The Indonesia Stock Exchange, Southeast Asia' s third-largest bourse, named Ito Warsito as its
president director for a three year term.
Ito, the president commisioner of PT Bahana Securities, replaces Erry Firmansyah as the head of the bourse
Wednesday, June 24, 2009
PLN picks Bahana, Mandiri, & Danareksa
PT Perusahaan Listrik Negara (PLN) as appointed state owned securities companies consortium to handle IDR1.5 trillion bonds issuance.
Formerly, PLN invited three underwriter consortiums to handle IDR.5 trillion bond issuance.
My sources said the securities consortium appointed here include PT Bahana Securities, PT Danareksa Sekuritas, and PT Mandiri Sekuritas.
"PLN bond issuance is scheduled in October using finance report per June," he said yesterday.
Three securities consortium strived for PLN bond issuance underwriter worth IDR1.5 trillion consisting of one state securities consortium and two private securities consortium.
The two private securities consortium consists of PT Kresna Graha Sekurindo Tbk, PT Standard Chartered Securities, and PT Andalan Artha Advisindo Sekuritas.
Another consortium consists of PT Trimegah Securities Tbk, PT Indo Premier Securities, and PT CIMB GK Securities.
Vice President Director of PLN Rudiantara when asked last night admitted for not knowing the appointment of underwriter handling the bond issuance.
But he conceded PLN planned to enter the market to seek fund as it still requires IDR4.5 trillion external fund to support the power plant development.
"We have not set the bond issuance value, but in semester II we are sure to enter the market to seek fund using June finance report. PLN has appointed Deloitte Touche Tohmatsu to audit corporate finance report up to semester I this year," he said last night.
Formerly, PLN invited three underwriter consortiums to handle IDR.5 trillion bond issuance.
My sources said the securities consortium appointed here include PT Bahana Securities, PT Danareksa Sekuritas, and PT Mandiri Sekuritas.
"PLN bond issuance is scheduled in October using finance report per June," he said yesterday.
Three securities consortium strived for PLN bond issuance underwriter worth IDR1.5 trillion consisting of one state securities consortium and two private securities consortium.
The two private securities consortium consists of PT Kresna Graha Sekurindo Tbk, PT Standard Chartered Securities, and PT Andalan Artha Advisindo Sekuritas.
Another consortium consists of PT Trimegah Securities Tbk, PT Indo Premier Securities, and PT CIMB GK Securities.
Vice President Director of PLN Rudiantara when asked last night admitted for not knowing the appointment of underwriter handling the bond issuance.
But he conceded PLN planned to enter the market to seek fund as it still requires IDR4.5 trillion external fund to support the power plant development.
"We have not set the bond issuance value, but in semester II we are sure to enter the market to seek fund using June finance report. PLN has appointed Deloitte Touche Tohmatsu to audit corporate finance report up to semester I this year," he said last night.
Monday, June 22, 2009
Kalbe tender offer Enseval shares
PT Kalbe Farma Tbk held a tender offer of 725.23 million shares or 31.81 percent of PT Enseval Putera Megatrading Tbk ownership.
Referring to the tender price offer of IDR870, Kalbe Farma should prepare some IDR630.95 billion.
PT Kresna Graha Sekurindo through the letter dated on June 18, it ensured Kalbe Farma has adequate fund to have tender offer.
The tender offer has higher value than the top market price of Enseval at the Indonesia Stock Exchange (IDX) within 90 days prior to the tender announcement from March 21-June 18, 2009.
"Tender offer will be executed within 30 days after tender offer statement announced," said Kalbe Farma boards of directors on its website last week.
Kalbe boards of directors said the sales and purchase of Enseval shares in the tender will be executed through IDX and the payment should be in rupiah.
"The Enseval shareholder with shares in warrant and interested to participate in tender offer should convert their equities into shares without warrant with their own expenses."
Based on the letter addressed by Kresna Graha June 18, 2009, Kalbe Farma has adequate fund to finance the tender.
As per 30 April 2009, Kalbe Farma owns 58.19 percent Enseval shares, HSBC-Fund Service Clients 10.93 percent and the rests 30.88 percent owned by public.
