Three consortiums of securities companies struggle for underwriting the initial public offering (IPO) of PT Pembangunan Perumahan.
My source said three consortiums here include consortiums of Danareksa Sekuritas, DBS Securities Indonesia, and Mandiri Sekuritas, consortiums of Bahana Securities, CIMB Securities Indonesia, and Indo Premier Securities, and PT Trimegah Securties without any other partner.
PP is one of the state enterprises in the privatization program through IPO among the other state firms such as PT Krakatau Steel, PT Waskita Karya, PT Garuda Indonesia, and PT Perkebunan Nusantara III, IV, VII. PP business core is the building and architecture construction developer, building management and property development.
PP targets to rake up IDR1.5 trillion fund from IPO. The coordinating meeting involving the State Enterprise Ministry and Commission VI September last year agreed the corporate plan to enter capital market. The meeting agreed the maximum 30 percent PP shares on the IPO.
Thursday, July 30, 2009
Stewart resign from Bank Permata
Stewart D. Hall resign from his position President Director of PT Bank Permata Tbk.
Stewart begin his position in Bank Permata since May 26, 2005. Stewart has a banking career spanning over 20 years, firstly at American Express Bank, London where he held various positions in the Global Audit and Treasury functions. He then joined Standard Chartered Bank in 1994 and served as CFO for Global Treasury in London, Head of Sales for Global Markets in Indonesia, Country Treasurer in Vietnam and South Korea and then Head of Global Markets in Indonesia. From 2002 to May 2005, he served as the Chief Executive Officer of Standard Chartered Bank, Indonesia.
Stewart received his Bachelor of Commerce degree, majoring in Accounting and Business Finance from the University of New South Wales, Sydney, Australia.
Stewart begin his position in Bank Permata since May 26, 2005. Stewart has a banking career spanning over 20 years, firstly at American Express Bank, London where he held various positions in the Global Audit and Treasury functions. He then joined Standard Chartered Bank in 1994 and served as CFO for Global Treasury in London, Head of Sales for Global Markets in Indonesia, Country Treasurer in Vietnam and South Korea and then Head of Global Markets in Indonesia. From 2002 to May 2005, he served as the Chief Executive Officer of Standard Chartered Bank, Indonesia.
Stewart received his Bachelor of Commerce degree, majoring in Accounting and Business Finance from the University of New South Wales, Sydney, Australia.
Tuesday, July 28, 2009
Tjiptardjo Appointed Director General of Taxation
President Susilo Bambang Yudhoyono appoints Director of Intelligence and Investigation at the Directorate General of Taxation Mochamad Tjiptardjo the new Directorate General of Taxation replacing Darmin Nasution, who has been inaugurated as BI Senior Deputy Governor.
Darmin Nasution is officially the BI Senior Deputy Governor replacing Miranda Goeltom after he was sworn in by Chairperson of the Supreme Court Harifin A. Tumpa in Kusumah Atmadjah room at the Supreme Court building yesterday.
On September 12, 2005, Minister of Finance Jusuf Anwar appointed Tjiptardjo Head of Regional Office of South Sumatra and Bangka Belitung Island Director General of Taxation. Before this post, he served as Head of Regional Office of Southern Sumatra Directorate General of Taxation. After that, Minister of Finance Sri Mulyani Indrawati appointed Tjiptardjo the Director of Intelligence and Investigation at the Directorate General of Taxation on December 29, 2006.
One of the popular cases handled by Tjiptardjo is the alleged IDR1.3 trillion tax embezzlement committed by PT Asian Agri, an oil palm plantation company owned by Sukanto Tanoto under Raja Garuda Mas Group.
Darmin Nasution is officially the BI Senior Deputy Governor replacing Miranda Goeltom after he was sworn in by Chairperson of the Supreme Court Harifin A. Tumpa in Kusumah Atmadjah room at the Supreme Court building yesterday.
On September 12, 2005, Minister of Finance Jusuf Anwar appointed Tjiptardjo Head of Regional Office of South Sumatra and Bangka Belitung Island Director General of Taxation. Before this post, he served as Head of Regional Office of Southern Sumatra Directorate General of Taxation. After that, Minister of Finance Sri Mulyani Indrawati appointed Tjiptardjo the Director of Intelligence and Investigation at the Directorate General of Taxation on December 29, 2006.
One of the popular cases handled by Tjiptardjo is the alleged IDR1.3 trillion tax embezzlement committed by PT Asian Agri, an oil palm plantation company owned by Sukanto Tanoto under Raja Garuda Mas Group.
Who interest to buy Berau ???
