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Thursday, April 8, 2010

Matahari opens bond buyback option: Firm readies to pay additional 0.4 percent coupon

Tuesday, 30/03/2010 00:00 WIB

Matahari opens bond buyback option: Firm readies to pay additional 0.4 percent coupon

Irvin Avriano A.
Bisnis Indonesia

JAKARTA: PT Matahari Putra Prima Tbk still opens bond and sukuk buyback option worth IDR528 billion up to April 14.

The payment remains open to the bond holders investors despite the approval given by the emitter for extra coupon and sinking funds.

"Investors sill has sell option up to April 14, a year after the issuance of bonds and sukuk. So the option remains open to them to sell to us,: said Director of MPP Danny Kojongian to press yesterday.

The company agreed the bond holders to allocate 2 percent sinking funds of the total bonds and sukuk values of IDR10.56 billion.

The fund is required for the next three years up to 2013 to guarantee the corporate finance and the value could change into IDR3.76 billion based on the assumption of the would be floating amount at the time.

In the general meeting of bond holders (RUPO) and general meeting of sukuk ijarah holders (RUPSI) yesterday, the company is also willing to pay the extra coupon (consent fee) of 0.4 percent with once payment.

The company should pay IDR4.22 billion.
The corporate bonds consist of two types, namely the II/2009 conventional series worth totally IDR302 billion and sukuk ijarah DIR22 billion consisting of two tranches maturing in 2012 and 2014.

The total voices were gathered from IDR279 billion members of all floating conventional bonds valuing at IDR302 billion or 92.38 percent. The approval from sukuk ijarah holders of all the attending members were 92.48 percent.

The cut and payment of some bonds are one of the objectives of fund allotment which will be gained by the company from stock sales of PT Matahari Department Store Tbk (MDS) to PT Meadow Indonesia.

In the divestment of subsidiary firm worth totaling IDR7.16 trillion, MPP will tap some IDR5.3 trillion proceeds which will be allotted for debt and bond payment worth IDR3.4 trillion.

The rest is allotted for business expansion of IDR900 billion and IDR1 trillion dividend.

John D. Item, president director of PT Danareksa Investment Management, admitted the confusing decision of the emitter to pay extra coupon as the common sense of business says that company pay for something.

"I even heard that there are some investors claiming the extra coupon here is to speed up the RUPO implementation," he said.

Danny argued the bond and sukuk payment scheme will be changed as in the public expose the company only intended to cut down debt instead of have complete payment. (Bisnis/iaa)

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