Referring to the tender price offer of IDR870, Kalbe Farma should prepare some IDR630.95 billion.
PT Kresna Graha Sekurindo through the letter dated on June 18, it ensured Kalbe Farma has adequate fund to have tender offer.
The tender offer has higher value than the top market price of Enseval at the Indonesia Stock Exchange (IDX) within 90 days prior to the tender announcement from March 21-June 18, 2009.
"Tender offer will be executed within 30 days after tender offer statement announced," said Kalbe Farma boards of directors on its website last week.
Kalbe boards of directors said the sales and purchase of Enseval shares in the tender will be executed through IDX and the payment should be in rupiah.
"The Enseval shareholder with shares in warrant and interested to participate in tender offer should convert their equities into shares without warrant with their own expenses."
Based on the letter addressed by Kresna Graha June 18, 2009, Kalbe Farma has adequate fund to finance the tender.
As per 30 April 2009, Kalbe Farma owns 58.19 percent Enseval shares, HSBC-Fund Service Clients 10.93 percent and the rests 30.88 percent owned by public.
Bahana handles Aqua tender offer
PT Aqua Golden Mississippi Tbk has appointed PT Bahana Securities as the consultant handling the corporate tender offer for its go private.
Tender offer will be executed following the approval given in the extraordinary general meeting of shareholders (EGMS) for the Aqua Golden go private scheme.
The go private scheme has so far could not be performed yet as it still waits for the approval from the Capital Market and Finance Institution Supervisory Agency (Bapepam-LK) on the independent auditor appointment.
The absence of Bapepam approval has suspended the company to have EGMS for go private approval.
The company has either appointed Hadiputranto Hadinoto & Partners as the advisor of the go private process.
Listing director of IDX Eddy Sugito said the bourse will allow Aqua Golden to become go private company if the shareholders provide supports.
"They have proposed go private, just wait for the approval from the shareholders," he said last week.
On June 5, IDX suspended the Aqua Golden stock trade noting the corporate go private proposal and voluntarily delisting.
Formerly Aqua Golden has twice proposed the go private scheme on December 2001 and September 2005. but it failed due to the shareholders refusal.
Aqua Golden stock was last traded on June 4, 2009 on the level of IDR134,218 or stagnant . thus the market capitalization stood at IDR3.22 trillion.
At the same time, Yanie said the Aqua shareholders yesterday agreed to share cash dividend as from 2008 net profit worth IDr1,200 per share unit. The figure equals to 19.18 percent as from 2008 net profits worth IDR82.34 billion.
Aqua Golden projected the sales this year could stand at IDR2.6 trillion or rose from IDR2.33 trillion last year.
Tender offer will be executed following the approval given in the extraordinary general meeting of shareholders (EGMS) for the Aqua Golden go private scheme.
The go private scheme has so far could not be performed yet as it still waits for the approval from the Capital Market and Finance Institution Supervisory Agency (Bapepam-LK) on the independent auditor appointment.
The absence of Bapepam approval has suspended the company to have EGMS for go private approval.
The company has either appointed Hadiputranto Hadinoto & Partners as the advisor of the go private process.
Listing director of IDX Eddy Sugito said the bourse will allow Aqua Golden to become go private company if the shareholders provide supports.
"They have proposed go private, just wait for the approval from the shareholders," he said last week.
On June 5, IDX suspended the Aqua Golden stock trade noting the corporate go private proposal and voluntarily delisting.
Formerly Aqua Golden has twice proposed the go private scheme on December 2001 and September 2005. but it failed due to the shareholders refusal.
Aqua Golden stock was last traded on June 4, 2009 on the level of IDR134,218 or stagnant . thus the market capitalization stood at IDR3.22 trillion.
At the same time, Yanie said the Aqua shareholders yesterday agreed to share cash dividend as from 2008 net profit worth IDr1,200 per share unit. The figure equals to 19.18 percent as from 2008 net profits worth IDR82.34 billion.
Aqua Golden projected the sales this year could stand at IDR2.6 trillion or rose from IDR2.33 trillion last year.
