The German Development Bank (DEG-Deutsche Investitions-und Entwicklungsgesellschaft mbH) which is domiciled in Cologne, Germany hereby intend to acquire 23% of the issued shares in PT Avris Assurance.
Avris Assurance is a life insurance companywith more thank 30 years of unparalled history. DEG in one of the largest European development financial intitutions for long term project and company financing. The bank member of KfW Bankengruppe.
Friday, October 30, 2009
Buma raise US$285 million loan
PT Bukit Makmur Mandiri Utama Tbk, the Indonesian coal mining contractor also known as Buma, raised $285 million from a four year loan.
The creditors included Barclays Plc, Deutsche Bank AG, ING Groep NV, Macquarie Group Ltd., Bank of Tokyo- Mitsubishi UFJ Ltd., Sumitomo Mitsui Banking Corp., and Noonday
Asset Management.
Asset Management.
Sidoarjo-based property company PT Delta Dunia Petroindo is buying Buma for $240 million plus $310 million in assumed debt.
Buma closed the $285 million loan after selling $315 million of five-year, 11.75 percent bonds this week. The loan was priced to pay 450 basis points over the London interbank offered rate.
Kencana, Louis Dreyfus & Bumi Permai take over Dermaga Kencana
Kencana LDC Pte. Ltd, PT Louis Dreyfus Commidities and PT Bumi Permai Sentosa has plan to acquire PT Dermaga Kencana Indonesia. Dermaga Kencana owned by Ratna Maknawi, Henry Maknawi, Eddy Maknawi, Johan Maknawi, Ajis Chandra, and Jeanny Maknawi
Bumi issue bonds
PT Bumi Resources, Indonesia-based coal mining, has plan to issues bonds and pick two securities to underwrite the action.
Standard & Poor's Ratings Services assigned its BB long-term corporate credit rating to Bumi. The outlook is stable.
Standard & Poor's also assigned its BB rating to the proposed issue of guaranteed senior secured notes by Bumi Capital Pte., a wholly owned subsidiary of Bumi.
Bumi is the largest producer and exporter of thermal coal in Indonesia. In 2008, Bumi produced over 25% of the country's total coal. The corporate credit rating on Bumi is one notch higher than Indonesia's long-term foreign currency sovereign credit rating (BB-/Positive), because of Bumi's historically high exports (over 90%) primarily to highly-rated power plants in Asia and its financial and operational resilience.
The ratings on the proposed notes reflect the irrevocable and unconditional guarantee by Bumi. The notes rank pari passu with other debt which primarily comprises convertible bonds and a US$ 1.9 billion loan from the China Investment Corp.
The rating on the notes is subject to finalization of documentation. Proceeds from the proposed notes will be used for general corporate purposes and to bolster the company's financial flexibility.The issue rating is the same as Bumi's issuer credit rating of BB, as Standard & Poor's believes that the purely operational liabilities at Bumi's coal subsidiaries are unlikely to cause any structural subordination at Bumi, because of the company's strong mechanism to control cash flows.
The rating on Bumi reflects the company's exposure to regulatory risks. Bumi's coal mines are still exposed to Indonesia's evolving regulatory framework relating to taxation, contract mining and the environment. Although a New Mining Law has been passed in parliament, its relevance and applicability to Bumi are still unclear.
The company is also vulnerable to the general operating risks inherent to the coal-mining industry. "In the past, Bumi's operations have experienced disruptions due to various environmental factors such as heavy rainfall and mud flow," said Standard & Poor's credit analyst, Manuel Guerena.
The rating also incorporates high geographical single mineral risk and heavy customer concentration with the three largest customers accounting for about 36% of its sales in fiscal year ended Dec. 31, 2008.
Bumi's operating and financial performance is very susceptible to volatility in coal prices. Bumi's sizable high quality coal reserves, favorable infrastructure, high margins and exports mitigate some of its weaknesses.
"The stable outlook reflects our view that Bumi's steady cash flow will be supported by the improving outlook for coal prices, and the company's initiatives to improve its operating efficiency," said Mr. Guerena. The rating on Bumi could be lowered if the company's credit measures deteriorate, including debt to EBITDA consistently exceeding 3x, as a result of its significant debt-funded expansion program or declining operating performance.
Thursday, October 29, 2009
Mandiri will increase the bonds
PT Bank Mandiri Tbk will increase size of the 5 years bonds from IDR3 trilion become IDR5 trillion. CEO Bank Mandiri Agus DW Martowardojo said the company will execute the plan if demand from investors oversubcribed.
Wednesday, October 28, 2009
Indika bonds pricing
PT Indika Energy,may price a $230 million sale of bonds to yield about 9.75 percent. The seven-year notes, sell to investors in the US, Singapore, Hong Kong and London.
Indika hired Citigroup Inc. to help manage the sale, which will be done through its Indo Integrated Energy II BV unit.
Andi move to Morgan Stanley
Andi Purwohandono, CEO PT Danareksa Sekuritas resign's from the company and move to Morgan Stanley.
Yield bonds Salim Ivomas between 9.345%-11%
PT Salim Ivomas Pratama offer range yield of the 1.25 trillion of five-year bonds between 9.345 percent and 11 percent.
The planned debt, which includes bonds that follow Islamic principles, will give investors a yield of 1.75 percent to 2.25 percent over the Indonesian government' s fixed rate FR0026 bonds.
The 11-percent FR0026 bond due in October 2014 was traded to yield at 9.345 percent on Oct. 27. That would mean Salim Ivomas bonds may be priced to yield between 11.095 percent and 11.595 percent.
Salim Ivomas plans to bolster its bond issuance value to IDR1.5 trillion from IDR1 trillion to refinance Indofood Agri Resources Ltd's (IndoAgri) shoter-term debt.
Salim Ivomas, which last year took control of sugar canegrower PT Lajuperdana Indah, expects Laju perdana's mill to start production in the second quarter with a processing capacity of
8,000 tons of cane a day.
The planned debt, which includes bonds that follow Islamic principles, will give investors a yield of 1.75 percent to 2.25 percent over the Indonesian government' s fixed rate FR0026 bonds.
The 11-percent FR0026 bond due in October 2014 was traded to yield at 9.345 percent on Oct. 27. That would mean Salim Ivomas bonds may be priced to yield between 11.095 percent and 11.595 percent.
Salim Ivomas plans to bolster its bond issuance value to IDR1.5 trillion from IDR1 trillion to refinance Indofood Agri Resources Ltd's (IndoAgri) shoter-term debt.
Salim Ivomas, which last year took control of sugar canegrower PT Lajuperdana Indah, expects Laju perdana's mill to start production in the second quarter with a processing capacity of
8,000 tons of cane a day.
Astra Agro profit declines
PT Astra Agro Lestari's profit dropped as lower palm oil prices reduced sales. Net income in the third quarter ended Sept. 30, fell 10 percent to IDR478.2 billion from IDR 532.4 billion rupiah. Sales declined 6 percent to IDR1.92 trillion. Palm oil has declined 23 percent since an eight-month high in May, reducing revenue at producers of the vegetable oil.
Drop in sales was the effect of the decline in global palm oil prices, the company said in an e-mailed statement today. Sales rose 8.8 percent from a year ago to 767,946 metric tons of crude palm oil.
Drop in sales was the effect of the decline in global palm oil prices, the company said in an e-mailed statement today. Sales rose 8.8 percent from a year ago to 767,946 metric tons of crude palm oil.
Tuesday, October 27, 2009
Exchange rate profit lifts up PGN gain
The state-run gas company (PGN) recorded IDR4.4 trillion net profit per September 2009 or jumped 145 percent from last year following the gas sales hike and rupiah appreciation.
PGN revenue here stands at IDR13.5 trillion or rose 50 percent from September last year.
President Director of PGN Hendi Prio Santoso said the achievement of the performance is particularly supported by the soaring gas sales volume this year of 776 MMscfd or rose 37 percent from last year.
"This is resulted from the growing gas distribution to the power plant, industry, commercial, and household," he said in official statement yesterday.
The gas distribution volume also grew 2 percent into 763 MMScfd in the first nine months this year as from 747 MMscfd last year.
Per 28 September 2009, PGN distributed gas to the gas steam-based power plant (PLTGU) Tanjung Priok worth 30 billion British thermal unit (Btu) per day.
Upon the accomplishment of SSWJ project August last year, PGN now operates more than 5,600 kilometers transmission and distribution pipeline networks in West Java, East Java, North Sumatra, South Sumatra, and Batam. The networks are for distributing more than 1,500 MMscfd nationwide.
To meet the rising domestic gas demand, PGN management plans to build LNG receiver terminal in some locations.
In line with the growing trend of rupiah appreciation against US dollar and Japanese Yen in the fist nine month this year, PGN booked net exchange rate spread gain worth IDR911 billion which is dominated by the translation exchange rate spread gain.
"The translation exchange rate spread gain is non cash and booked under the PSAK 10 regulation due particularly to the long term loan in foreign currency. The financial statement of PGN is presented in rupiah," said Hendi.
PGN last year suffered from IDR148.15 billion losses of exchange rate spread. Thus the position of exchanger rate spread rose 714.92 percent.
PGN revenue here stands at IDR13.5 trillion or rose 50 percent from September last year.
President Director of PGN Hendi Prio Santoso said the achievement of the performance is particularly supported by the soaring gas sales volume this year of 776 MMscfd or rose 37 percent from last year.
"This is resulted from the growing gas distribution to the power plant, industry, commercial, and household," he said in official statement yesterday.
The gas distribution volume also grew 2 percent into 763 MMScfd in the first nine months this year as from 747 MMscfd last year.
Per 28 September 2009, PGN distributed gas to the gas steam-based power plant (PLTGU) Tanjung Priok worth 30 billion British thermal unit (Btu) per day.
Upon the accomplishment of SSWJ project August last year, PGN now operates more than 5,600 kilometers transmission and distribution pipeline networks in West Java, East Java, North Sumatra, South Sumatra, and Batam. The networks are for distributing more than 1,500 MMscfd nationwide.
To meet the rising domestic gas demand, PGN management plans to build LNG receiver terminal in some locations.
In line with the growing trend of rupiah appreciation against US dollar and Japanese Yen in the fist nine month this year, PGN booked net exchange rate spread gain worth IDR911 billion which is dominated by the translation exchange rate spread gain.
"The translation exchange rate spread gain is non cash and booked under the PSAK 10 regulation due particularly to the long term loan in foreign currency. The financial statement of PGN is presented in rupiah," said Hendi.
PGN last year suffered from IDR148.15 billion losses of exchange rate spread. Thus the position of exchanger rate spread rose 714.92 percent.
Bukopin assigns CIMB for rights issue
PT Bank Bukopin Tbk has appointed CIMB Securities to help realize the corporate rights issue. Formerly, Bukopin invited six securities companies to join the tender including Danareksa Sekuritas, Bahana Securities, and other brokers.
"We have appointed CIMB Securities as advisor for the rights issue of the company," said Finance Director of Bukopin Tri Joko Prihanto, last week.
Bukopin was listed in the bourse in 2006 by selling 15 percent of the shares or slipped from the previous plan of 30 percent. The bank has scheduled the following divestment of the remaining 15 percent shares unlisted in 2006.
"We have appointed CIMB Securities as advisor for the rights issue of the company," said Finance Director of Bukopin Tri Joko Prihanto, last week.
Bukopin was listed in the bourse in 2006 by selling 15 percent of the shares or slipped from the previous plan of 30 percent. The bank has scheduled the following divestment of the remaining 15 percent shares unlisted in 2006.
