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Monday, May 31, 2010

Summarecon gains IDR250 billion loans: Summarecon Bekasi projects funding problem resolved

BI/bursa
31/05/2010

Summarecon gains IDR250 billion loans: Summarecon Bekasi projects funding problem resolved

Irvin Avriano A.
Bisnis Indonesia

JAKARTA: PT Summarecon Agung Tbk gained DIR250 billion credit facilities from PT Bank Mandiri Tbk to develop the latest property project, Summarecon Bekasi.

An informed executive said with the loan form Bank Mandiri, Summarecon consequently should have general meeting of bond holders (RUPO) given that Bank Mandiri is the trustee board of the II/2008 bonds worth IDR100 billion.

"The RUPO will seek approval from the bond holders to change the trustee board as required by the regulation," he said last week.

Summarecon schedules to have RUPO on June 10 to change the trustee board with reference to the regulation of Bapepam-LK No VI.C.3 on the credit and underwriting relation involving the trustee board and emitter.

The regulation restricts the limit of loan amount the trustee board could provide which must not exceed 25 percent of the emitter issued bonds. The limit is made to keep from conflict of interest of the trustee boards and emitter.

The Summarecon II/2008 bonds have 14.1 percent coupon maturing in June 2013. The company also has other notes, the I/2008 sharia bonds worth DIR200billion maturing in June 2013.

Bank Mandiri is possibly substituted by PT Bank Rakyat Indonesia Tbk (BRI) as the new trustee board.

When asked, President director of Summarecon Johanes Mardjuki conceded the information. But he could not explain further the loans. "It should wait for RUPO."

On public expose May 5, Finance director of Summarecon Michael Yong said the company allocated DIR800 billion capital expenditure in 2010-2011.

The IDR150 billion allotment is for the first phase of Summarecon Bekasi development, IDR150 billion for Hotel Harris construction, Menara I apartment project IDR150 billion, and Summarecon Serpong Mall IDR350 billion.

"This year the four projects require IDR410 billion funds. Hotel construction needs IDR100 billion, apartment IDR80 billion, Summarecon Bekasi IDR80 billion, and Summarecon Serpong Mall IDR150 billion."

Most loans are expectedly from bank loans.
Summarecond targets to construct 620 units of houses in Bekasi in 2010. So far, it could build 470 units. The development license is for 240 hectare plots of areas and 180 hectares are not developed yet.

The company plans to construct 4,000 units of houses, 6,110 units of apartments, 1,700 shop residences, mall, and commercial property.

The SMRA stock price rose by 1.35 percent to the level of IDR750 Thursday last week. (Bisnis/iaa/pul)

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