The realization of divestment scheme of 90 percent shares of PT Berau Coal holding company worth US$1 billion or IDR10 trillion is questionable to many parties including some would-be buyers and investment bankers.
three investment banks to help divest Berau Coal, namely Deutsche Bank, Merrill Lynch, and PacBridge Capital Partners.
Now there are seven shortlisted buyers of Berau. The would-be buyers here started from today (yesterday) to have due diligence for Berau up to August 28. The offering is scheduled on September 3.
The would-be investors include Huaneng Power International, the largest power plant public company in China, Kentjana Widjaja, high profiled individual investor from Surabaya, PT Indika Energy Tbk, Siam Cement Group, Thailand, PT Medco Energi Internasional, PT Indo Tambangraya Megah Tbk, and Recapital Advisors.
three investment banks to help divest Berau Coal, namely Deutsche Bank, Merrill Lynch, and PacBridge Capital Partners.
Now there are seven shortlisted buyers of Berau. The would-be buyers here started from today (yesterday) to have due diligence for Berau up to August 28. The offering is scheduled on September 3.
The would-be investors include Huaneng Power International, the largest power plant public company in China, Kentjana Widjaja, high profiled individual investor from Surabaya, PT Indika Energy Tbk, Siam Cement Group, Thailand, PT Medco Energi Internasional, PT Indo Tambangraya Megah Tbk, and Recapital Advisors.
Monday, July 27, 2009
Berau appointed 3 underwriter
PT Berau Coal, prepared to list their stocks at the bourse through initial public offering (IPO). and apointed Bahana Securities, Merril Lynch, and Deutsche Securities for underwriter.
In semester I/2009, PT Armadian Tritunggal, the holding company of Berau Coal, mentioned three investment bankers in preparing IPO which will be held in semester II/2009.
ARmadian is still seeking sales of all stocks at Berau Coal to some investors including Peabody Energy Corp and Xstrata Plc through tender.
The due diligence was undertaken by Deutsche Bank AG, Bank of America's Merrill Lynch & Co, and PacBridge Capital Partners which is operated by the former investment banker of the Merrill Sheldon Trainor.
In semester I/2009, PT Armadian Tritunggal, the holding company of Berau Coal, mentioned three investment bankers in preparing IPO which will be held in semester II/2009.
ARmadian is still seeking sales of all stocks at Berau Coal to some investors including Peabody Energy Corp and Xstrata Plc through tender.
The due diligence was undertaken by Deutsche Bank AG, Bank of America's Merrill Lynch & Co, and PacBridge Capital Partners which is operated by the former investment banker of the Merrill Sheldon Trainor.
Indosat studies for delisting of New York bourse
PT Indosat Tbk studies an option for delisting of the New York Stock Exchange (NYSE)due to the fact that it fails to benefit the company.
There are some state enterprises with overseas listing including PT Telekomunikasi Indonesia Tbk (Telkom) listing at the NYSE and London Stock Exchange (LSE).
Besides, PT Timah is also listing at LSE and PT Aneka Tambang Tbk at the Australia Stock Exchange.
Now Indosat shareholders consist of 45.19 percent owned by public, 40.37 percent by Qatar Telecom QSC and the other 14.44 percent by Indonesian government.
There are some state enterprises with overseas listing including PT Telekomunikasi Indonesia Tbk (Telkom) listing at the NYSE and London Stock Exchange (LSE).
Besides, PT Timah is also listing at LSE and PT Aneka Tambang Tbk at the Australia Stock Exchange.
Now Indosat shareholders consist of 45.19 percent owned by public, 40.37 percent by Qatar Telecom QSC and the other 14.44 percent by Indonesian government.
Salim Ivomas appointed 4 underwriters
PT Salim Ivomas Pratama appointed four securities companies to handle the IDR1 trillion bond issuance.
My source said the four securities firms underwriting Salim Ivomas include PT Kim Eng Securities, PT OSK Nusadana, PT Danareksa Sekuritas, and Mandiri Sekuritas.
"The bond issuance will be materialized in semester II this year," he said last week.
Formerly the scheme was realized through PT London Sumatera Tbk whose 57.4 percent shares owned by Salim Ivomas. But the scheme was canceled and bond issuance eventually was done through Salim Ivomas.
Salim Ivomas planned to issue IDR1 trillion bond to boost up the capitalization structure and corporate finance condition.
Salim Ivomas is the business unit of Indofood Agri Resources Ltd (IndoAgri), the subsidiary firm of PT Indofood Sukses Makmur Tbk, running sugar industry business. Some 90 percent shares of Salim Ivomas was owned by Indofood Oil & Fats Pte Ltd, the business unit of IndoAgri with 100 percent ownership.