Friday, October 23, 2009
Elang Mahkota Group will IPO
Elang Mahkota Group (Emtek) have plan to initial public offering. The entity had picks PT Mandiri Sekuritas to underwrite the IPO.
Emtek Group has expanded the range of service to embrace media, telecommunications and technology.
Emtek now focuses some business segments on broadcast, service integration, networks solution, and retail. In broadcast business, Emtek controls PT Surya Citra Televisi (SCTV) following the acquisition of 78,69 percent SCMA shares from PT Abhimata Mediatama April last year.
Besides, Emtek also manages local television station, O Channel, and owns subsidiary firm, PT Mediatama Anugrah Citra (MAC), as the operator of paid television.
In service integration segment, Emtek owns PT Abhitama Citra Abadi, PT Abhitama Persada, PT Indopay Merchant Services, PT Ekaprasarana Primatel, and PT Asia Towers Internasional. For networks solution, Emtek operates PT Tangara Mitrakom and PT Bitnet Komunikasindo.
The company also leads another subsidiary, PT Sakalaguna Semesta, as the telecommunication distribution company.
Emtek Group has expanded the range of service to embrace media, telecommunications and technology.
Emtek now focuses some business segments on broadcast, service integration, networks solution, and retail. In broadcast business, Emtek controls PT Surya Citra Televisi (SCTV) following the acquisition of 78,69 percent SCMA shares from PT Abhimata Mediatama April last year.
Besides, Emtek also manages local television station, O Channel, and owns subsidiary firm, PT Mediatama Anugrah Citra (MAC), as the operator of paid television.
In service integration segment, Emtek owns PT Abhitama Citra Abadi, PT Abhitama Persada, PT Indopay Merchant Services, PT Ekaprasarana Primatel, and PT Asia Towers Internasional. For networks solution, Emtek operates PT Tangara Mitrakom and PT Bitnet Komunikasindo.
The company also leads another subsidiary, PT Sakalaguna Semesta, as the telecommunication distribution company.
Rajawali Group interest to buy land concession BHP Biliton
The Rajawali group expresses its interest in acquiring 335,000 hectares of Maruwai coal mining concession areas owned by BHP Billiton.
Managing Director and Chief Business Development Officer of PT Rajawali Corpora Darjoto Setyawan revealed the group had expressed to BHP Billiton their intention to buy the areas.
The investment company owned by tycoon Peter Sondakh will use funds from its sales of publicly listed PT Excelcomindo Pratama and PT Bentoel Internasional Investama.
"BHP Billiton is one of the five mining companies whose mines we are targeting. To realize the purchase, we will use the funds raised from the sales of Bentoel and Excelcomindo," he said yesterday.
Rajawali divested a 16% stake in Excelcomindo in 2007 and was able to raise IDR4.1 trillion in fund. Meanwhile, in last June the investment company disposed a 56.96% stake in Bentoel for IDR3.35 trillion.
The group would focus on commodity-based businesses in the wake of an upward trend in commodity prices.
"To acquire the mine from BHP Billiton, we will compete with 25 other companies. As to our bid, we can reveal it yet," he said.
He continued the mining areas of BHP Billiton were located in several locations, but they would be sold in one package.
When asked for confirmation about the possibility to alliance with PT Tambang Batubara Bukit Asam to buy BHP Billiton, Darjoto said such a possibility existed, but the company had yet reviewed the plan.
"There has yet been a review whether we will alliance with Bukit Asam or with other state-owned enterprises interested in buying BHP Billiton," he inserted.
Several investors already expressing their interests are publicly listed PT Adaro Energy, PT Indika Energy, PT Bayan Resources, PT Bumi Resources, PT Medco Energi Internasional, PT Aneka Tambang, Bukit Asam, Itochu Indonesia, and one Chinese company.
President Director of BHP Billiton Edwin Gerungan when asked for confirmation only said that the sales process was still running. He confirmed that the company would ask for cash payment.
"We have appointed UBS to handle the sales."
Managing Director and Chief Business Development Officer of PT Rajawali Corpora Darjoto Setyawan revealed the group had expressed to BHP Billiton their intention to buy the areas.
The investment company owned by tycoon Peter Sondakh will use funds from its sales of publicly listed PT Excelcomindo Pratama and PT Bentoel Internasional Investama.
"BHP Billiton is one of the five mining companies whose mines we are targeting. To realize the purchase, we will use the funds raised from the sales of Bentoel and Excelcomindo," he said yesterday.
Rajawali divested a 16% stake in Excelcomindo in 2007 and was able to raise IDR4.1 trillion in fund. Meanwhile, in last June the investment company disposed a 56.96% stake in Bentoel for IDR3.35 trillion.
The group would focus on commodity-based businesses in the wake of an upward trend in commodity prices.
"To acquire the mine from BHP Billiton, we will compete with 25 other companies. As to our bid, we can reveal it yet," he said.
He continued the mining areas of BHP Billiton were located in several locations, but they would be sold in one package.
When asked for confirmation about the possibility to alliance with PT Tambang Batubara Bukit Asam to buy BHP Billiton, Darjoto said such a possibility existed, but the company had yet reviewed the plan.
"There has yet been a review whether we will alliance with Bukit Asam or with other state-owned enterprises interested in buying BHP Billiton," he inserted.
Several investors already expressing their interests are publicly listed PT Adaro Energy, PT Indika Energy, PT Bayan Resources, PT Bumi Resources, PT Medco Energi Internasional, PT Aneka Tambang, Bukit Asam, Itochu Indonesia, and one Chinese company.
President Director of BHP Billiton Edwin Gerungan when asked for confirmation only said that the sales process was still running. He confirmed that the company would ask for cash payment.
"We have appointed UBS to handle the sales."
Pakuwon Jati exchange offer bond
PT Pakuwon Jati Tbk announcement that it is commencing an exchange offer and consent solicitation for the 2011 Notes, which are due in November 2010.
Under the exchange offer, Pakuwon will pay bondholders 60% of the outstanding principal as cash upfront and the remaining 40% will be exchanged into US$ step-up cash coupon and paid in kind interest unsecured senior notes due in 2015.
Moody's Investors Service has today downgraded to Ca from Caa1 the senior secured rating for the US$110 million 12% senior secured notes due November 2011 issued by Pakuwon Jati Finance BV, and guaranteed by guaranteed by Pakuwon and its subsidiary, PT Artisan Wahyu. At the same time, Moody's has affirmed the Caa1 corporate family rating of Pakuwon. The outlook for the ratings remains negative.
Fitch Ratings has downgraded Pakuwon long-term foreign and local currency Issuer Default Ratings (IDRs) to C from CC, and its national long-term rating to C(idn) from CC(idn). The agency has also downgraded the US$110m senior notes due 2011 to C/RR4 from CC/RR4 and senior bond I (outstanding IDR38.5bn) due 2011 to C(idn) from CC(idn). Simultaneously, the Rating Watch Negative assigned by Fitch on 18 June 2009 has been removed.
Under the exchange offer, Pakuwon will pay bondholders 60% of the outstanding principal as cash upfront and the remaining 40% will be exchanged into US$ step-up cash coupon and paid in kind interest unsecured senior notes due in 2015.
Moody's Investors Service has today downgraded to Ca from Caa1 the senior secured rating for the US$110 million 12% senior secured notes due November 2011 issued by Pakuwon Jati Finance BV, and guaranteed by guaranteed by Pakuwon and its subsidiary, PT Artisan Wahyu. At the same time, Moody's has affirmed the Caa1 corporate family rating of Pakuwon. The outlook for the ratings remains negative.
Fitch Ratings has downgraded Pakuwon long-term foreign and local currency Issuer Default Ratings (IDRs) to C from CC, and its national long-term rating to C(idn) from CC(idn). The agency has also downgraded the US$110m senior notes due 2011 to C/RR4 from CC/RR4 and senior bond I (outstanding IDR38.5bn) due 2011 to C(idn) from CC(idn). Simultaneously, the Rating Watch Negative assigned by Fitch on 18 June 2009 has been removed.
Net profit Indosat declined
Nine-month profit at PT Indosat, Indonesia’s second-largest telephone operator, declined 1.4 percent from a year ago as it lost customers.
Net income fell to IDR 1.45 trillion in the nine months to Sept. 30 from IDR1.47 trillion a year earlier. The company’s revenue slid 1.8 percent to IDR13.41trillion. Indosat had 29.3 million total subscribers at the end ofSeptember compared with 36.4 million a year earlier.
Net income fell to IDR 1.45 trillion in the nine months to Sept. 30 from IDR1.47 trillion a year earlier. The company’s revenue slid 1.8 percent to IDR13.41trillion. Indosat had 29.3 million total subscribers at the end ofSeptember compared with 36.4 million a year earlier.
Thursday, October 22, 2009
PLN Issues US$1.25 billion bonds
The State Electricity Company (PLN) plans to issue US$1.25 billion bonds with UBS and Barclays Capital as the underwriters.
PLN intends to issue global bonds upon the completion of the semester I/2009 financial statement verification.
PLN funding for the 10,000 MW program is about IDR5.3 trillion covering the need for fund in US dollar denomination worth US$450 million and rupiah loan worth IDR780 billion.
Vice President Director of PLN Rudiantara refuted to comment. He just said the company in some bond issuances used UBS and Barclays Capital as the underwriters.
PLN has just attained US$1.09 billion loan commitment for four projects. The amount equals IDR10 trillion. Fahmi previously said the funding is gained from some Chinese government and domestic banks.
China Development Bank Corp, Industrial & Commercial Bank of China Ltd provided US$763 million loans to construct the steam-based power plant (PLTU) 2 Central Java with 1x660 MW capacity and PLTU West Sumatra of 2x112 MW.
PT Bank Mandiri Tbk, PT Bank Negara Indonesia Tbk, PT Bank Rakyat Indonesia Tbk also agreed provide syndicated loan worth IDR3.94 trillion for the power plant in Tarahan, Lampung, and Pangkalan Susu in North Sumatra.
Bank Mandiri disbursed IDR1.28 trillion loans, BRI IDR1.38 trillion and BNI IDR1.28 trillion to cover 85 percent of the total project. Investment credit has 10 years tenure.
PLN intends to issue global bonds upon the completion of the semester I/2009 financial statement verification.
PLN funding for the 10,000 MW program is about IDR5.3 trillion covering the need for fund in US dollar denomination worth US$450 million and rupiah loan worth IDR780 billion.
Vice President Director of PLN Rudiantara refuted to comment. He just said the company in some bond issuances used UBS and Barclays Capital as the underwriters.
PLN has just attained US$1.09 billion loan commitment for four projects. The amount equals IDR10 trillion. Fahmi previously said the funding is gained from some Chinese government and domestic banks.
China Development Bank Corp, Industrial & Commercial Bank of China Ltd provided US$763 million loans to construct the steam-based power plant (PLTU) 2 Central Java with 1x660 MW capacity and PLTU West Sumatra of 2x112 MW.
PT Bank Mandiri Tbk, PT Bank Negara Indonesia Tbk, PT Bank Rakyat Indonesia Tbk also agreed provide syndicated loan worth IDR3.94 trillion for the power plant in Tarahan, Lampung, and Pangkalan Susu in North Sumatra.
Bank Mandiri disbursed IDR1.28 trillion loans, BRI IDR1.38 trillion and BNI IDR1.28 trillion to cover 85 percent of the total project. Investment credit has 10 years tenure.
Wednesday, October 21, 2009
Hopu buy Lippo Karawaci shares
Hopu Investment Management Co. buy 4.9 percent of Indonesia PT Lippo Karawaci.