New CEO Gudang Garam
The shareholders of PT Gudang Garam Tbk appointed Susilo Wonowidjojo as the President Director and this is deemed preparedness action to compete with the British American Tobacco Plc (BAT).
Susilo Wonowidjajo, last Saturday, replaced Djajusman Surjowijono who resigned from his post last February.
The appointment of Susilo here is in anticipation of the overseas cigarette producer expansion in the country with third largest smokers after China and India. Prior to the appointment as the president director, Susilo was the vice president director from 1990.
Susilo Wonowidjajo, last Saturday, replaced Djajusman Surjowijono who resigned from his post last February.
The appointment of Susilo here is in anticipation of the overseas cigarette producer expansion in the country with third largest smokers after China and India. Prior to the appointment as the president director, Susilo was the vice president director from 1990.
Wednesday, June 17, 2009
BAT buy Bentoel US$494 million
British American Tobacco Plc,will buy control of PT Bentoel Internasional Investama of Indonesia, the nation with Asia's most lax restrictions and most smokers after China and India.
BAT today said it will pay $494 million for 85 percent of Bentoel, marking its first foray into clove-flavored cigarettes, known as kretek in Indonesia for the crackling sound they make
when lit.
Bentoel, whose brands include Star Mild, will help BAT boost its local market share to about 9 percent. BAT, the London-based maker of Lucky Strike, is expanding in a country with few of the restrictions seen in Europe and the U.S.
More than 90 percent of Indonesia's tobacco users smoke kretek, which can contain double the nicotine and almost triple the tar of conventional tobacco, and minors can buy a cigarette
for less than 4 cents.
BAT acquired 56 percent of Bentoel from the Rajawali Group, controlled by billionaire Peter Sondakh, and the balance from other investors. Bentoel is the fourth-largest maker of kretek,
trailing market leader PT HM Sampoerna, bought by Philip Morris International Inc. in 2005.
BAT today said it will pay $494 million for 85 percent of Bentoel, marking its first foray into clove-flavored cigarettes, known as kretek in Indonesia for the crackling sound they make
when lit.
Bentoel, whose brands include Star Mild, will help BAT boost its local market share to about 9 percent. BAT, the London-based maker of Lucky Strike, is expanding in a country with few of the restrictions seen in Europe and the U.S.
More than 90 percent of Indonesia's tobacco users smoke kretek, which can contain double the nicotine and almost triple the tar of conventional tobacco, and minors can buy a cigarette
for less than 4 cents.
BAT acquired 56 percent of Bentoel from the Rajawali Group, controlled by billionaire Peter Sondakh, and the balance from other investors. Bentoel is the fourth-largest maker of kretek,
trailing market leader PT HM Sampoerna, bought by Philip Morris International Inc. in 2005.
Tuesday, June 16, 2009
Bank Permata Raise US$100 million to boost capital
PT Bank Permata, an Indonesianfinancial services company partly owned by Standard Chartered Plc, raised $100 million selling debt to increase its capital.
Standard Chartered and PT Astra International, Indonesia's biggest car retailer, which own 44.5 percent each of the bank acted as the principal buyers, for the 12-year subordinated
debt, Bank Permata said in a statement to the Indonesia Stock Exchange today.
Banks sell subordinated debt to bolster regulatory reserves. The minimum capital-adequacy ratio, a measure of capital reserves against assets at risk, for banks in Indonesia is 8 percent.
Standard Chartered and PT Astra International, Indonesia's biggest car retailer, which own 44.5 percent each of the bank acted as the principal buyers, for the 12-year subordinated
debt, Bank Permata said in a statement to the Indonesia Stock Exchange today.
Banks sell subordinated debt to bolster regulatory reserves. The minimum capital-adequacy ratio, a measure of capital reserves against assets at risk, for banks in Indonesia is 8 percent.
Credit Suisse handles Gajah Tunggal bonds
PT Gajah Tunggal Tbk appointed Credit Suisse to convert bonds.
Due to financial constraint for bond coupon payment, Gajah Tunggal plans to change the securities into new bonds worth US$441.5 million with extended due date by 2014.
Director of Gajah Tunggal Catharina Widjaja said the bond conversion is the restructuring pattern by extending the bond maturity.