Indofood has 69.4 percent IndoAgri shares through Indofood Singapore Holdings Pte Ltd with its 83.8 percent shares ownership. IndoAgri was also owned by Sariaatmadja with 6.8 percent possession, and public 23.8 percent through the stock listing at the Singapore stock exchange.
My source said the four securities firms underwriting Salim Ivomas include PT Kim Eng Securities, PT OSK Nusadana, PT Danareksa Sekuritas, and Mandiri Sekuritas.
"The bond issuance will be materialized in semester II this year," he said last week.
Formerly the scheme was realized through PT London Sumatera Tbk whose 57.4 percent shares owned by Salim Ivomas. But the scheme was canceled and bond issuance eventually was done through Salim Ivomas.
Salim Ivomas planned to issue IDR1 trillion bond to boost up the capitalization structure and corporate finance condition.
Salim Ivomas is the business unit of Indofood Agri Resources Ltd (IndoAgri), the subsidiary firm of PT Indofood Sukses Makmur Tbk, running sugar industry business. Some 90 percent shares of Salim Ivomas was owned by Indofood Oil & Fats Pte Ltd, the business unit of IndoAgri with 100 percent ownership.
Indofood has 69.4 percent IndoAgri shares through Indofood Singapore Holdings Pte Ltd with its 83.8 percent shares ownership. IndoAgri was also owned by Sariaatmadja with 6.8 percent possession, and public 23.8 percent through the stock listing at the Singapore stock exchange.
BW Plantation tries to enter market
Crude palm oil producer, PT BW Plantation, will try to enter to stock market in quarter III/2009 to rake some IDR800 billion.
An informed executive said the underwriter of the initial public offering (IPO) of 30 percent of BW shares is PT Danareksa Sekuritas and PT BNP Paribas.
Director of Danareksa Sekuritas Marciano Herman said BW and underwriters are monitoring the finance market situation. "It is possible BW enters the market in semester II/2009 if the financial market gets better," he said Wednesday night over the sidelines of Bisnis Indonesia Award 2009.
Danareksa and BNP Paribas have been assigned as the underwriters of the IPO of BW Plantations last year. "We still have the mandate to help ease BW Plantation," he said.
When asked bout the target of BW IPO, he declined to provide details explanation. "We need to monitor the financial market situation."
BW Plantation was formerly known as PT Bumi Perdana Prima International founded on 6 November 2000. But, by end of December 2007, the company was changed into BW Plantation.
BW now has seven subsidiary firms on palm oil plantation in Central Kalimantan, East Kalimantan, and West Kalimantan with various areas size. The largest planted areas here were owned by PT Bumi Hutani Lestari with 12,215 hectares plots of land, then PT Bumi Langgeng Perdanatrada with 9,460 hectares and PT Adhyaksa Dharma Satya 3,468 hectares.
The palm oil of Bumi Lestari and Bumi Perdanatrada with productive aged was planted at 7,694 hectare plots of land and 5,940 hectares. BW has CPO production facility with 45 tons capacity of fresh fruit per hour.
Based on 2007 and 2006 finance reports, BW booked the soaring net profit into IDR86.55 billion as from IDR10.91 billion in 2006.
BW revenue also mounted from IDR139.25 billion in 2006 into IDR340.44 billion.
BW shareholders now are still under the control of two major firms, BW Investindo with 50 percent shares possession and Fendalton Investments 30 percent shares. The total stock placement and participation of BW stands at 40.76 million shares.
An informed executive said the underwriter of the initial public offering (IPO) of 30 percent of BW shares is PT Danareksa Sekuritas and PT BNP Paribas.
Director of Danareksa Sekuritas Marciano Herman said BW and underwriters are monitoring the finance market situation. "It is possible BW enters the market in semester II/2009 if the financial market gets better," he said Wednesday night over the sidelines of Bisnis Indonesia Award 2009.
Danareksa and BNP Paribas have been assigned as the underwriters of the IPO of BW Plantations last year. "We still have the mandate to help ease BW Plantation," he said.
When asked bout the target of BW IPO, he declined to provide details explanation. "We need to monitor the financial market situation."
BW Plantation was formerly known as PT Bumi Perdana Prima International founded on 6 November 2000. But, by end of December 2007, the company was changed into BW Plantation.
BW now has seven subsidiary firms on palm oil plantation in Central Kalimantan, East Kalimantan, and West Kalimantan with various areas size. The largest planted areas here were owned by PT Bumi Hutani Lestari with 12,215 hectares plots of land, then PT Bumi Langgeng Perdanatrada with 9,460 hectares and PT Adhyaksa Dharma Satya 3,468 hectares.