Beijing-based Hopu purchased the stake from China ResourcesHoldings Co. for $45 millionThe
purchase price was 508 rupiah.
Hopu, founded by Fang Fenglei in 2007 and run by former Goldman Sachs banker Richard Ong, is making its first investment in Southeast Asia's biggest economy after buying stakes in China
Mengniu Dairy Co., Bank of China Ltd. and China Construction Bank Corp. this year.
Beijing-based Hopu purchased the stake from China ResourcesHoldings Co. for $45 millionThe
purchase price was 508 rupiah.
Hopu, founded by Fang Fenglei in 2007 and run by former Goldman Sachs banker Richard Ong, is making its first investment in Southeast Asia's biggest economy after buying stakes in China
Mengniu Dairy Co., Bank of China Ltd. and China Construction Bank Corp. this year.
Bukit Asam gets permit to build railway
PT Tambang Batubara Bukit Asam Tbk, an Indonesian coal producer, won a permit to build a $1.06 billion railway on Sumatra island with a capacity to transport 20 million metric tons of coal a year.
Bukit Asam and its partners may seek loans from Chinese lenders to finance 70 percent of the project and the rest will be from internal cash.
The railway project will enable Bukit Asam to tap the bulk of the company' s coal reserves on Sumatra island, boosting its annual output.
Bukit Asam will form a venture with PT Transpacific Railway Infrastructure and China Railway Engineering Corp. to build the railway. Bukit Asam and China Railway will each hold 10 percent of the venture, while Transpacific will own 80 percent.
Bukit Asam and its partners may seek loans from Chinese lenders to finance 70 percent of the project and the rest will be from internal cash.
The railway project will enable Bukit Asam to tap the bulk of the company' s coal reserves on Sumatra island, boosting its annual output.
Bukit Asam will form a venture with PT Transpacific Railway Infrastructure and China Railway Engineering Corp. to build the railway. Bukit Asam and China Railway will each hold 10 percent of the venture, while Transpacific will own 80 percent.
Tuesday, October 20, 2009
Bakrie Plantations issue bonds
PT Bakrie Sumatera Plantations issues US$25 million additional bonds for funding capital expenditure. Price from the new bonds 98.75%, coupon 10.75% and yield 11.48%.
The bonds are guaranted by Bakrie Plantations and subsidiary like PT Bakrie Pasaman Plantations, PT Agrowiyana, PT Agro Mitra Madani, PT Huma Indah Mekar, PT Air Muring.
Bakrie Plantations picks Arch Advisory Limited as a advisors and Bookwise Investments Limited as a stand by buyer.
Bakrie Plantations is preparing US$10 million to make investments in Liberia through its subsidiary, Bakrie Liberia Plantations B.V.
The bonds are guaranted by Bakrie Plantations and subsidiary like PT Bakrie Pasaman Plantations, PT Agrowiyana, PT Agro Mitra Madani, PT Huma Indah Mekar, PT Air Muring.
Bakrie Plantations picks Arch Advisory Limited as a advisors and Bookwise Investments Limited as a stand by buyer.
Bakrie Plantations is preparing US$10 million to make investments in Liberia through its subsidiary, Bakrie Liberia Plantations B.V.
BII will sell US$250 million bonds
PT Bank Internasional Indonesia Tbk has studied option to issue subdebt worth US$200-250 million in 2010.
President Director of BII Ridha Wirakusumah said the scheme here has been proposed to Bank Indonesia for seeking approval.
"We have made coordination with BI for the scheme," he said last week.
He said on April 28 next year BII will pay call option of matured subdebt worth US$150 million.
"Actually there is already allocation for call option payment but if it uses internal cash, our capital adequacy ratio could drop into 15 percent."
Ridha explained the company could decide not to execute the matured bond call option. But would BII subdebt call option be not executed, the bond coupon will climb up."
Based on the agreement, BII should pay the coupon if there is no call option execution on the US Treasury interest rate plus 7.424 percent per year.
Subdebt bond has become alternative among banks to boost up the CAR. Half of the bond issuance could be used for the entrance to second tier so the CAR of a bank is increasing.
Subdebt bonds are commonly issued with 10 years tenure but with buy option in fifth year. When the option is not materialized, the coupon could rise 10 percent so the issuer tends to use their rights.
President Director of BII Ridha Wirakusumah said the scheme here has been proposed to Bank Indonesia for seeking approval.
"We have made coordination with BI for the scheme," he said last week.
He said on April 28 next year BII will pay call option of matured subdebt worth US$150 million.
"Actually there is already allocation for call option payment but if it uses internal cash, our capital adequacy ratio could drop into 15 percent."
Ridha explained the company could decide not to execute the matured bond call option. But would BII subdebt call option be not executed, the bond coupon will climb up."
Based on the agreement, BII should pay the coupon if there is no call option execution on the US Treasury interest rate plus 7.424 percent per year.
Subdebt bond has become alternative among banks to boost up the CAR. Half of the bond issuance could be used for the entrance to second tier so the CAR of a bank is increasing.
Subdebt bonds are commonly issued with 10 years tenure but with buy option in fifth year. When the option is not materialized, the coupon could rise 10 percent so the issuer tends to use their rights.
Monday, October 19, 2009
Bentoel merge with BAT Indonesia
PT Bentoel Internasional Investama Tbk will merge with PT BAT Indonesia Tbk. The British American Tobacco p.l.c (BAT) had acquired an 85.13% stake or 5.73 billion shares in a national cigarette company, PT Bentoel Internasional Investama Tbk, at IDR5 trillion, on August.
Shares of BAT Indonesia will convert with Bentoel shares with ratio 1 BAT shares exchange 7,68 Bentoel shares.
Shares of BAT Indonesia will convert with Bentoel shares with ratio 1 BAT shares exchange 7,68 Bentoel shares.
Garuda Capital will buy Optima Group
PT Garuda Capital Investama with strategic investors from Dubai, acquire 100% shares of Optima Group at value US$10 million.
CEO Garuda Capital Abraham Leo says throughout the transactions, the company control PT Optima Kharya Capital Management and PT Optima Kharya Capital Securities.
Two mounth ago, Asuransi Jiwa Nusantara (AJN) and AJB Bumiputera 1912 had announced the potential losses of the discretionary fund (KPD) investment managed by Optima Management and Optima Securities. The fund of AJN was placed at the KPD, bonds, and shares under the Optima mutual fund. AJB Bumiputera gives time up to 2012 for the Optima Management to settle the obligations.
CEO Garuda Capital Abraham Leo says throughout the transactions, the company control PT Optima Kharya Capital Management and PT Optima Kharya Capital Securities.
Two mounth ago, Asuransi Jiwa Nusantara (AJN) and AJB Bumiputera 1912 had announced the potential losses of the discretionary fund (KPD) investment managed by Optima Management and Optima Securities. The fund of AJN was placed at the KPD, bonds, and shares under the Optima mutual fund. AJB Bumiputera gives time up to 2012 for the Optima Management to settle the obligations.
RHB Capital buy Bank Mestika
RHB Capital Bhd., Malaysia' s fourth-biggest banking group, agreed to buy control of Indonesian
lender PT Bank Mestika Dharma for 3.12 trillion rupiah. Throughout this transactions , adding 50 branches in Indonesia.
RHB Capital, based in Kuala Lumpur, will buy 80 percent shares PT Bank Mestika and has an option to purchase an additional 9 percent, according to a statement today. PT Bank
Mestika is based in Medan, Indonesia' s third-largest city.
RHB Capital joins bigger rival Malayan Banking Bhd. in investing in Indonesia, where nine interest rate reductions have begun to revive the economy. RHB Capital has branches in
Thailand, Brunei and Singapore, and last year bought a 49 percent stake in Vietnam Securities Corp.
Malayan Banking, last year bought PT Bank Internasional Indonesia, as overseas banks race
to tap the rising spending power of the country' s 235 million people. CIMB Group Holdings Bhd., Malaysia's second biggest lender, controls Jakarta-listed bank CIMB Niaga, formed in a
2008 merger of PT Bank CIMB Niaga and PT Bank Lippo.
RHB will fund the acquisition through a 1.3 billion ringgit rights offer slated for the first quarter of 2010. The company plans to issue 361 million new shares at 3.60 ringgit each, which is a 22 percent discount to the stock' s last traded price of 4.60 ringgit on Oct. 16, before RHB's shares
were suspended for this announcement.
There are also plan to list Bank Mestika on the Jakarta stock exchange before the acquisition is completed by the end of the first-quarter of 2010.
RHB is controlled by Malaysia' s largest pension fund, the Employees Provident Fund. Abu Dhabi Commercial Bank PJSC also has a stake in the lender.
Bank Mestika posted a profit of 169.8 billion rupiah for 2008 and had a capital adequacy ratio of 26.2 percent at the end of last year, according to the statement. The Medan-based bank
has 50 branches and six so-called cash offices across Indonesia.
lender PT Bank Mestika Dharma for 3.12 trillion rupiah. Throughout this transactions , adding 50 branches in Indonesia.
RHB Capital, based in Kuala Lumpur, will buy 80 percent shares PT Bank Mestika and has an option to purchase an additional 9 percent, according to a statement today. PT Bank
Mestika is based in Medan, Indonesia' s third-largest city.
RHB Capital joins bigger rival Malayan Banking Bhd. in investing in Indonesia, where nine interest rate reductions have begun to revive the economy. RHB Capital has branches in
Thailand, Brunei and Singapore, and last year bought a 49 percent stake in Vietnam Securities Corp.
Malayan Banking, last year bought PT Bank Internasional Indonesia, as overseas banks race
to tap the rising spending power of the country' s 235 million people. CIMB Group Holdings Bhd., Malaysia's second biggest lender, controls Jakarta-listed bank CIMB Niaga, formed in a
2008 merger of PT Bank CIMB Niaga and PT Bank Lippo.
RHB will fund the acquisition through a 1.3 billion ringgit rights offer slated for the first quarter of 2010. The company plans to issue 361 million new shares at 3.60 ringgit each, which is a 22 percent discount to the stock' s last traded price of 4.60 ringgit on Oct. 16, before RHB's shares
were suspended for this announcement.
There are also plan to list Bank Mestika on the Jakarta stock exchange before the acquisition is completed by the end of the first-quarter of 2010.
RHB is controlled by Malaysia' s largest pension fund, the Employees Provident Fund. Abu Dhabi Commercial Bank PJSC also has a stake in the lender.
Bank Mestika posted a profit of 169.8 billion rupiah for 2008 and had a capital adequacy ratio of 26.2 percent at the end of last year, according to the statement. The Medan-based bank
has 50 branches and six so-called cash offices across Indonesia.
Prajogo acquire Transpacific Railway
Prajogo Pangestu has just bought major shareholding of PT Transpacific Railway Infrastructure which plans immediately to build coal transportaion project worth US$1.06 billion.
Prajogo, the ultimate shareholder of PT Barito Pacific Tbk, acquired shares of Transpacific Railway from the former shareholder through Thelveton Global Asset Limited.
Thelveton with 100 percent full possession of Prajogo has recently acquired the shares of Transpacific Railway from Coral Moon Resources, PT Handayani Bara Dinamika, and PT Transpacific Investama owned by Suganda Setiadi Kurnia.
Through Thelveton, Prajogo owns 100 percent shares of Magna Resource Corporation Pte Ltd which owns 52.13 percent shares of Barito Pacific. Prajogo through Thelveton also took over of PT Tri Polyta Indonesia Tbk shares last year.
Thelveton has made to public the acquisition of 4,000 stakes scheme of Coral Moon, 14,400 Handayani stakes, and 21,600 shares of Transpacific Investama in Transpacific Railway. However, not many knows the acquisition value.
