperation with the UBS Securities Indonesia and CIMB GK Securities Indonesia. Other securities companies are Danareksa Securities, DBS, and Indopremiers Securities.
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