The palm oil of Bumi Lestari and Bumi Perdanatrada with productive aged was planted at 7,694 hectare plots of land and 5,940 hectares. BW has CPO production facility with 45 tons capacity of fresh fruit per hour.
Based on 2007 and 2006 finance reports, BW booked the soaring net profit into IDR86.55 billion as from IDR10.91 billion in 2006.
BW revenue also mounted from IDR139.25 billion in 2006 into IDR340.44 billion.
BW shareholders now are still under the control of two major firms, BW Investindo with 50 percent shares possession and Fendalton Investments 30 percent shares. The total stock placement and participation of BW stands at 40.76 million shares.
Wednesday, July 22, 2009
Elnusa stocks still under repo
Some 37.15 percent or 2.71 billion shares of PT Elnusa Tbk which will be bought by the consortium of Saratoga Capital and Northstar Pacific Partners Ltd from PT Tri Daya Esta (TDE) remains under repurchase agreement (repo) status.
An informed executive said despite the finalization process of Elnusa acquisition by the Saratoga consortium, Tri Daya still have all its shares under repurchase agreement with the provider of oil and gas infrastructure service to Singaporean firm, Dharma Investments Pte Ltd.
Tri Daya had repurchase agreement of Elnusa shares to Dharma Investments since September 2008 but the day after the agreement was renewed.
The repo transaction deals with debt. Similarly happened to PT Bakrie & Brothers Tbk which had repo of some of the subsidiary firm shares to get financing. The repo period could be 3 months or 1 year. But so far the loan given from Dharma Investments to Tri Daya and Elnusa repo period have not been found out.
An informed executive said despite the finalization process of Elnusa acquisition by the Saratoga consortium, Tri Daya still have all its shares under repurchase agreement with the provider of oil and gas infrastructure service to Singaporean firm, Dharma Investments Pte Ltd.
Tri Daya had repurchase agreement of Elnusa shares to Dharma Investments since September 2008 but the day after the agreement was renewed.
The repo transaction deals with debt. Similarly happened to PT Bakrie & Brothers Tbk which had repo of some of the subsidiary firm shares to get financing. The repo period could be 3 months or 1 year. But so far the loan given from Dharma Investments to Tri Daya and Elnusa repo period have not been found out.
Tuesday, July 21, 2009
Holcim Indonesia Appoints New CEO
The Board of Commissioners of PT. Holcim Indonesia Tbk. (Holcim Indonesia) have appointed Mr. Eamon Ginley, currently Manufacturing Director of Holcim Indonesia, as the Acting President Director of Holcim Indonesia effective 19th of July 2009, to succeed Mr. Tim Mackay, who passed away on 17th of July 2009.
Eamon, who holds a BSc in Chemistry from Canterbury University in New Zealand, was appointed as the Manufacturing Director of Holcim Indonesia in 2004. He joined Holcim South East Asia in 2001, and previously he was the Manufacturing Manager of the Gladstone Cement Plant of Queensland Cement Ltd.
Besides an enormous drive into the alternative fuel business, he also achieved the establishment of the Holcim Academy which became a major contributor to a sustained improvement of the company’s performance.
The Board of Commissioners also appointed Mr. Lilik Unggul Rahardjo, currently the General Manager of Holcim Indonesia’s Cilacap plant, as the Acting Manufacturing Director of Holcim Indonesia effective July 19, 2009. He has been with Holcim Indonesia since 1991 and has been managing the Cilacap plant since 2006.
Lilik’s successor as the Manager of the Cilacap plant will be decided later.
The appointments of Mr. Eamon Ginley and Mr. Lilik Unggul Rahardjo should be approved by the General Meeting of the Shareholders, which will be held soon.
Eamon, who holds a BSc in Chemistry from Canterbury University in New Zealand, was appointed as the Manufacturing Director of Holcim Indonesia in 2004. He joined Holcim South East Asia in 2001, and previously he was the Manufacturing Manager of the Gladstone Cement Plant of Queensland Cement Ltd.
Besides an enormous drive into the alternative fuel business, he also achieved the establishment of the Holcim Academy which became a major contributor to a sustained improvement of the company’s performance.
The Board of Commissioners also appointed Mr. Lilik Unggul Rahardjo, currently the General Manager of Holcim Indonesia’s Cilacap plant, as the Acting Manufacturing Director of Holcim Indonesia effective July 19, 2009. He has been with Holcim Indonesia since 1991 and has been managing the Cilacap plant since 2006.
Lilik’s successor as the Manager of the Cilacap plant will be decided later.
The appointments of Mr. Eamon Ginley and Mr. Lilik Unggul Rahardjo should be approved by the General Meeting of the Shareholders, which will be held soon.