Transpacific Railway is the joint venture established by PT Tambang Batubara Bukit Asam Tbk, Grup Transpacific, and China Railway Engineering. Transpacific Group owns 80 percent shares of Transpacific Railway. Meanwhile, Bukit Asam and China Railway possess 10 percent. Bukit Asam 5 August last year injected IDR910 million capital to Transpacific Railway to get 10 percent shares possession in the company.
Transpacific Railway will later develop 308 kilometers railway to transport coal from Banko Tengah to Lampung with the total project value worth US$1.06 billion (IDR9.86 trillion). Initially the transport capacity was 20 million tons of coal and could be increased onto 40 million tons.
Prajogo, the ultimate shareholder of PT Barito Pacific Tbk, acquired shares of Transpacific Railway from the former shareholder through Thelveton Global Asset Limited.
Thelveton with 100 percent full possession of Prajogo has recently acquired the shares of Transpacific Railway from Coral Moon Resources, PT Handayani Bara Dinamika, and PT Transpacific Investama owned by Suganda Setiadi Kurnia.
Through Thelveton, Prajogo owns 100 percent shares of Magna Resource Corporation Pte Ltd which owns 52.13 percent shares of Barito Pacific. Prajogo through Thelveton also took over of PT Tri Polyta Indonesia Tbk shares last year.
Thelveton has made to public the acquisition of 4,000 stakes scheme of Coral Moon, 14,400 Handayani stakes, and 21,600 shares of Transpacific Investama in Transpacific Railway. However, not many knows the acquisition value.
Transpacific Railway is the joint venture established by PT Tambang Batubara Bukit Asam Tbk, Grup Transpacific, and China Railway Engineering. Transpacific Group owns 80 percent shares of Transpacific Railway. Meanwhile, Bukit Asam and China Railway possess 10 percent. Bukit Asam 5 August last year injected IDR910 million capital to Transpacific Railway to get 10 percent shares possession in the company.
Transpacific Railway will later develop 308 kilometers railway to transport coal from Banko Tengah to Lampung with the total project value worth US$1.06 billion (IDR9.86 trillion). Initially the transport capacity was 20 million tons of coal and could be increased onto 40 million tons.
Krakatau have interest to but Texmaco
PT Krakatau Steel expressed its interest to acquire the credit assets of Texmaco Group which would be sold by the Asset Management Compnay (PPA).
President Director of Krakatau Steel Fazwar Bujang said the acquisition of Texmaco Group credit assets will be done jointly with the strategic state enterprises consortium.
"We will form a consortium with strategic state enterprises. The asset acquisition will be done partially so the involved state firms in the consortium could buy the required assets," he said last week.
PPA has decided to sell the credit asset of Texmaco in one package without separating the engineering division from textile division. Texmaco engineering division has US$1.48 billion debt to PPA and textile divisioin US$833.93 million.
PPA still recorded the companies interested in the acquisition of the assets owned by the former owner, Marimutu Sinivasan.
Fazwar also said the company still schedules the IPO after two years suspension from the former plan. But he ensured the government remains the major shareholder of Krakatau.
"The fund generated from IPO will be allotted for expansion. We currently still have undisbursed IDR3 trillion loan commitment from finance institution plus the IPO fund which could be allotted for expansion."
He ensured not to sell two subsidiary firms, PT Pelat Timah Nusantara (Latinusa) and PT KHI, through IPO.
Latinusa targets to increase the fund raked from the IPO of 30 percent stakes as from IDR400-500 billion.
Next year, KHI Pipe will hit the capital market.
Now Latinusa has proposed all IPO requirements handed in the Capital Market and Finance Institution Supervisory Agency (Bapepam-LK).
"We will have road show and public expose in third week of November and expected to sell the shares to bourse by end of November. So far, Bapepam-LK has confirmed the IPO proposal we submitted," he said.
President Director of Krakatau Steel Fazwar Bujang said the acquisition of Texmaco Group credit assets will be done jointly with the strategic state enterprises consortium.
"We will form a consortium with strategic state enterprises. The asset acquisition will be done partially so the involved state firms in the consortium could buy the required assets," he said last week.
PPA has decided to sell the credit asset of Texmaco in one package without separating the engineering division from textile division. Texmaco engineering division has US$1.48 billion debt to PPA and textile divisioin US$833.93 million.
PPA still recorded the companies interested in the acquisition of the assets owned by the former owner, Marimutu Sinivasan.
Fazwar also said the company still schedules the IPO after two years suspension from the former plan. But he ensured the government remains the major shareholder of Krakatau.
"The fund generated from IPO will be allotted for expansion. We currently still have undisbursed IDR3 trillion loan commitment from finance institution plus the IPO fund which could be allotted for expansion."
He ensured not to sell two subsidiary firms, PT Pelat Timah Nusantara (Latinusa) and PT KHI, through IPO.
Latinusa targets to increase the fund raked from the IPO of 30 percent stakes as from IDR400-500 billion.
Next year, KHI Pipe will hit the capital market.
Now Latinusa has proposed all IPO requirements handed in the Capital Market and Finance Institution Supervisory Agency (Bapepam-LK).
"We will have road show and public expose in third week of November and expected to sell the shares to bourse by end of November. So far, Bapepam-LK has confirmed the IPO proposal we submitted," he said.
Thursday, October 15, 2009
Recapital the new owner Berau ??
Recapital Advisors may have chance to win over the acquisition bid for 90 percent shares of PT Berau Coal worth US$1.4-1.45 billion or IDR13.59 trillion.
Recapital is the buyer candidate for Berau with intensive negotiation following Indika.
Recapital offered the highest bid among the other bidders. PT Indika Energy Tbk offered US$1.15 billion as bidding price, and PT Quattro Inti Investama, the company which is used by Surabaya businessman, Kentjana Widjaja, offered Berau at US$1.2 billion.
However, CEO Recapital Advisor Rosan Perkasa Roeslani refuted to provide details of pricing bid offered by Recapital. He ensured there is no shares swap with the shares of PT Bumi Resources Tbk in this transaction.
Recapital is the buyer candidate for Berau with intensive negotiation following Indika.
Recapital offered the highest bid among the other bidders. PT Indika Energy Tbk offered US$1.15 billion as bidding price, and PT Quattro Inti Investama, the company which is used by Surabaya businessman, Kentjana Widjaja, offered Berau at US$1.2 billion.
However, CEO Recapital Advisor Rosan Perkasa Roeslani refuted to provide details of pricing bid offered by Recapital. He ensured there is no shares swap with the shares of PT Bumi Resources Tbk in this transaction.
Garudafood get IDR500 bliion loan
PT ANZ Panin Bank acts as the loan syndication coordinator for IDR500 billion loans to PT Garuda Food Putra Putri Jaya (Garudafood). The syndication involves PT Bank OCBC Indonesia, PT Bank UOB Indonesia and PT Bank CIMB Niaga Tbk.
The facility was formerly given as the syndication loan worth IDR400 billion. But with the growing response from creditors, it increase into IDR500 billion.
CIMB Niaga acts as arranger too. Garudafood for four years will pay up to 16 folds of quarterly installment
The facility was formerly given as the syndication loan worth IDR400 billion. But with the growing response from creditors, it increase into IDR500 billion.
CIMB Niaga acts as arranger too. Garudafood for four years will pay up to 16 folds of quarterly installment
Wednesday, October 14, 2009
Price BW Plantations IDR550
PT BW Plantation pricing the initial public offering (IPO) stock at IDR550. Referring to the price, BW will raise IDR660 billion in fresh funds following an oversubscription of 3.5 times.
Yield Adaro bonds 8%
PT Adaro Energy, Indonesia' s second-biggest coal producer, sell about $500 million of bonds
with an expected 8 percent yield. Adaro had hired Credit Suisse Securities (Europe) Ltd., DBS Bank Ltd., and UBS AG to arrange the bond sale.
with an expected 8 percent yield. Adaro had hired Credit Suisse Securities (Europe) Ltd., DBS Bank Ltd., and UBS AG to arrange the bond sale.
Astra Group shares IDR2.25 trillion dividend
Three subsidiary companies of PT Astra International Tbk share interim dividend totally worth IDR1.08 trillion next month following Astra action which made to public the similar dividend worth IDR1.17 trillion.
Those three firms here include PT United Tractors Tbk with total interim dividend worth IDR432.49 billion, PT Astra Agro Lestari Tbk totally worth IDR346.44 billion, and PT Astra Graphia Tbk worth IDR8.09 billion.
Thus, Astra Group this year announced the dividend sharing worth totally IDR2.25 trillion excluding PT Astra Otoparts Tbk and PT Bank Permata Tbk.
President Director of United Tractors Djoko Pranoto said the company shared interim dividend with IDR130 per share unit based on the shareholders recording date of November 3.
"Cum dividend ad regular and negotiation markets was set on October 29 and ex dividend October 30, 2009. In cash market, cum dividend and ex dividend were shared on November 3 to 4," he said in this week.
The decision was made to public a day after last week. Astra Internasional announced the interim dividend sharing with IDR290 per share unit. With the total of 4.05 billion shares, the dividend value stands at IDR1.17 trillion.
Interim dividend is the dividend taken from the current year balance which in this case is the corporate net profit this year.
At the same time, President Director of Astra Agro Widya Wiryawan also announced the dividend sharing on November 11 worth IDR220 per share for IDR1.57 billion shares. "The total stood at IDR346.44 billion," he said.
Chief Commissioner of Astra Graphia Angky Tisnadisastra also announced the interim dividend sharing scheme worth IDR6 per share unit for book yearend December 31, 2009.
With the 1.35 billion shares, the company dividend value stands at IDR8.09 billion.
"The interim dividend sharing scheme was decided on the corporate directors boards meeting October 8, 2009. The commissioner boards had agreed the directors meeting decision," he said.
The interim dividend sharing should be calculated with the final dividend sharing based on the next annual general meeting of shareholders (AGMS).
Those three firms here include PT United Tractors Tbk with total interim dividend worth IDR432.49 billion, PT Astra Agro Lestari Tbk totally worth IDR346.44 billion, and PT Astra Graphia Tbk worth IDR8.09 billion.
Thus, Astra Group this year announced the dividend sharing worth totally IDR2.25 trillion excluding PT Astra Otoparts Tbk and PT Bank Permata Tbk.
President Director of United Tractors Djoko Pranoto said the company shared interim dividend with IDR130 per share unit based on the shareholders recording date of November 3.
"Cum dividend ad regular and negotiation markets was set on October 29 and ex dividend October 30, 2009. In cash market, cum dividend and ex dividend were shared on November 3 to 4," he said in this week.
The decision was made to public a day after last week. Astra Internasional announced the interim dividend sharing with IDR290 per share unit. With the total of 4.05 billion shares, the dividend value stands at IDR1.17 trillion.
Interim dividend is the dividend taken from the current year balance which in this case is the corporate net profit this year.
At the same time, President Director of Astra Agro Widya Wiryawan also announced the dividend sharing on November 11 worth IDR220 per share for IDR1.57 billion shares. "The total stood at IDR346.44 billion," he said.
Chief Commissioner of Astra Graphia Angky Tisnadisastra also announced the interim dividend sharing scheme worth IDR6 per share unit for book yearend December 31, 2009.
With the 1.35 billion shares, the company dividend value stands at IDR8.09 billion.
"The interim dividend sharing scheme was decided on the corporate directors boards meeting October 8, 2009. The commissioner boards had agreed the directors meeting decision," he said.
The interim dividend sharing should be calculated with the final dividend sharing based on the next annual general meeting of shareholders (AGMS).
