Matahari Putra Prima give investors sweetener 0.4%

Matahari Putra Prima give investors sweetener 0.4%

Monday, 29/03/2010 13:34:04 WIB

Oleh: Irvin Avriano A.

for Bisnis Indonesia

JAKARTA (Bisnis.com): General Meeting of bondholders (rapat umum pemegang obligasi/RUPO) PT Matahari Putra Prima Tbk (MPP) bond III/2009 which was held this morning decided to pay additional payment of funds (sweetener) for 0.4% for each investor's investment. The payment will be given in a single payment.

"The decision was unanimous, all of them [investors] decided to hold bonds to maturity, none of them wants to give to be bought back," said an investor who met after the meeting this afternoon.

He said the RUPO was running not tough and relatively smoothly. Another investor said the unanimous decision was made by as much as IDR279 bio from the total value of outstanding bonds for IDR302 bio, or as much as 92.38%.

"Some consideration [investors] are due to the high coupons and their good track record that never failed to pay-off."

MPP Commissioner Adrianus Mooy when met by the press outside the lobby of the Ritz-Carlton Hotel Pacific Place, place where the RUPO was held this afternoon, didn't want to give a detail statement, "RUPO had just ended."

He also was not willing to explain the results of the RUPO that just been held. General meeting of MPP's ijara sukuk holders (sukuk) I/2009, he added, will be held at the same place.

Both meetings were requested approval of holders of rupiah-denominated debt securities issued by MPP to buy back (by a buy options). Purchase and redemption of debt securities is one partof the intended use of funds to be obtained from the sale of PT Matahari Department Store Tbk (MDS) shares, the subsidiary of MPP.

MPP and its subsidiaries was part of Lippo Group, a conglomeration of Michael Riyadi and his beneficiary James Riyadi.

Until this news was made, the company management can not confirmed because the meetings room and its lobby of the hotel where the meeting is held closed for the public.

In the sale of subsidiary's shares to PT Meadow Indonesia worth a total of IDR7.16 trio, MPP will get cash IDR5.3 trio. The cash funds were allocated by the corporation to pay off debt and their bonds as much as IDR3.4 trio.

The rest is allocated for the payment of business development for IDR900 bio and IDR1 trio as dividends to the company shareholders. Currently, the total value of bonds II/2009 outstanding MPP for IDR302 bio, which consists of two tranches.

Tranches A MPP conventional bonds that will mature in 2012 worth IDR250 bio, while the value of B tranches will mature in 2014 for IDR52 bio. (Fh)