Monday, July 20, 2009
BRI issued IDR2 trillion subdebt
PT Bank Rakyat Indonesia Tbk (BRI) plans to issue IDR2 trillion sub debt this year and to suspend the dollar denominated bonds issuance worth US$300 million up to next year.
Director of BRI Abdul Salam said the company has processed the appointment of underwriter to help ease bond issuance here.
"We are preparing sub debt issuance process," he said to Bisnis last week.
The sub debt issuance will increase the corporate capital adequacy ratio (CAR). "The ability of BRI for expansion will be increased both organically and inorganically."
Abdul Salam said the global bond issuance by BRI is likely to be suspended until next year.
"We are waiting for the better financial market situation so the global bond issuance by the company will not result in high coupon value. The plan is likely to be materialized next year."
The sub debt here serves as an alternative for bank to boost up the CAR. Half of the bonds issuance proceeds will be allotted to second tier so the CAR of a bank could be bolstered.
The sub debt has the equal rights (paripasu) with all the existing and the would-be sub debts.
But the bonds have junior claim if compared to the deposit obligation claim and other claims owned by bank, except there is obligation of certain terms and conditions with the same or junior claim as the sub debt.
The sub debt is commonly issued with 10 years tenure with buy option at the fifth year. Would the option be left unrealized, the coupon could rise 10 percent so the bond issuer will have the rights so the effective tenure of the bonds will only be five years.
Director of BRI Abdul Salam said the company has processed the appointment of underwriter to help ease bond issuance here.
"We are preparing sub debt issuance process," he said to Bisnis last week.
The sub debt issuance will increase the corporate capital adequacy ratio (CAR). "The ability of BRI for expansion will be increased both organically and inorganically."
Abdul Salam said the global bond issuance by BRI is likely to be suspended until next year.
"We are waiting for the better financial market situation so the global bond issuance by the company will not result in high coupon value. The plan is likely to be materialized next year."
The sub debt here serves as an alternative for bank to boost up the CAR. Half of the bonds issuance proceeds will be allotted to second tier so the CAR of a bank could be bolstered.
The sub debt has the equal rights (paripasu) with all the existing and the would-be sub debts.
But the bonds have junior claim if compared to the deposit obligation claim and other claims owned by bank, except there is obligation of certain terms and conditions with the same or junior claim as the sub debt.
The sub debt is commonly issued with 10 years tenure with buy option at the fifth year. Would the option be left unrealized, the coupon could rise 10 percent so the bond issuer will have the rights so the effective tenure of the bonds will only be five years.
Paiton issue bonds US$1,54 billion
PT Paiton Energy plans to issue US$1.54 billion bonds to support the construction of 815 megawat (MW) capacity power plant.
The Moody's Investors Service has defined B1 rating to the would-be issued bonds through Paiton Energy Funding B.V. which will be guaranteed by the Paiton Energy with stable prospect. "The rating here reflected the Moody's view on the Paiton scheme to issue US$1.54 billion bonds," said head of analyst of Moody's Jennifer Wong last week.
She said the fund from bond issuance will be used for the 815 MW coal-based power plant project construction.
Jeniffer said the expansion will not impact the corporate credit interest to fund other projects.
"When the project runs commercially, the other project debt will be maintained at the level of US$322 million and expected to be paid by February 2014."
He also said the payment received by Paiton from PLN dealing with the power consumption is always timely.
BI rating her reflected a stable operational performance of Paiton following the restructuring of the power purchase agreement (PPA) in 2003.
Last year, PLN signed PPA to purchase electricity produced by PLTU Paiton Ekspansi Unit 3 owned by PT Paiton Energy Company (PEC) cost US$0.043 per kilo Watt hour (kWh) for 30 years contract.
The stable prospect reflected the expectation of Moody's to the Paiton capacity to continue its robust operational performance so as to result in strong cash flow.
The Moody's Investors Service has defined B1 rating to the would-be issued bonds through Paiton Energy Funding B.V. which will be guaranteed by the Paiton Energy with stable prospect. "The rating here reflected the Moody's view on the Paiton scheme to issue US$1.54 billion bonds," said head of analyst of Moody's Jennifer Wong last week.
She said the fund from bond issuance will be used for the 815 MW coal-based power plant project construction.
Jeniffer said the expansion will not impact the corporate credit interest to fund other projects.
"When the project runs commercially, the other project debt will be maintained at the level of US$322 million and expected to be paid by February 2014."
He also said the payment received by Paiton from PLN dealing with the power consumption is always timely.
BI rating her reflected a stable operational performance of Paiton following the restructuring of the power purchase agreement (PPA) in 2003.