"The company does not spend any fund," she said in short message service this week.
Two rating companies, Standard & Poor's and Moody's Investor Services degraded Gajah Tunggal rating.
Moody's degraded the bond rating as from Caa1 into Ca. At the same time, Moody's set Gajah Tunggal rating of Caa1 level with negative prospect.
Analyst of Moody's Wonnie Chu said the downgrading rating is due to the bond conversion scheme of Gajah Tunggal.
Then, S&P also lowered down PT Gajah Tunggal Tbk rating into CC as from CCC+.
S&P considered the company has financial constraint to pay US$ 21.5 million bond coupon matured on 21 July 2009.
"S&P Ratings moved down the long term Gajah Tunggal corporate credit into CC as from CCC+ with negative prospect," said analyst of S&P Wee Khim Loy yesterday.
Due to financial constraint for bond coupon payment, Gajah Tunggal plans to change the securities into new bonds worth US$441.5 million with extended due date by 2014.
Director of Gajah Tunggal Catharina Widjaja said the bond conversion is the restructuring pattern by extending the bond maturity.
"The company does not spend any fund," she said in short message service this week.
Two rating companies, Standard & Poor's and Moody's Investor Services degraded Gajah Tunggal rating.
Moody's degraded the bond rating as from Caa1 into Ca. At the same time, Moody's set Gajah Tunggal rating of Caa1 level with negative prospect.
Analyst of Moody's Wonnie Chu said the downgrading rating is due to the bond conversion scheme of Gajah Tunggal.
Then, S&P also lowered down PT Gajah Tunggal Tbk rating into CC as from CCC+.
S&P considered the company has financial constraint to pay US$ 21.5 million bond coupon matured on 21 July 2009.
"S&P Ratings moved down the long term Gajah Tunggal corporate credit into CC as from CCC+ with negative prospect," said analyst of S&P Wee Khim Loy yesterday.
Friday, June 12, 2009
Elnusa Share Price Still a Mystery
The price of a 37.67% stake in PT Elnusa Tbk acquired by the Saratoga Capital and Northstar Pacific Partners consortium has yet been officially disclosed on ground of confidentiality.
PT Tri Daya Esta, the seller of Elnusa shares, and its financial advisor PT Bahana Securities yesterday established Saratoga as the preferred bidder.
Saratoga outstrips two main competitors, PT Pertamina (Persero), which controls a 41.67% stake in Elnusa, and the PT Ciptadana Capital consortium.
"I cannot yet reveal the acquisition value due to our confidentiality agreement. Saratoga prepares US$150 million [equivalent to IDR1.51 trillion] to finance the acquisition of Elnusa and develop the company," CEO of Saratoga Sandiaga S. Uno informed in his office yesterday.
He also declined to reveal the amount of fund used to finance the acquisition of Elnusa.
"There are several financing alternatives that Elnusa can choose to make expansion, such as issuing convertible bonds or doing rights issue."
He continued the fund prepared to acquire Elnusa had been prepared by the consortium. "We are going to settle the legal documentation program."
Sandiaga explained the consortium had yet established share percentage for each consortium member. Saratoga is given 8-10 weeks to complete the acquisition of shares in Elnusa.
Investment Banking Director of PT Bahana Securities Eko Yuliantoro in his press release stated Tri Daya chose Saratoga since Saratoga was able to offer the best bid price for their credible business plan.
Sandiaga added Saratoga was reviewing an option to buy Pertamina-owned shares in after the Saratoga and Northstar consortium settled their Elnusa share purchase.
PT Tri Daya Esta, the seller of Elnusa shares, and its financial advisor PT Bahana Securities yesterday established Saratoga as the preferred bidder.
Saratoga outstrips two main competitors, PT Pertamina (Persero), which controls a 41.67% stake in Elnusa, and the PT Ciptadana Capital consortium.
"I cannot yet reveal the acquisition value due to our confidentiality agreement. Saratoga prepares US$150 million [equivalent to IDR1.51 trillion] to finance the acquisition of Elnusa and develop the company," CEO of Saratoga Sandiaga S. Uno informed in his office yesterday.
