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Thursday, May 27, 2010

Truba attaines US$115 million contracts

Tuesday, 25/05/2010 00:00 WIB
Truba attaines US$115 million contracts


Irvin Avriano A.
Bisnis Indonesia

JAKARTA: PT Truba Jaya Engineering, the subsidiary firm of PT Truba Alam Manunggal Engineering Tbk, this year has gained US$114.9 million contracts exceeding the targeted US$100 million.

Corporate Secretary of Truba Alam Manunggal Gamala Virasa Katoppo said as from US$114.9 million of the contract total value, US$98.9 million comes from the contract with Chevron for oil and gas project in Riau.

"The remaining US$16 million is the mining construction contract in East Kalimantan. We have started to work on the last contract from May 2010 and finish by 2012," he said in Jakarta yesterday.

Truba is the subsidiary of Truba Alam Manunggal through its subsidiary, PT Manunggal Infrasolusi, with 96 percent shares ownership, PT Multi Energi Persada with 2.33 percent, and PT Kurnia Unggul Sejahtera 1.67 percent.

Gamala added Truba this year allocates IDR31 billion capital expenditure. The figure here is not much given that the massive capital expenditure has been done in 2007-2008 with US$80 million budgets.

Some IPP (indepen-dent power producer) contracts include the 250 megawatt power plant project in Bangka and 60 megawatt project in Pontianak. Both projects are on renegotiation with PLN.

Besides, the company has also sought partner and bank loan for IPP project for 275 megawatt power plant in Kuala Tanjung. The project now is tender process. For IPP, 75 percent of the funds will be taken form bank loan and internal cash.

Meanwhile, PT Pemeringkat Efek Indonesia (Pefindo) has put the II/2007 bond rating of PT Truba Jaya Engineering, the subsidiary firm of PT Truba Alam Manunggal Engineering Tbk, worth IDR200 billion at credit watch rating with negative implication.

In the research released yesterday, analyst of Pefindo Rifan Firmansyah, said the rating action is done due to the lessening emitter cash as reflected by the last year cash position of only IDr76.35 bilion. Meanwhile, the company should pay the bonds with BBB+ rating on the maturity of July 8, 2010.

"The company plans to refinance bonds with bank loan which is on process of negotiation," he said.

Gamal said the company has not given any response to the rating cut. But he said the company ahs got loan commitment form bank without mentioning the bank.

Meanwhile, investor of II/2008 bond PT Arpeni Ocean Line Tbk, the dry bulk and coal shipping company, proposed for the general meeting of bond holders (GMB).

In the letter addressed to IDX, Desk head of trusteeship boards of PT Bank Rakyat In-do-nesia Tbk Anna Maria Ciadarma as the trustee representative of the bond issuance said the GMB proposal is to clarify the corporate finance status.

The proposal was addressed by one of the bond investors, Dana Pensiun PT Telekomunikasi Indonesia Tbk (DP Telkom), with 25 percent possession of the outstanding bonds issued by the company worth IDR600 billion. (Bisnis/10/iaa)

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