Last year, PLN signed PPA to purchase electricity produced by PLTU Paiton Ekspansi Unit 3 owned by PT Paiton Energy Company (PEC) cost US$0.043 per kilo Watt hour (kWh) for 30 years contract.
The stable prospect reflected the expectation of Moody's to the Paiton capacity to continue its robust operational performance so as to result in strong cash flow.
Two directors Danareksa resign
Two directors of PT Danareksa tender their resignation due to various reasons.
One executive hearing about the plan confided the resignation was made by Director of Danareksa Wahzary Wardaya and Director of Danareksa Harry Wiguna and would be effective on August 6 and August 3 respectively.
Edgar Ekaputra, told the executive, was the new figure appointed by State Minister for State Enterprises Sofyan A. Djalil to replace Lin Che Wei, who tendered his resignation.
Another Bisnis source added Harry Wiguna tendered his resignation to pursue other interests outside Danareksa.
The discourse of rearrangement in the boards of directors of state enterprises has been circulating since August last year. At the time, there was rumor saying the board of directors of Danareksa, a state-owned financial service enterprise, would be rearranged. The State Ministry for State Enterprises and the board of commissioners of Danareksa seem to let each other responsible for the matter.
Danareksa is a holding company of PT Danareksa Sekuritas, which controls 16.5% of IDR2.37 trillion in bond public offering underwriting in the first semester of 2009. The source added Stephanus Turangan and Heru Adhiningrat had been prepared by State Minister for State-owned Enterprises Sofyan Djalil to replace Harry Wiguna and Wahzary Wardaya.
Three executives have been prepared since last year to enter Danareksa, including Harry Supoyo [the president director of PT Mandiri Sekuritas]. However, President Director of Bank Mandiri Agus Martowardojo objected to Harry's move to Danareksa before he dealt with the internal problems first.
Stephanus Turangan, who once served at PT Bahana Securities and Deutsche Securities Indonesia, even has resigned first from Deutsche for his placement in Danareksa. However, his appointment has been delayed until now.
One executive hearing about the plan confided the resignation was made by Director of Danareksa Wahzary Wardaya and Director of Danareksa Harry Wiguna and would be effective on August 6 and August 3 respectively.
Edgar Ekaputra, told the executive, was the new figure appointed by State Minister for State Enterprises Sofyan A. Djalil to replace Lin Che Wei, who tendered his resignation.
Another Bisnis source added Harry Wiguna tendered his resignation to pursue other interests outside Danareksa.
The discourse of rearrangement in the boards of directors of state enterprises has been circulating since August last year. At the time, there was rumor saying the board of directors of Danareksa, a state-owned financial service enterprise, would be rearranged. The State Ministry for State Enterprises and the board of commissioners of Danareksa seem to let each other responsible for the matter.
Danareksa is a holding company of PT Danareksa Sekuritas, which controls 16.5% of IDR2.37 trillion in bond public offering underwriting in the first semester of 2009. The source added Stephanus Turangan and Heru Adhiningrat had been prepared by State Minister for State-owned Enterprises Sofyan Djalil to replace Harry Wiguna and Wahzary Wardaya.
Three executives have been prepared since last year to enter Danareksa, including Harry Supoyo [the president director of PT Mandiri Sekuritas]. However, President Director of Bank Mandiri Agus Martowardojo objected to Harry's move to Danareksa before he dealt with the internal problems first.
Stephanus Turangan, who once served at PT Bahana Securities and Deutsche Securities Indonesia, even has resigned first from Deutsche for his placement in Danareksa. However, his appointment has been delayed until now.
Tuesday, July 14, 2009
Salim Ivomas Issues IDR 1 trilion Bonds
PT Salim Ivomas Pratama plans to issue IDR1 trillion rupiah bond to enhance the company's capital structure and financial condition.
Salim Ivomas is a business unit of Indofood Agri Resources Ltd (IndoAgri), a subsidiary of PT Indofood Sukses Makmur Tbk with an interest in the sugar industry. A 90% stake in Salim Ivomas is owned by Indofood Oil & Fats Pte Ltd, a business unit of IndoAgri, which holds 100% share in Indofood Oil and Fats.
Indofood controls a 69.4% stake in IndoAgri via Indofood Singapore Holdings Pte Ltd, in which Indofood seizes an 83.8% stake. In IndoAgri, Sariaatmadja controlled a 6.8% stake and the public seized a 23.8% stake through stock listing on the Singaporean bourse.
Chief Executive Officer of IndoAgri Mark Julian Wakeford revealed Salim Ivomas was in the process of sounding IDR1 trillion rupiah bond issuance.