He also declined to reveal the amount of fund used to finance the acquisition of Elnusa.
"There are several financing alternatives that Elnusa can choose to make expansion, such as issuing convertible bonds or doing rights issue."
He continued the fund prepared to acquire Elnusa had been prepared by the consortium. "We are going to settle the legal documentation program."
Sandiaga explained the consortium had yet established share percentage for each consortium member. Saratoga is given 8-10 weeks to complete the acquisition of shares in Elnusa.
Investment Banking Director of PT Bahana Securities Eko Yuliantoro in his press release stated Tri Daya chose Saratoga since Saratoga was able to offer the best bid price for their credible business plan.
Sandiaga added Saratoga was reviewing an option to buy Pertamina-owned shares in after the Saratoga and Northstar consortium settled their Elnusa share purchase.
The general meeting of shareholders (GMS) of PT Indosat Tbk agreed to assign Harry Sasongko Tirtotjondro as the president director until 2010 to replace Johnny Swandi Sjam.
The change of directors boards was done due to the change of Indosat ultimate shareholder as from Singapore Technologies Telemedia Pte Ltd (STT) into Qtel.
The GMS yesterday agreed to change six members of Indosat boards of directors including Wong Heang Tuck, Wahyu Wijayadi, Guntur S. Siboro, Raymond Tan Kim Meng, Syakieb Ahmad Sungkar and Roy Kannan.
The former boards of directors terms was from 2005-2010 and thus the new boards of directors will only work until 2010. The shareholders also inaugurated for commissioners as Qtel representatives in the commissioner boards including Abdullah bin Mohammed bin Saud Al Thani as chief commissioner, and Nasser Marafih, Richard F. Seney and Rachmat Gobel as commissioners.
The GMS only changed one commissioner, Mohamed Bin Suhaim Hamad Al Thani, of all commissioner boards into Richard.
Soeprapto, Setyanto P. Santosa, Michael Latimer, and George Thia Peng Heok remain the independent commissioners.
The change of directors boards was done due to the change of Indosat ultimate shareholder as from Singapore Technologies Telemedia Pte Ltd (STT) into Qtel.
The GMS yesterday agreed to change six members of Indosat boards of directors including Wong Heang Tuck, Wahyu Wijayadi, Guntur S. Siboro, Raymond Tan Kim Meng, Syakieb Ahmad Sungkar and Roy Kannan.
The former boards of directors terms was from 2005-2010 and thus the new boards of directors will only work until 2010. The shareholders also inaugurated for commissioners as Qtel representatives in the commissioner boards including Abdullah bin Mohammed bin Saud Al Thani as chief commissioner, and Nasser Marafih, Richard F. Seney and Rachmat Gobel as commissioners.
The GMS only changed one commissioner, Mohamed Bin Suhaim Hamad Al Thani, of all commissioner boards into Richard.
Soeprapto, Setyanto P. Santosa, Michael Latimer, and George Thia Peng Heok remain the independent commissioners.
Wednesday, June 10, 2009
HeidelbergCement AG sell Indocement
HeidelbergCement AG, Germany's biggest cement maker, is selling part of its 65 percent stake in Indonesia's PT Indocement Tunggal Prakarsa.
Royal Bank of Scotland Group Plc's ABN Amro division is selling 520.5 million shares in Indocement on behalf of Birchwood Omnia Ltd., a private company wholly owned by
HeidelbergCement
Royal Bank of Scotland Group Plc's ABN Amro division is selling 520.5 million shares in Indocement on behalf of Birchwood Omnia Ltd., a private company wholly owned by
HeidelbergCement
Pertamina never bid at above IDR300
PT Pertamina claimed to never bid at above IDR300 per share unit for the 37.67 percent or 2.71 billion PT Elnusa Tbk shares.
Finance Director of Pertamina Ferederick ST Siahaan said from the initial to the last bid, the company always sets the price under IDR300.
So far Pertamina shareholder have not approved yet the schem. But boards of directors could propose bid for Elnusa which will be sold by PT Tri Daya Esta.