PTBA signs 20-year coal transport deal with Kereta Api
PT Tambang Batubara Bukit Asam, an Indonesian coal producer, has signed an agreement that
will increase the amount of coal it transports from its Sumatera mines using a railway operated by PT Kereta Api. Kereta Api has plan to increase its coal transportation capacity to 22.7 million tons a year by 2014 from 11.5 million tons next year
will increase the amount of coal it transports from its Sumatera mines using a railway operated by PT Kereta Api. Kereta Api has plan to increase its coal transportation capacity to 22.7 million tons a year by 2014 from 11.5 million tons next year
Tuesday, October 13, 2009
Danareksa handle BFI bonds
PT BFI Finance Indonesia Tbk picks PT Danareksa Sekuritas to handle bonds IDR200 billion.
PT Pemeringkat Efek Indonesia affirmed at idA- the rating for BFI Finance and at the same time assigned idA- rating for the proposed Bond II/2009 with a maximum amount of IDR200 billion. Outlook for the ratings is stable.
The ratings reflect the company’s relatively strong business position in used car financing segment, strong capitalization and profitability indicators. However, the ratings are constrained by increasing Non-Performing Receivables (NPR), limited access to funding source and intensifying competition in the used car financing segment.
As of 31 July 2009, BFI Finance is owned by The Northern Trust S/A AVFC (19.45%), Deutsche Bank AG London 212688.40.00 (17.79%), CS Securities Europe Ltd Prime Brokerage (15%), Mellon Bank NA S/A Mackenzie Cundill Emerging (5.8%) and public (41.96%).
PT Pemeringkat Efek Indonesia affirmed at idA- the rating for BFI Finance and at the same time assigned idA- rating for the proposed Bond II/2009 with a maximum amount of IDR200 billion. Outlook for the ratings is stable.
The ratings reflect the company’s relatively strong business position in used car financing segment, strong capitalization and profitability indicators. However, the ratings are constrained by increasing Non-Performing Receivables (NPR), limited access to funding source and intensifying competition in the used car financing segment.
As of 31 July 2009, BFI Finance is owned by The Northern Trust S/A AVFC (19.45%), Deutsche Bank AG London 212688.40.00 (17.79%), CS Securities Europe Ltd Prime Brokerage (15%), Mellon Bank NA S/A Mackenzie Cundill Emerging (5.8%) and public (41.96%).
Bayan picks Standard Chartered to arrange loan
PT Bayan Resources Tbk, an Indonesian coal mining company, picks Standard Chartered Plc to arrange loan US$200 million. The company will use the fund to expand its capacity to process sub-bituminous coal.
Bayan will expand the capacity of a venture's plant that processes lignite, or brown coal, into fuel with higher-calorific content for sale to power stations. The venture, PT Kaltim Supacoal, 49 percent owned by Bayan and 51 percent by White Energy Co., processes sub-bituminous
coal from Bayan's Tabang mine in East Kalimantan.
Bayan will expand the capacity of a venture's plant that processes lignite, or brown coal, into fuel with higher-calorific content for sale to power stations. The venture, PT Kaltim Supacoal, 49 percent owned by Bayan and 51 percent by White Energy Co., processes sub-bituminous
coal from Bayan's Tabang mine in East Kalimantan.
Bakrie & Brothers buy back 324 million Bumi shares
PT Bakrie & Brothers, said it has bought back 324 million shares of PT Bumi Resources Tbk for 551.2 billion rupiah from a unit of Ancora Group. The buy back agreement was signed on Oct. 8, management Bakrie & Brothers said in a filing to the Indonesian stock exchange today.
The average buyback price for the shares was 1,700 rupiah a piece.
Private equity firm Ancora Capital Management (Asia) Ltd. in the fourth quarter of 2008 took over $72 million of Bakrie & Brothers debt to JPMorgan Chase & Co. that was raised by pledging shares in Bumi.
Bumi shares have tripled since the start of the year after tumbling 85 percent last year on concern of Bakrie & Brother' debts. Bumi shares slid 0.9 percent to 2,800 rupiah today in
Jakarta.
The average buyback price for the shares was 1,700 rupiah a piece.
Private equity firm Ancora Capital Management (Asia) Ltd. in the fourth quarter of 2008 took over $72 million of Bakrie & Brothers debt to JPMorgan Chase & Co. that was raised by pledging shares in Bumi.
Bumi shares have tripled since the start of the year after tumbling 85 percent last year on concern of Bakrie & Brother' debts. Bumi shares slid 0.9 percent to 2,800 rupiah today in
Jakarta.
Monday, October 12, 2009
Bhakti Energy delay IPO
PT Bhakti Energi Persada, delay the plan to sale shares in market (initial public offering/IPO) to next year from December. Bhakti Energy own four coal mines
Bhakti Energy plan to sell 20 percent of its shares in an initial public offering in December. The company, controlled by PT Triputra Investindo Arya and PT Persada Capital Investama, plans to use the proceeds to increase production.
Bhakti Energy plan to sell 20 percent of its shares in an initial public offering in December. The company, controlled by PT Triputra Investindo Arya and PT Persada Capital Investama, plans to use the proceeds to increase production.
BNI & CIMB Niaga provide IDR1,6 trilion for Excelcomindo
PT Bank Negara Indonesia Tbk and PT Bank CIMB Niaga Tbk provide loan IDR1.6 trilion for PT Excelcomindo Pratama. BNI provide IDR1.5 trillion and Bank CIMB Niaga provide IDR100 billion.
Bakrie Toll get loan US$45 million
PT Bakrieland Development Tbk last week announce the subsidiary firm, PT Bakrie Toll Road, had just got US$45 million or IDR450 billion loans from Beleggingsmaatschappij Broem BV, the subsidiary company of Avenue Luxembourg SARL, which owns 30.76 percent of Bakrieland stakes.
Bakrieland formerly planed to issue IDR1 trillion bonds next year. The fund will be allotted for the refinancing to BNI which had previously provided loan to Bakrieland.
The company still focuses on the development of two toll roads, Kanci-Pejagan toll road and Ciawi-Sukabumi executed by Bakrie Toll Road. For Ciawi-Sukabumi toll roads, Bakrieland will clear the land with the fund provided by Avenue.
Concerning with the US$45 million loans from Avenue, the company said Bakrie Toll will lend the fund to PT Semesta Marga Raya.
Bakrieland gives corporate guarantee as the collateral of the loan given whose amount is on the shares ownership percentage basis directly and indirectly to Semesta Marga Raya, or 49.97 percent.
Based on the covenant, the cost of fund of 19.5 percent per year includes the 15.875 percent interest rate per year. The commitment of interest payment is 2 percent per year which will be paid by 1 percent every six months for three years.
Besides, there are facility costs worth the total loan cost of fund. The whole cost of fund will be paid on the due date but the semester payment.
Meanwhile, the corporate guarantee includes the repurchase agreement of 100 percent shares of Satria Cita Perkasa, Pan Galactic Investment, and Transglobal Finance Limited, 100 percent of Bakrie Toll Road shares
Bakrieland formerly planed to issue IDR1 trillion bonds next year. The fund will be allotted for the refinancing to BNI which had previously provided loan to Bakrieland.
The company still focuses on the development of two toll roads, Kanci-Pejagan toll road and Ciawi-Sukabumi executed by Bakrie Toll Road. For Ciawi-Sukabumi toll roads, Bakrieland will clear the land with the fund provided by Avenue.
Concerning with the US$45 million loans from Avenue, the company said Bakrie Toll will lend the fund to PT Semesta Marga Raya.
Bakrieland gives corporate guarantee as the collateral of the loan given whose amount is on the shares ownership percentage basis directly and indirectly to Semesta Marga Raya, or 49.97 percent.
Based on the covenant, the cost of fund of 19.5 percent per year includes the 15.875 percent interest rate per year. The commitment of interest payment is 2 percent per year which will be paid by 1 percent every six months for three years.
Besides, there are facility costs worth the total loan cost of fund. The whole cost of fund will be paid on the due date but the semester payment.
Meanwhile, the corporate guarantee includes the repurchase agreement of 100 percent shares of Satria Cita Perkasa, Pan Galactic Investment, and Transglobal Finance Limited, 100 percent of Bakrie Toll Road shares
Sunday, October 11, 2009
Astra International shares interim dividend
PT Astra International Tbk (ASII) announces the scheme of interim dividend sharing worth IDR290 per share unit for book year which ends December 31, 2009. Last year the company also shared interim dividend worth IDR300 per share unit.
Interim dividend is dividend taken from the current year balance sheet which in this case is the Astra net profit this year.
Corporate Secretary of Astra International Aminuddin said the interim dividend sharing scheme is decided on the meeting of directors October 7 and the approval from commissioner boards was given on October 9.
"interim dividend will be given November 16, 2009," he said last week.
Market players have anticipated the dividend sharing as seen from the drastic jump of the ASII corporate stock price October 6 when led the JCI with 12.7 points contribution.
Last week, Astra stock price rose 4.31 percent or IDR1,350 per share unit and this bolstered the rise of the year worth 218.01 percent.
Interim dividend is dividend taken from the current year balance sheet which in this case is the Astra net profit this year.
Corporate Secretary of Astra International Aminuddin said the interim dividend sharing scheme is decided on the meeting of directors October 7 and the approval from commissioner boards was given on October 9.
"interim dividend will be given November 16, 2009," he said last week.
Market players have anticipated the dividend sharing as seen from the drastic jump of the ASII corporate stock price October 6 when led the JCI with 12.7 points contribution.
Last week, Astra stock price rose 4.31 percent or IDR1,350 per share unit and this bolstered the rise of the year worth 218.01 percent.
Friday, October 9, 2009
Bumi plans to acquire mine again
PT Bumi Resources Tbk, Indonesia' sbiggest coal company, plans to acquire mines in the country and may include China Investment Corp. as a partner after borrowing $1.9 billion from the sovereign wealth fund last month.
Bumi and CIC have signed a strategic partnership, so that CIC wanted to make investments in countries where it felt welcome.
Bumi and CIC have signed a strategic partnership, so that CIC wanted to make investments in countries where it felt welcome.
ADB take over 25% shares Bank Saudara
The Asian Development Bank (ADB) will buy a 25% stake in publicly listed PT Bank Saudara Tbk under a strategic partnership scheme to increase the capital of the bank, which is controlled by tycoon Arifin Panigoro.
Meanwhile, ADB denies the information. The company announce routinely holds discussions on a variety of issues with banks, companies and other institutions in Indonesia and around the region on ways that ADB can support poverty reduction in Asia. It met recently with Bank Saudara and other institutions in Indonesia as part of those regular discussions.
The Indonesia Stock Exchange (BEI) on October 5, 2009 once suspended Bank Saudara stock trading due to uncommon share price hikes. Only within a month, Bank Saudara share price skyrocketed 150% to IDR345.
Meanwhile, ADB denies the information. The company announce routinely holds discussions on a variety of issues with banks, companies and other institutions in Indonesia and around the region on ways that ADB can support poverty reduction in Asia. It met recently with Bank Saudara and other institutions in Indonesia as part of those regular discussions.
The Indonesia Stock Exchange (BEI) on October 5, 2009 once suspended Bank Saudara stock trading due to uncommon share price hikes. Only within a month, Bank Saudara share price skyrocketed 150% to IDR345.
Thursday, October 8, 2009
IFC may convert loan to 4% shares of BTPN
International Finance Corporation (IFC) have option to convert the loan become a 4% shares of PT Bank Tabungan Pensiunan Nasional Tbk.