"However, we have yet had any plan when the bond issuance would be realized. This depends on the market situation and condition. If Salim Ivomas continues the plan, the fund raised from the bond issuance will be used to refinance the group's debt," he explained in an information expose on the Singapore Stock Exchange yesterday.
Wakeford added he would inform further when the bond issuance would be realized.
When asked for confirmation, Vice President Director of Indofood Fransiscus Welirang said he didn't known about the bond issuance plan.
"I have just known it from you. Salim Ivomas is a subsidiary of IndoAgri and they have a separate management with Indofood," he said.
Fransiscus explained the bond issuance probably was part of the group's efforts to refinance its debts and restructure short-term debts to long-term ones, just like the strategy run by Indofood.
When asked for confirmation about the impacts of the bond issuance on Indofood's performance, he said Salim Ivomas was a separate entity from Indofood.
Salim Ivomas is a business unit of Indofood Agri Resources Ltd (IndoAgri), a subsidiary of PT Indofood Sukses Makmur Tbk with an interest in the sugar industry. A 90% stake in Salim Ivomas is owned by Indofood Oil & Fats Pte Ltd, a business unit of IndoAgri, which holds 100% share in Indofood Oil and Fats.
Indofood controls a 69.4% stake in IndoAgri via Indofood Singapore Holdings Pte Ltd, in which Indofood seizes an 83.8% stake. In IndoAgri, Sariaatmadja controlled a 6.8% stake and the public seized a 23.8% stake through stock listing on the Singaporean bourse.
Chief Executive Officer of IndoAgri Mark Julian Wakeford revealed Salim Ivomas was in the process of sounding IDR1 trillion rupiah bond issuance.
"However, we have yet had any plan when the bond issuance would be realized. This depends on the market situation and condition. If Salim Ivomas continues the plan, the fund raised from the bond issuance will be used to refinance the group's debt," he explained in an information expose on the Singapore Stock Exchange yesterday.
Wakeford added he would inform further when the bond issuance would be realized.
When asked for confirmation, Vice President Director of Indofood Fransiscus Welirang said he didn't known about the bond issuance plan.
"I have just known it from you. Salim Ivomas is a subsidiary of IndoAgri and they have a separate management with Indofood," he said.
Fransiscus explained the bond issuance probably was part of the group's efforts to refinance its debts and restructure short-term debts to long-term ones, just like the strategy run by Indofood.
When asked for confirmation about the impacts of the bond issuance on Indofood's performance, he said Salim Ivomas was a separate entity from Indofood.
Monday, July 13, 2009
Matahari Offers to Exchange 9.5% 2009 Bonds
PT Matahari Putra Prima Tbk,Indonesia biggest retailer, offered to exchange it's 9.5
percent bonds due in 2009 for notes due in 2012, according to an e-mailed statement from the company distributed by Citigroup Inc., one of the transaction managers.
percent bonds due in 2009 for notes due in 2012, according to an e-mailed statement from the company distributed by Citigroup Inc., one of the transaction managers.
Friday, July 10, 2009
Davomas' Business Sustainability Doubted
The business sustainability of PT Davomas Abadi Tbk and its subsidiary is doubted by the auditor due to their huge capital deficiency and accumulated deficit.
In Davomas' financial statement announced at the information transparency to the Indonesia Stock Exchange (BEI) yesterday, Tanubrata & Associates Public Accounting Office revealed Davomas' accumulated deficit and capital deficiency reached IDR785.86 billion and IDR163.66 billion, respectively, leading to substantial doubts about the company's business sustainability.
Such a condition makes the company unable to service their due liabilities in May 2009. Davomas is unable to service a bond coupon of US$13.09 million or IDR136.14 billion on slumping cash flow and financial performance. The coupon bond matured on May 8.
Davomas is a company processing chocolate ore into fatty cocoa and cocoa powder. The global economic crisis has lowered demand from Europe and America for the company's products.
In addition, the rupiah depreciation against the US dollar led to a total exchange rate spread loss of IDR122.03 billion in the first quarter of this year. In the first quarter of 2008, the company was able to record an exchange rate spread profit of IDR31.85 billion.
Currently, Davomas has appointed ING Bank NV financial advisor, Sidley Austin & Skadden Arps international legal consultant, and Hadiputranto, Hadinoto & partners Indonesian legal consultant.
In early June, several majority bondholders met with the management of Davomas and reviewed the conditions of the company's underlying assets.
The requirements for restructuring are scheduled to be completed in August this year.
Since May this year, the management of Davomas has temporarily suspended its production activities until the specified time.