Director of Investment Banking of Bahana Securities Eko Yuliantoro, the financial advisor of Tri Daya, declined to comment on the detail bid. But he was surely to meet the management of Tri Daya today.
"We have opened the bid proposal from investors and we will unveil the resume. Then it is up to Tri Daya to make decision . it is likely that the parties involving in the transaction will continue negotiating the terms and conditions."
The winner of tender of Elnusa divestment will not simply refer to the investors with highest bid.
There have been three companies submitting bid proposal to buy Elnusa and the winner will be unveiled this week. "If possible, there will be decision on Elnusa buyer."
The other companies submitting bid proposal for Elnusa include the consortium of Ciptadana Capital and consortium of Northstar Pacific Partners and Saratoga Capital.
The consortium of Nortstar-Saratoga propose IDR450 price per share unit and Ciptadana IDR315.
However, a rumor said the consortium of Northstar-Saratoga walked out from the acquisition plan. But the CEO of Saratoga Sandiaga S. Uno declined the issue. "IT's not true," he said by short message service.
Finance Director of Pertamina Ferederick ST Siahaan said from the initial to the last bid, the company always sets the price under IDR300.
So far Pertamina shareholder have not approved yet the schem. But boards of directors could propose bid for Elnusa which will be sold by PT Tri Daya Esta.
Director of Investment Banking of Bahana Securities Eko Yuliantoro, the financial advisor of Tri Daya, declined to comment on the detail bid. But he was surely to meet the management of Tri Daya today.
"We have opened the bid proposal from investors and we will unveil the resume. Then it is up to Tri Daya to make decision . it is likely that the parties involving in the transaction will continue negotiating the terms and conditions."
The winner of tender of Elnusa divestment will not simply refer to the investors with highest bid.
There have been three companies submitting bid proposal to buy Elnusa and the winner will be unveiled this week. "If possible, there will be decision on Elnusa buyer."
The other companies submitting bid proposal for Elnusa include the consortium of Ciptadana Capital and consortium of Northstar Pacific Partners and Saratoga Capital.
The consortium of Nortstar-Saratoga propose IDR450 price per share unit and Ciptadana IDR315.
However, a rumor said the consortium of Northstar-Saratoga walked out from the acquisition plan. But the CEO of Saratoga Sandiaga S. Uno declined the issue. "IT's not true," he said by short message service.
Monday, June 8, 2009
Phapros to join pharmacy holding
The State Enterprises persistently includes PT Phapros in the government pharmacy holding company jointly with PT Kimia Farma Tbk and PT Indofarma Tbk despite the rejection of the shareholders.
Now the government plans to have tender to appoint consultant for the process of pharmacy holding company establishment.
Deputy State Enterprise Minister for other business Muchayat said the policy is based on the Minister Sofyan Abdul Djalil.
"We will take some measures to include Phapros in the pharmacy holding company if it works out. Holding is necessary and has become our former program," he said last week.
Now the government through PT Rajawali Nusantara Indonesia (RNI) has 56 percent Phapros shares and public 46 percent. The minor shareholders called for the government to review the inclusion of Phapros to the new business entity.
He said the government could finalize the administration and legal aspects of the establishment of state pharmacy holding company this year.
"It is expected that September all has finished. We will seek cooperation with the Health Ministry and all relevant parties to discuss the formation of pharmacy holding," he said.
Finance director of Kimia Farma Rusdi Rosman said the Mandiri Sekuritas since 2004 has held the mandate as the consultant.
"We have long decided to re-appoint the company which will assists us. We will re-invite Mandiri Sekuritas."
The management of Kimia Farma targeted the sales this year will hit IDR3 trillion as from IDR2.7 trillion in 2008.
To support the target here, the company prepares IDR50 billion capital expenditure as from IDR35 billion in 2008.
"We prepare capital expenditure to support the information technology system used as the franchise system."
Now the government plans to have tender to appoint consultant for the process of pharmacy holding company establishment.
Deputy State Enterprise Minister for other business Muchayat said the policy is based on the Minister Sofyan Abdul Djalil.
"We will take some measures to include Phapros in the pharmacy holding company if it works out. Holding is necessary and has become our former program," he said last week.