BTPN got US$70 million loan from the International Finance Corporation (IFC), the subsidiary of World Bank. The loan separate a two tranche, with US$15.9 million can to convert for 4% shares of BTPN
The micro unit of BTPN focuses on the 13,000 traditional markets in Indonesia. As from the figure, only 2,500 markets have adequate traders (of 300-400 traders).
This year BTPN targets to have 550 units of micro outlets and IDR1.3 trillion credit by end of year. As per June 2009, the micro loan stood at IDR811 billion.
BTPN got US$70 million loan from the International Finance Corporation (IFC), the subsidiary of World Bank. The loan separate a two tranche, with US$15.9 million can to convert for 4% shares of BTPN
The micro unit of BTPN focuses on the 13,000 traditional markets in Indonesia. As from the figure, only 2,500 markets have adequate traders (of 300-400 traders).
This year BTPN targets to have 550 units of micro outlets and IDR1.3 trillion credit by end of year. As per June 2009, the micro loan stood at IDR811 billion.
Titik Soeharto & Rizal Malarangeng, a new Golkar leader
Aburizal Bakrie, a New Chairman Golkar, picks Titik Soeharto daughter former president Soeharto and Rizal Malarangeng spoke person Susilo Bambang Yudhoyono and Boediono become a new board of the party.
There are three governors who participate in the board of Golkar. Aburizal are namely Riau Governor Rusli Zaenal became Head of Executive Relations and the Judiciary, Banten Governor Ratu Atut Chosiyah became Head of Women, and Gorontalo Governor Fadel Muhammad became Head of Student Affairs and NGOs.
There are three governors who participate in the board of Golkar. Aburizal are namely Riau Governor Rusli Zaenal became Head of Executive Relations and the Judiciary, Banten Governor Ratu Atut Chosiyah became Head of Women, and Gorontalo Governor Fadel Muhammad became Head of Student Affairs and NGOs.
Bakrie get Golkar
Aburizal Bakrie, Indonesia's People's Welfare Minister and an ally of President Susilo Bambang
Yudhoyono, was elected chairman of Golkar, the nation's second-largest party, and vowed to back the government coalition. Bakrie was named chairman following a two-day convention in Pekan Baru Sumatera.
Main contender Surya Paloh, owner of Indonesia's first news channel Metro TV, had pledged to oppose the government had he won. Bakrie received 296 out of 536 votes, with Paloh taking the remainder.
Yudhoyono won a second five-year term in July. His Democrat party took 148 of the 560 seats in parliament in April elections, almost tripling its earlier tally. Golkar won 108 seats.
Hutomo Mandala Putra, the son of former Indonesian President Suharto who was convicted of ordering the 2001 murder of a judge, received no votes. Golkar was the political vehicle of Suharto.
Yudhoyono, was elected chairman of Golkar, the nation's second-largest party, and vowed to back the government coalition. Bakrie was named chairman following a two-day convention in Pekan Baru Sumatera.
Main contender Surya Paloh, owner of Indonesia's first news channel Metro TV, had pledged to oppose the government had he won. Bakrie received 296 out of 536 votes, with Paloh taking the remainder.
Yudhoyono won a second five-year term in July. His Democrat party took 148 of the 560 seats in parliament in April elections, almost tripling its earlier tally. Golkar won 108 seats.
Hutomo Mandala Putra, the son of former Indonesian President Suharto who was convicted of ordering the 2001 murder of a judge, received no votes. Golkar was the political vehicle of Suharto.
CLSA sell Bumi at IDR1.700
PT CLSA Indonesia (KZ) today crossing 4.19% shares PT Bumi Resources Tbk at total value IDR1.384 triliun. Crossing done at Rp 1700 per share.
Semen Gresik raked IDR215.99 billion from block sale
PT Semen Gresik Tbk raked some IDR215.99 billion profits from the divestment of 68.03 million shares block sales two days ago.
Semen Gresik which is assisted by the selling agent, PT Mandiri Sekuritas, sold the stocks from the buyback in the past.
Semen Gresik bought back its shares at market with a par value of IDR2,900. Yesterday, it has crossing transaction at market with 6 percent discounted price from Tuesday closing at IDR6,500.
Semen Gresik spent IDR197.29 billion cost to support the stock buyback. The company then sold the shares with the par value of IDR6,110 so as to generate some IDR413.38 billion. The spread of the proceeds and the cost spent is worth IDR215.99 billion.
Semen Gresik which is assisted by the selling agent, PT Mandiri Sekuritas, sold the stocks from the buyback in the past.
Semen Gresik bought back its shares at market with a par value of IDR2,900. Yesterday, it has crossing transaction at market with 6 percent discounted price from Tuesday closing at IDR6,500.
Semen Gresik spent IDR197.29 billion cost to support the stock buyback. The company then sold the shares with the par value of IDR6,110 so as to generate some IDR413.38 billion. The spread of the proceeds and the cost spent is worth IDR215.99 billion.
Wednesday, October 7, 2009
Sinar Mitra issue IDR100 billion bonds
PT Sinar Mitra Sepadan will issue IDR100 billion bond. Fitch Ratings has today assigned PT Sinar Mitra Sepadan Finance's (SMS) proposed Rupiah senior unsecured bond of one to three years an expected rating of BBB+(idn).
The issue is rated the same as SMS's current National Long-term rating of BBB+(idn) with a Stable Outlook. The final rating is contingent on the receipt of final documents conforming to information already received.
The issue rating takes into account SMS's niche focus on used-car financing, its experienced management team, as well as its relatively good asset quality despite some weakening since Q408. Fitch views that any significant deterioration of asset quality or funding condition is likely to exert downward pressure on its rating.
With the recent improvement of economic conditions in Indonesia since Q2 2009, absolute NPLs declined by 12% to IDR9.1 billion at end-August 2009 (June 2009: IDR10.4 billion) and amounted to a lower 0. 8% of receivables from 1.1% at end-June 2009.
Fitch notes that SMS's rapid loan growth was mainly financed by bank loans through channelling and joint financing schemes, which caused its debt to equity ratio (DER) to rise to 9.5x in end-2008 (2007: 3x).
Following capital injection and conversion of convertible bonds to equity by its shareholders however, DER declined to 5.2x at end-June 2009. The terms of these channelling and joint financing schemes are usually matched with the receivables in terms of tenure (about three years) and fixed in terms of interest rates.
Established in 2000, SMS focuses on the used-car financing business outside Java, especially in Sumatra. SMS is ultimately owned by a few private individuals through a holding company, PT Padma Terang Sentosa, which has a majority ownership in SMS (99.7% as at end-September 2009).
The issue is rated the same as SMS's current National Long-term rating of BBB+(idn) with a Stable Outlook. The final rating is contingent on the receipt of final documents conforming to information already received.
The issue rating takes into account SMS's niche focus on used-car financing, its experienced management team, as well as its relatively good asset quality despite some weakening since Q408. Fitch views that any significant deterioration of asset quality or funding condition is likely to exert downward pressure on its rating.
With the recent improvement of economic conditions in Indonesia since Q2 2009, absolute NPLs declined by 12% to IDR9.1 billion at end-August 2009 (June 2009: IDR10.4 billion) and amounted to a lower 0. 8% of receivables from 1.1% at end-June 2009.
Fitch notes that SMS's rapid loan growth was mainly financed by bank loans through channelling and joint financing schemes, which caused its debt to equity ratio (DER) to rise to 9.5x in end-2008 (2007: 3x).
Following capital injection and conversion of convertible bonds to equity by its shareholders however, DER declined to 5.2x at end-June 2009. The terms of these channelling and joint financing schemes are usually matched with the receivables in terms of tenure (about three years) and fixed in terms of interest rates.
Established in 2000, SMS focuses on the used-car financing business outside Java, especially in Sumatra. SMS is ultimately owned by a few private individuals through a holding company, PT Padma Terang Sentosa, which has a majority ownership in SMS (99.7% as at end-September 2009).
AAA Sekuritas handle Bank Sulut bonds
PT Bank Pembangunan Daerah Sulawesi Utara (Bank Sulut) appoints PT Andalan Artha Advisindo (AAA) Sekuritas the underwriter to its five-year bond IV worth IDR350 billion. AAA Sekuritas outstrips two competitors, namely PT BNI Securities and PT Trimegah Securities. Bank Sulut requires the underwriter to become the standby buyer and will sell the bonds in November 2009.
Leo Investments plans to buy oil rig operator
PT Leo Investments, an Indonesian investment company, said it plans to buy PT Permata Selaras Mandiri, which operates three oil and gas drilling rigs. Leo and Permata Selaras owner, Harun Abidin, signed a memorandum of understanding for the planned purchase today, Leo said in a statement filed to the Indonesia Stock Exchange. The three rigs have a book value of about $16 million.
Fitch assigns rating of AA-(idn) to Panin's bonds
Fitch Ratings has today assigned a final rating of AA-(idn) to the IDR800bn, 5-year senior bond issue of PT Bank Pan Indonesia Tbk (Panin). This follows the completion of the bond issuance and receipt of documents conforming to information previously received. The final rating is the same as the expected rating assigned in June 2009.
Bank Panin was established in 1971 by the Gunawan family, who remains in control of the bank through a 45% stake held by PT Panin Life Tbk. The Australia & New Zealand Banking Group (ANZ; AA-/Stable) acquired a 29% stake in 1999, which was raised to 30% at end-2007 and to 40% in June 2009.
Bank Panin was established in 1971 by the Gunawan family, who remains in control of the bank through a 45% stake held by PT Panin Life Tbk. The Australia & New Zealand Banking Group (ANZ; AA-/Stable) acquired a 29% stake in 1999, which was raised to 30% at end-2007 and to 40% in June 2009.
Tuesday, October 6, 2009
Tumpak Hatorangan, new Chief KPK
Commisioner of Corruption Eradication Comission, known as KPK, choose Tumpak Hatorangan Panggabean as a new chief. Indonesian President filled three leading posts at the country' s anti-graft body that were vacated due to criminal probes with former commissioners and a United Nations adviser.
The new leader of Corruption Eradication Commission, known as KPK, are Mas
Achmad Santosa, a lawyer who advised the UN in Indonesia on legal reforms. The
other replacements are Tumpak Panggabean and Waluyo, both KPK deputies from 2004 until 2007. Waluyo, who goes by one name, was formerly a director at national oil company PT Pertamina, while Panggabean was a commissioner at PT Pos Indonesia, the state postal service.
Others commisioners are Jasin dan Haryono Umar.
President suspended KPK chief Antasari Azhar in May after police named him a suspect in a murder case.
The new leader of Corruption Eradication Commission, known as KPK, are Mas
Achmad Santosa, a lawyer who advised the UN in Indonesia on legal reforms. The
other replacements are Tumpak Panggabean and Waluyo, both KPK deputies from 2004 until 2007. Waluyo, who goes by one name, was formerly a director at national oil company PT Pertamina, while Panggabean was a commissioner at PT Pos Indonesia, the state postal service.
Others commisioners are Jasin dan Haryono Umar.
President suspended KPK chief Antasari Azhar in May after police named him a suspect in a murder case.
Fitch places Berlian Laju Tanker on watch negative
Fitch Ratings has today placed Indonesia-based PT Berlian Laju Tanker Tbk's long-term foreign and local currency Issuer Default Ratings (IDR) of B on Rating Watch Negative (RWN).
The announcement following the company's plans to acquire Camillo Eitzen & Co ASA (CECO), an Oslo-based financially distressed shipping company.
Fitch has also placed the 'CCC' rating of the US$400m senior unsecured notes due 2014 issued by BLT Finance B.V. and guaranteed by Berlian Laju on RWN.