In the first quarter, Davomas recorded IDR349.72 billion in sales, down from IDR820.6 billion in the first quarter of 2008. Davomas share was last traded on May 11 at IDR73 per share.
In Davomas' financial statement announced at the information transparency to the Indonesia Stock Exchange (BEI) yesterday, Tanubrata & Associates Public Accounting Office revealed Davomas' accumulated deficit and capital deficiency reached IDR785.86 billion and IDR163.66 billion, respectively, leading to substantial doubts about the company's business sustainability.
Such a condition makes the company unable to service their due liabilities in May 2009. Davomas is unable to service a bond coupon of US$13.09 million or IDR136.14 billion on slumping cash flow and financial performance. The coupon bond matured on May 8.
Davomas is a company processing chocolate ore into fatty cocoa and cocoa powder. The global economic crisis has lowered demand from Europe and America for the company's products.
In addition, the rupiah depreciation against the US dollar led to a total exchange rate spread loss of IDR122.03 billion in the first quarter of this year. In the first quarter of 2008, the company was able to record an exchange rate spread profit of IDR31.85 billion.
Currently, Davomas has appointed ING Bank NV financial advisor, Sidley Austin & Skadden Arps international legal consultant, and Hadiputranto, Hadinoto & partners Indonesian legal consultant.
In early June, several majority bondholders met with the management of Davomas and reviewed the conditions of the company's underlying assets.
The requirements for restructuring are scheduled to be completed in August this year.
Since May this year, the management of Davomas has temporarily suspended its production activities until the specified time.
In the first quarter, Davomas recorded IDR349.72 billion in sales, down from IDR820.6 billion in the first quarter of 2008. Davomas share was last traded on May 11 at IDR73 per share.
BTPN plans to issue IDR700 billion bonds
PT Bank Tabungan Pensiunan Nasional Tbk (BTPN) plans to have bond issuance worth IDR700 billion at maximum in two tranches with 3 and 5 years tenure.
Two securities companies have been appointed to handle the bond issuance, namely PT Mandiri Sekuritas and PT CIMB-GK Securities Indonesia.
The Fitch Ratings has scored the long term national rating of BTPN at the level of A+ idn with positive prospect.
The individual rating of BTPN is set on the level of D with supporting rating of level 4.
At the same time BTPN bond issuance scheme has A+ (idn) expectation level.
BTPN rating reflects good asset quality, experiences in credit disbursement to the retired employment, experienced management team, and strong corporate fundamental to tap profit.
Besides, the positive prospect reflects the strong support from the major shareholder, Texas Pacific Group. The prospect shows the initiative to secure BTPN long term funding resource.
Two securities companies have been appointed to handle the bond issuance, namely PT Mandiri Sekuritas and PT CIMB-GK Securities Indonesia.
The Fitch Ratings has scored the long term national rating of BTPN at the level of A+ idn with positive prospect.
The individual rating of BTPN is set on the level of D with supporting rating of level 4.
At the same time BTPN bond issuance scheme has A+ (idn) expectation level.
BTPN rating reflects good asset quality, experiences in credit disbursement to the retired employment, experienced management team, and strong corporate fundamental to tap profit.
Besides, the positive prospect reflects the strong support from the major shareholder, Texas Pacific Group. The prospect shows the initiative to secure BTPN long term funding resource.
Thursday, July 9, 2009
BTPN issue bonds
Fitch Ratings has today assigned PT Bank Tabungan Pensiunan Nasional (BTPN) a National Long-term rating of 'A+(idn)' with a Positive Outlook, Individual Rating at 'D' and Support Rating at '4'. At the same time, the agency has assigned an expected rating of 'A+(idn)' to the bank's proposed issue of senior unsecured bonds which will be issued in two tranches, with maturities of three and five years. The final issue rating is contingent on the receipt of final documents conforming to information already received.
SBY-Boediono to Win in One Round
The SBY-Boediono duet is estimated to win the 2009 presidential election in one round based on the results of quick counts made by several survey institutions. The duet, backed by the coalition of the Democrat party, is estimated to rake in 60% votes.
In the meantime, the three presidential candidates ask the people to be calm in responding to quick count results released by several survey institutions. Megawati Soekarnoputri, Susilo Bambang Yudhoyono, and Jusuf Kalla together agree to wait for the official count by the General Elections Commission (KPU), which will be held from July 22 through 24.
In the meantime, the three presidential candidates ask the people to be calm in responding to quick count results released by several survey institutions. Megawati Soekarnoputri, Susilo Bambang Yudhoyono, and Jusuf Kalla together agree to wait for the official count by the General Elections Commission (KPU), which will be held from July 22 through 24.
Subscribe to:
Posts (Atom)