Now the government through PT Rajawali Nusantara Indonesia (RNI) has 56 percent Phapros shares and public 46 percent. The minor shareholders called for the government to review the inclusion of Phapros to the new business entity.
He said the government could finalize the administration and legal aspects of the establishment of state pharmacy holding company this year.
"It is expected that September all has finished. We will seek cooperation with the Health Ministry and all relevant parties to discuss the formation of pharmacy holding," he said.
Finance director of Kimia Farma Rusdi Rosman said the Mandiri Sekuritas since 2004 has held the mandate as the consultant.
"We have long decided to re-appoint the company which will assists us. We will re-invite Mandiri Sekuritas."
The management of Kimia Farma targeted the sales this year will hit IDR3 trillion as from IDR2.7 trillion in 2008.
To support the target here, the company prepares IDR50 billion capital expenditure as from IDR35 billion in 2008.
"We prepare capital expenditure to support the information technology system used as the franchise system."
Trimegah handles Bank Kesawan rights issue
PT Bank Kesawan Tbk appointed PT Trimegah Securities Tbk to be underwriter on its rights issue this month.
President Director of Bank Kesawan Dinno Indiano said the financial report of December 2008 is the basis for the rights issue prospectus.
"With capitalization increase of Bank Kesawan, we expect this year the company could have credit expansion by 15 to 18 percent. We have appointed Trimegah to help prepare our right issue," he said last week.
He said Bank Kesawan eventually opted for rights issue of 20 percent of the shares to boost the capital adequacy ratio (CAR).
As per March 2009, CAR of Bank Kesawan was 11.07 percent by credit risk calculation.
Last year Bank Kesawan shareholders have got commitment with the Middle Eastern investors, Albaraka Banking Groups, to become strategic investors. The bank plans to be converted into sharia public bank. But global financial recession has called off the scheme.
As per March 2009, PT Adhi Tirta Mustika owned 64.03 percent of Bank Kesawan stakes. Adhi Tirta Mustika is owned by Rudy Widjaja, Siauw Surya Putra Subandi, Leonardus Sutarman, Rudy Tjanaka, and Yosep Solihin Yo. Besides, PT Kapita Sekurindo possesses 8.21 percent and the other 27.7 percent owned by public.
President Director of Bank Kesawan Dinno Indiano said the financial report of December 2008 is the basis for the rights issue prospectus.
"With capitalization increase of Bank Kesawan, we expect this year the company could have credit expansion by 15 to 18 percent. We have appointed Trimegah to help prepare our right issue," he said last week.
He said Bank Kesawan eventually opted for rights issue of 20 percent of the shares to boost the capital adequacy ratio (CAR).
As per March 2009, CAR of Bank Kesawan was 11.07 percent by credit risk calculation.
Last year Bank Kesawan shareholders have got commitment with the Middle Eastern investors, Albaraka Banking Groups, to become strategic investors. The bank plans to be converted into sharia public bank. But global financial recession has called off the scheme.
As per March 2009, PT Adhi Tirta Mustika owned 64.03 percent of Bank Kesawan stakes. Adhi Tirta Mustika is owned by Rudy Widjaja, Siauw Surya Putra Subandi, Leonardus Sutarman, Rudy Tjanaka, and Yosep Solihin Yo. Besides, PT Kapita Sekurindo possesses 8.21 percent and the other 27.7 percent owned by public.
Friday, June 5, 2009
Pertamina hesitates to buy Elnusa
Boards of directors of PT Pertamina still doubts to top up shares possession at PT Elnusa Tbk due to the absence of approval given by the general meeting of shareholders.
On the other side, the seller of Elnusa stocks, PT Tridaya Esta, and its finance advisor PT Bahana Securities, provided deadline of the offering today as from June 1.
"Without any approval given by the GMS, Pertamina will not likely submit its last bid unless Tridaya suspends the process while waiting for approval for Pertamina," said an informed executive yesterday.
In addition to Pertamina with its 41.7 percent Elnusa stock possession, now there are two other buyers interested in buying Elnusa stocks, namely the consortium of Northstar Pacific and Saratoga Capital and the consortium Ciptadana Capital supported by the wealth management assets.