CECO is a large ship operator involved in chemical, gas and bulk shipping. If the transaction goes through, the combined entity will become the world's largest chemical tanker operator.
The RWN reflects Fitch's concerns that the proposed acquisition may further weaken Berlian Laju already weak financial profile. CECO is already in the process of restructuring its debt (US$1.4bn at June 2009) following a decline in asset values and lower cash generation due to weak conditions in the shipping markets.
CECO's unadjusted leverage net of cash at H109 was 9.3x compared to Berlian Laju adjusted leverage net of cash of 6.7x. CECO's profitability is much weaker compared to Berlian Laju. In the six months ended 30 June 2009, CECO reported revenues and EBITDA of USD539 million and USD74.6 million respectively, compared to Berlian Laju US$305 million in revenue and US$ 127 million in EBITDA. Fitch also believes that the proposed acquisition demonstrates BLT management's high risk appetite.
However, Fitch notes that BLT plans to structure the transaction in a manner that will lower risks to the company. The plan includes an all-share offer for the shareholders of CECO (via mandatorily exchangeable bonds), raising an additional US$200million in equity at BLT, and further re-structuring of CECO's debt.
Nonetheless, financial performance of CECO can deteriorate further given the weak shipping markets and the company may require further support from its shareholders.
The transaction is subject to shareholder approval, Berlian Laju ability to raise USD200m via mandatorily exchangeable bonds, a due diligence on CECO by Berlian Laju , and agreements with CECO's lenders on the terms of restructuring CECO's debt to the satisfaction of the company.
The announcement following the company's plans to acquire Camillo Eitzen & Co ASA (CECO), an Oslo-based financially distressed shipping company.
Fitch has also placed the 'CCC' rating of the US$400m senior unsecured notes due 2014 issued by BLT Finance B.V. and guaranteed by Berlian Laju on RWN.
CECO is a large ship operator involved in chemical, gas and bulk shipping. If the transaction goes through, the combined entity will become the world's largest chemical tanker operator.
The RWN reflects Fitch's concerns that the proposed acquisition may further weaken Berlian Laju already weak financial profile. CECO is already in the process of restructuring its debt (US$1.4bn at June 2009) following a decline in asset values and lower cash generation due to weak conditions in the shipping markets.
CECO's unadjusted leverage net of cash at H109 was 9.3x compared to Berlian Laju adjusted leverage net of cash of 6.7x. CECO's profitability is much weaker compared to Berlian Laju. In the six months ended 30 June 2009, CECO reported revenues and EBITDA of USD539 million and USD74.6 million respectively, compared to Berlian Laju US$305 million in revenue and US$ 127 million in EBITDA. Fitch also believes that the proposed acquisition demonstrates BLT management's high risk appetite.
However, Fitch notes that BLT plans to structure the transaction in a manner that will lower risks to the company. The plan includes an all-share offer for the shareholders of CECO (via mandatorily exchangeable bonds), raising an additional US$200million in equity at BLT, and further re-structuring of CECO's debt.
Nonetheless, financial performance of CECO can deteriorate further given the weak shipping markets and the company may require further support from its shareholders.
The transaction is subject to shareholder approval, Berlian Laju ability to raise USD200m via mandatorily exchangeable bonds, a due diligence on CECO by Berlian Laju , and agreements with CECO's lenders on the terms of restructuring CECO's debt to the satisfaction of the company.
Berau still negotiate with Indika
Owner of PT Berau Coal Rizal Risjad had final negotiation on the offering price with PT Indika Energy Tbk as the ongoing process.
Management of PT Quattro Inti Investama, the company used by business owner from Surabaya Kentjana Widjaja to acquire 90 percent shares of Berau, claimed not to have any further notice from Berau.
Similarly with Quattro, PT Indo Tambangraya Megah Tbk and PT Recapital Advisors also wait for the result of offering price in the past.
Four buyer candidates of Berau expressing the offering price include Indika, Quattro Investama, Indo Tambang, Thailand coal company unit, Banpu Plc, and Recapital Advisors.
Indika established a consortium with Korea Electric Power Corporation (Kepco) and Capital Goup Companies, and Quattro with Daesang, a South Korean firm. Recapital is said to get backup from Bumi Resources and Indo Tambang supported by Banpu.
As from the four buyer candidates expressing the offering price, Recapital is on top with US$1.45 billion with a combination of cash payment and shares swap. Despite the top offer, Recapital might not be called but it uses the price offer here to lure higher bid from other buyers.
Indika offered US$1.15 billion for the 90 percent Berau shares. However, the tycoon Sudwikatmono company here has got loan commitment from some banks.
Bank credit facility will be used to pay Berau bonds if Indika wins the bid for the acquisition of the five largest coal firm in Indonesia. Berau Coal should pay US$294 million bonds issued in December 2006 if there is change of the ultimate shareholder.
My source said Quattro gave offering price at US$1.2 billion for the 90 percent Berau shares.
So, Indika is called by Rizal to increase the offering bid closing that of Recapital offer, US$1.45 billion.
Commissioner of Quattro Heru Tjahjo Pramono decline to comment when i try to confirm that information.
CEO of Recapital Rosan Perkasa Roeslani also claimed not to have any call from Berau. He did not have any idea on the other buyers negotiation to increase the price bid. "They might be called for rising the offer."
Management of PT Quattro Inti Investama, the company used by business owner from Surabaya Kentjana Widjaja to acquire 90 percent shares of Berau, claimed not to have any further notice from Berau.
Similarly with Quattro, PT Indo Tambangraya Megah Tbk and PT Recapital Advisors also wait for the result of offering price in the past.
Four buyer candidates of Berau expressing the offering price include Indika, Quattro Investama, Indo Tambang, Thailand coal company unit, Banpu Plc, and Recapital Advisors.
Indika established a consortium with Korea Electric Power Corporation (Kepco) and Capital Goup Companies, and Quattro with Daesang, a South Korean firm. Recapital is said to get backup from Bumi Resources and Indo Tambang supported by Banpu.
As from the four buyer candidates expressing the offering price, Recapital is on top with US$1.45 billion with a combination of cash payment and shares swap. Despite the top offer, Recapital might not be called but it uses the price offer here to lure higher bid from other buyers.
Indika offered US$1.15 billion for the 90 percent Berau shares. However, the tycoon Sudwikatmono company here has got loan commitment from some banks.
Bank credit facility will be used to pay Berau bonds if Indika wins the bid for the acquisition of the five largest coal firm in Indonesia. Berau Coal should pay US$294 million bonds issued in December 2006 if there is change of the ultimate shareholder.
My source said Quattro gave offering price at US$1.2 billion for the 90 percent Berau shares.
So, Indika is called by Rizal to increase the offering bid closing that of Recapital offer, US$1.45 billion.
Commissioner of Quattro Heru Tjahjo Pramono decline to comment when i try to confirm that information.
CEO of Recapital Rosan Perkasa Roeslani also claimed not to have any call from Berau. He did not have any idea on the other buyers negotiation to increase the price bid. "They might be called for rising the offer."
Monday, October 5, 2009
BTPN get loan US$70 million
PT Bank Tabungan Pensiunan Nasional Tbk get loan US$70 million fron International Finance Corporation. The company will use the loan for funding mikro financing.
Last month, BTPN set bond yield in the level of 11.25 percent and 12 percent. The number of bonds issued by BTPN stands atIDR750 billion, rose from IDR500 billion.
Formerly the bond issued by national bank aimed to tap some IDR500 billion fund offering 11.25-12.25 percent yield for tranche A with three years tenure and 11.75—12.75 percent for tranche B with five years tenure.
The offer for BTPN bonds stands at IDR1 trillion. The composition of BTPN three years tenured bond is worth IDR350 billion and five years tenure IDR400 billion.
Last month, BTPN set bond yield in the level of 11.25 percent and 12 percent. The number of bonds issued by BTPN stands atIDR750 billion, rose from IDR500 billion.
Formerly the bond issued by national bank aimed to tap some IDR500 billion fund offering 11.25-12.25 percent yield for tranche A with three years tenure and 11.75—12.75 percent for tranche B with five years tenure.
The offer for BTPN bonds stands at IDR1 trillion. The composition of BTPN three years tenured bond is worth IDR350 billion and five years tenure IDR400 billion.
BNI shareholders approve to separate islamic division
Shareholders of PT Bank NegaraIndonesia approved the company' s plan to separate its Islamic
banking division. BNI, Indonesia' s third-biggest state-owned bank, will turn the division into an Islamic banking unit with a paid-up capital of IDR1 trillion.
banking division. BNI, Indonesia' s third-biggest state-owned bank, will turn the division into an Islamic banking unit with a paid-up capital of IDR1 trillion.
Belian Laju acquire Camillo Eitzen US$173 million
PT Berlian Laju Tanker, Indonesia's largest shipping company, agreed to buy Camillo Eitzen & Co. ASA in a deal valued at 1 billion kroner ($173 million) to become the world's largest operator of chemical tankers.
Berlian Laju will offer mandatory convertible bonds equivalent to 25 kroner a share for the Oslo-based company, it said in a Singapore stock exchange statement today.
Camillo Eitzen, known as CECO, last traded at 6.75 kroner in the Norwegian capital.
Berlian Laju has bought Chembulk Tankers LLC for $850 million in 2007 to expand beyond Asia. CECO announced plans in August to reschedule debts and possibly issue
equity after making three quarterly losses in a row because of tumbling rates.
Berlian Laju, which also intends to list in Oslo, will own or operate 157 chemical tankers, 14 oil tankers, 42 gas tankers and as many as 60 bulk carriers following the acquisition, according to the statement. The two companies had total sales of about $2.3 billion in the past 12 months, Berlian Laju said.
Berlian Laju will offer mandatory convertible bonds equivalent to 25 kroner a share for the Oslo-based company, it said in a Singapore stock exchange statement today.
Camillo Eitzen, known as CECO, last traded at 6.75 kroner in the Norwegian capital.
Berlian Laju has bought Chembulk Tankers LLC for $850 million in 2007 to expand beyond Asia. CECO announced plans in August to reschedule debts and possibly issue
equity after making three quarterly losses in a row because of tumbling rates.
Berlian Laju, which also intends to list in Oslo, will own or operate 157 chemical tankers, 14 oil tankers, 42 gas tankers and as many as 60 bulk carriers following the acquisition, according to the statement. The two companies had total sales of about $2.3 billion in the past 12 months, Berlian Laju said.
Friday, October 2, 2009
Excelcomindo Gets IDR 500 billion loan from Mitsubishi UFJ
PT Excelcomindo Pratama Tbk,Indonesia' s third-biggest mobile phone operator, obtained a 500 billion rupiah ($52 million) three-year loan from Mitsubishi UFJ Financial Group Inc.
Excelcomindo, a unit of Malaysian parent Axiata Group Bhd, got the loan on Sept. 30.
CEO Excelcomindo Hasnul Suhaimi said pricing of the loan refers to cost of fund plus 3 percent.
Excelcomindo, a unit of Malaysian parent Axiata Group Bhd, got the loan on Sept. 30.
CEO Excelcomindo Hasnul Suhaimi said pricing of the loan refers to cost of fund plus 3 percent.
BCA Finance picks 3 underwriter
BCA Finance picks three underwriter PT DBS Securities Indonesia, PT OSK Nusadana Securities, and PT Kresna Graha Sekurindo. The underwriter will help company plans to issue bonds with maximum value of IDR300-400 billion early next year to fund the vehicle credit expansion.
President Director of BCA Finance Roni Haslim said the bond issuance is done along with the recovered bond market condition and the cut down lending rate.