On the other side, the seller of Elnusa stocks, PT Tridaya Esta, and its finance advisor PT Bahana Securities, provided deadline of the offering today as from June 1.
"Without any approval given by the GMS, Pertamina will not likely submit its last bid unless Tridaya suspends the process while waiting for approval for Pertamina," said an informed executive yesterday.
In addition to Pertamina with its 41.7 percent Elnusa stock possession, now there are two other buyers interested in buying Elnusa stocks, namely the consortium of Northstar Pacific and Saratoga Capital and the consortium Ciptadana Capital supported by the wealth management assets.
Tuesday, June 2, 2009
Rothschild handle Garuda debt restructuring
Garuda Indonesia has appointed Rothschild a financial advisor to help the companys debt restructuring.
President Director Garuda Emirsyah Satar admitted the company was negotiating with Bank Mandiri. "We are negotiating with Bank Mandiri to find the best solution for Garuda and the creditor," he said.
Garuda had secured a debt restructuring agreement worth US$450 million out of a total debt of US$650 million with their creditors. The company have also reached an agreement on debt payment rollover to 2015.
President Director Garuda Emirsyah Satar admitted the company was negotiating with Bank Mandiri. "We are negotiating with Bank Mandiri to find the best solution for Garuda and the creditor," he said.
Garuda had secured a debt restructuring agreement worth US$450 million out of a total debt of US$650 million with their creditors. The company have also reached an agreement on debt payment rollover to 2015.
Jamsostek but Indofood bonds
PT Jamsostek bougth the bonds issued by PT Indofood Sukses Makmur Tbk.
the action taken by Jamsostek triggered the soaring bonds issued by Indofood as from IDR1 trillion into IDR1.61 trillion.
Investment Director of Jamsostek Elvyn Gani Masasya said the company bought Indofood bonds but has not decided the number.
"We don't buy them all as the review result," she said last week.
Director of Indofood Werianty Setiawan in public expose in the bourse said the bonds issuance was increased into IDR976 billion to pay the III/2004 bond series matured in July and the rest is for short term loan payment.
Indofood bond coupon is set by 13 percent per year. The underwriters for Indofood include PT DBS Vickers Securities Indonesia, PT Danareksa Sekuritas, PT ING Securities Indonesia, PT Kim Eng Securities, and PT OSK Nusadana Securities Indonesia.
the action taken by Jamsostek triggered the soaring bonds issued by Indofood as from IDR1 trillion into IDR1.61 trillion.
Investment Director of Jamsostek Elvyn Gani Masasya said the company bought Indofood bonds but has not decided the number.
"We don't buy them all as the review result," she said last week.
Director of Indofood Werianty Setiawan in public expose in the bourse said the bonds issuance was increased into IDR976 billion to pay the III/2004 bond series matured in July and the rest is for short term loan payment.
Indofood bond coupon is set by 13 percent per year. The underwriters for Indofood include PT DBS Vickers Securities Indonesia, PT Danareksa Sekuritas, PT ING Securities Indonesia, PT Kim Eng Securities, and PT OSK Nusadana Securities Indonesia.
Resuffle in Bakrie & Brothers
rThe ultimate shareholders of PT Bakrie & Brothers Tbk plans appoint two new directors to handle the investment and risk management to support the company growth as the investment company.
Bobby Gafur Sulistyo Umar who is currently the vice chief commissioner is possibly appointed as the vice president director.
Nalinkant Amratlal Rathod is predicted to stay as the president director of Bakrie & Brothers, the holding company with the Bakrie as major shareholder.
The former investment banker of Merrill Lynch Eddy Soeparno [who is now the finance director of Bakrie Indo Infrastructure] will also be appointed as board of directors to replace a director
Bobby Gafur Sulistyo Umar who is currently the vice chief commissioner is possibly appointed as the vice president director.
Nalinkant Amratlal Rathod is predicted to stay as the president director of Bakrie & Brothers, the holding company with the Bakrie as major shareholder.
The former investment banker of Merrill Lynch Eddy Soeparno [who is now the finance director of Bakrie Indo Infrastructure] will also be appointed as board of directors to replace a director
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