President Director of BCA Finance Roni Haslim said the bond issuance is done along with the recovered bond market condition and the cut down lending rate.
Fitch assigns BRI sub debt expected rating of' AA
Fitch Ratings has today assigned an expected rating of AA+(idn) to PT Bank Rakyat Indonesia Tbk's (BRI) proposed five and 10 year subordinated bond amounting to a maximum of IDR3 triliun. The final rating on the issue is contingent on the receipt of final documents conforming to information already received. A full list of BRI's affirmed ratings is included at the end of this release.
As per Fitch's rating methodology, the issue rating is rated one notch below the issuer's National Long-term rating and reflects its subordination to senior obligations. Meanwhile, the affirmations of BRI's ratings reflect its strong underlying profitability, higher but well-reserved NPLs, which should continue to provide a strong buffer against the effects of more challenging economic conditions.
"The bank's strong profitability is underpinned by its largely unchallenged position as a leading bank for micro-lending in Indonesia and should help cushion the impact of higher credit costs," says Julita Wikana, Associate Director with the agency's Financial Institutions Group.
BRI's ratings also take into account its majority state-ownership and size. However, any significant weakening in the bank's capital position and/or asset quality, such that impairment risk on capital increases, may exert pressure on the bank's National and Individual ratings.
The moderate rise in the gross NPL ratio to 3.7% at end June 2009 (end-2008: 2.8%) reflects a weakening in asset quality across all major segments amid the challenging economic conditions. However, this is below the industry average of 4.5%. The bulk of the weakening occurred in the corporate, medium and small commercial business segments, while NPLs in BRI's core micro and consumer lending remained low at less than 2% during 2008-H109. BRI continued to maintain provision cover at 153% of NPLs at end-June 2009.
Profitability remained among the highest in the industry with pre-tax ROA at 3.8% in H109, reflecting strong lending yields on its micro-credits as well as the bank's strong deposit franchise. However, NIM continued to decline to 8.9% in H109 (2007: 9.6%) due mainly to higher funding costs as the portion of lower cost of demand/savings continued to decline.
Rapid expansion in loan assets have reduced tier 1 CAR to 13.3% at end-June 2009 (total CAR at 14.7%). Fitch notes that there have been efforts to conserve capital through a lower dividend payout and a focus on expansion in lower risk-weighted loan assets. The proposed rupiah subdebt is expected to increase total CAR by about 2%. BRI intends to maintain total CAR at a minimum of 12% in the medium-term.
As per Fitch's rating methodology, the issue rating is rated one notch below the issuer's National Long-term rating and reflects its subordination to senior obligations. Meanwhile, the affirmations of BRI's ratings reflect its strong underlying profitability, higher but well-reserved NPLs, which should continue to provide a strong buffer against the effects of more challenging economic conditions.
"The bank's strong profitability is underpinned by its largely unchallenged position as a leading bank for micro-lending in Indonesia and should help cushion the impact of higher credit costs," says Julita Wikana, Associate Director with the agency's Financial Institutions Group.
BRI's ratings also take into account its majority state-ownership and size. However, any significant weakening in the bank's capital position and/or asset quality, such that impairment risk on capital increases, may exert pressure on the bank's National and Individual ratings.
The moderate rise in the gross NPL ratio to 3.7% at end June 2009 (end-2008: 2.8%) reflects a weakening in asset quality across all major segments amid the challenging economic conditions. However, this is below the industry average of 4.5%. The bulk of the weakening occurred in the corporate, medium and small commercial business segments, while NPLs in BRI's core micro and consumer lending remained low at less than 2% during 2008-H109. BRI continued to maintain provision cover at 153% of NPLs at end-June 2009.
Profitability remained among the highest in the industry with pre-tax ROA at 3.8% in H109, reflecting strong lending yields on its micro-credits as well as the bank's strong deposit franchise. However, NIM continued to decline to 8.9% in H109 (2007: 9.6%) due mainly to higher funding costs as the portion of lower cost of demand/savings continued to decline.
Rapid expansion in loan assets have reduced tier 1 CAR to 13.3% at end-June 2009 (total CAR at 14.7%). Fitch notes that there have been efforts to conserve capital through a lower dividend payout and a focus on expansion in lower risk-weighted loan assets. The proposed rupiah subdebt is expected to increase total CAR by about 2%. BRI intends to maintain total CAR at a minimum of 12% in the medium-term.
Fitch upgrades Bank Danamon's National Rating to AA+
Fitch Ratings has today upgraded PT Bank Danamon Indonesia Tbk national long-term rating to AA+(idn) from AA(idn), and affirmed the Long-term foreign currency Issuer Default Rating (IDR) at BB, Short-term foreign currency IDR at B, Individual Rating at C/D, Support Rating at 3 and Support Rating Floor at BB-. The Outlook is Stable.
"The upgrade in Bank Danamon's national rating reflects the bank's relatively healthy financial profile underpinned by strong underlying profitability which has helped absorb the impact of higher credit costs. Its improved core capitalisation should also buffer the bank against any unexpected risk arising from an improving but still uncertain macroeconomic climate," says Tan Lai Peng, Director of Fitch's Financial Institutions Group.
Temasek Holdings, the investment arm of the Singapore government (AAA/Stable), maintains majority interest in the bank through fully-owned Asia Financial (Indonesia). In Fitch's opinion, Temasek's majority ownership and management control of Danamon suggest there is a moderate propensity to support the bank if required. And as the sixth-largest bank in Indonesia (about 4% of system assets), state support is also possible albeit within its fiscal constraints.
Bank Danamon raised approximately IDR4trn through a rights issue in April 2009 which contributed to the increase in consolidated Tier 1 CAR to 21.1% at end-Q209 (at end-2008: 13.8%). This replenished regulatory capital with high quality capital following the redemption of USD300m sub-debt in March 2009; the bank expects its strengthened capital position to help fund organic growth in the next three years.
"The upgrade in Bank Danamon's national rating reflects the bank's relatively healthy financial profile underpinned by strong underlying profitability which has helped absorb the impact of higher credit costs. Its improved core capitalisation should also buffer the bank against any unexpected risk arising from an improving but still uncertain macroeconomic climate," says Tan Lai Peng, Director of Fitch's Financial Institutions Group.
Temasek Holdings, the investment arm of the Singapore government (AAA/Stable), maintains majority interest in the bank through fully-owned Asia Financial (Indonesia). In Fitch's opinion, Temasek's majority ownership and management control of Danamon suggest there is a moderate propensity to support the bank if required. And as the sixth-largest bank in Indonesia (about 4% of system assets), state support is also possible albeit within its fiscal constraints.
Bank Danamon raised approximately IDR4trn through a rights issue in April 2009 which contributed to the increase in consolidated Tier 1 CAR to 21.1% at end-Q209 (at end-2008: 13.8%). This replenished regulatory capital with high quality capital following the redemption of USD300m sub-debt in March 2009; the bank expects its strengthened capital position to help fund organic growth in the next three years.
Thursday, October 1, 2009
Bumi raise the offer to buy Herald
PT Bumi Resources Tbk through its subsidiary, Calipso Investment Pte Ltd to raise the stock price of Herald Resources Limited AU$ 0.7 to AU$ 0.93 per share on September 30, 2009.
"Calipso offer will end on October 20, 2009," said Senior Vice President of Investor Relations Dileep Srivastava.
Calipso previously owned 100 percent by the Earth has submitted documents of the bidders statement (bidder's statement) to shareholders Herald on September 9, 2009 to plan the purchase of shares of publicly owned companies. Currently, Calipso is 84.2 percent owner of Herald shares.
"Calipso offer will end on October 20, 2009," said Senior Vice President of Investor Relations Dileep Srivastava.
Calipso previously owned 100 percent by the Earth has submitted documents of the bidders statement (bidder's statement) to shareholders Herald on September 9, 2009 to plan the purchase of shares of publicly owned companies. Currently, Calipso is 84.2 percent owner of Herald shares.
Fitch Assigns rating of AAA to Bentoel's bond
Fitch Ratings has today assigned a final National Long-term rating of AAA(idn) to Indonesia's PT Bentoel Internasional Investama Tbk's senior unsecured note (Bentoel I 2007) of IDR1.35trn due in 2012. The Outlook is Stable.
The rating action follows the provision of a full, irrevocable and unconditional guarantee on the notes by British American Tobacco plc (BAT, BBB+/Stable), effective 16 September 2009. On the same date, the noteholders consented to remove all financial covenants and other limitations placed on Bentoel relating to the notes, such as the incurrence of new indebtedness, asset collateralisation and disposal, and or M&A activities.
The final rating is in line with the expected rating assigned on 8 September 2009 (for details please refer to the press release, Fitch Assigns Expected National Rating of AAA to Bentoel's rupiah bond.
Bentoel is 99.74% owned by BAT. Bentoel is a holding company with interest in a number of cigarette manufacturers. In the first six months to end-June 2009, it recorded revenue of IDR2.9tn and EBITDA of IDR251.2.bn.
The rating action follows the provision of a full, irrevocable and unconditional guarantee on the notes by British American Tobacco plc (BAT, BBB+/Stable), effective 16 September 2009. On the same date, the noteholders consented to remove all financial covenants and other limitations placed on Bentoel relating to the notes, such as the incurrence of new indebtedness, asset collateralisation and disposal, and or M&A activities.
The final rating is in line with the expected rating assigned on 8 September 2009 (for details please refer to the press release, Fitch Assigns Expected National Rating of AAA to Bentoel's rupiah bond.
Bentoel is 99.74% owned by BAT. Bentoel is a holding company with interest in a number of cigarette manufacturers. In the first six months to end-June 2009, it recorded revenue of IDR2.9tn and EBITDA of IDR251.2.bn.
Bumi reported net profit US$252 million
PT Bumi Resources Tbk issued its 1H09 result, which was reported to post record highs. Sales volume increased by 1.3% to 25.7m tons, selling price is up to US$66.94/ton, while cash cost declined to US$27.51/ton.
Revenue Bumi increased by 2.8% to US$1.535bn, while gross and operating margins increased to 46.9% and 32.9%, respectively. However, net profit declined to US$252m on the back of higher non-operating expenses and tax charge, while Bumi enjoyed a tax benefit.
Bumi expect to continue posting record operating performance in 3Q09, while FY09 sales volume is targeted to reach 58m tons, but prices may decline to US$61-US$62 per ton, while cash cost is expected to be contained at US$28/ton.
Meanwhile, BUMI revealed that it has pledged its stake in KPC, Arutmin IndoCoal Kalsel Resources and IndoCoal Kaltim Resources to CIC as part of the debt agreement. BUMI stated that it has previously received approval from shareholders to pledge its assets.
However, IDX is still unsatisfied with BUMI's disclosure on the CIC deal and demands BUMI to provide further and detailed information.
Revenue Bumi increased by 2.8% to US$1.535bn, while gross and operating margins increased to 46.9% and 32.9%, respectively. However, net profit declined to US$252m on the back of higher non-operating expenses and tax charge, while Bumi enjoyed a tax benefit.
Bumi expect to continue posting record operating performance in 3Q09, while FY09 sales volume is targeted to reach 58m tons, but prices may decline to US$61-US$62 per ton, while cash cost is expected to be contained at US$28/ton.
Meanwhile, BUMI revealed that it has pledged its stake in KPC, Arutmin IndoCoal Kalsel Resources and IndoCoal Kaltim Resources to CIC as part of the debt agreement. BUMI stated that it has previously received approval from shareholders to pledge its assets.
However, IDX is still unsatisfied with BUMI's disclosure on the CIC deal and demands BUMI to provide further and detailed information.
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