Tuesday, 15/06/2010 00:00 WIB
Pefindo cut down Bakrieland rating outlook: Management held road show to Singapore & Hong Kong
Irvin Avriano A.
JAKARTA: PT Pemeringkat Efek Indonesia (Pefindo) cut down the rating outlook of PT Bakrieland Development Tbk, the Bakrie Group property line, from stable to negative level in anticipation of weakening ratio of the emtier cash flow protection plummet.
In yesterday research, analyst of Pefindo Vonny Widjaja said the company, bonds, and sukuk rating set at idBBB+ level reflects the robust position of the company as one fo the largest national property developers with good quliaty asset.
But the rating is restricted by some factors. "The factors here are the emitter aggressive business expansion which mostly funded by loans and the sensitive characteristic of property industry to the macro economy condition," the research said.
Pefindo also recorded that the company now owns I/2008 bonds worth DIR500 billion and sukuk II/2009 worht DIR150 billion. The shareholders up to March consists of CGMI 1 Client Segregated Securities with 24.38 percent portion, PT Bakrie & Bro-thers Tbk 10.44 percent, and public 65.18 percent.
Currently the emitter is on rights issue process whose funds will be allotted by the company to acquire some shares of PT Bukit Jonggol Asri from PT Sentul Citi Tbk.
Management of Bakrieland currently readies to have non deal roadshow to Singapore and Hong Kong this week to study the investors interests to the corporate rights issue.
President Director of Bakrieland Hiramsyah S. Thaib said the gradually recovering financial market condition has driven the positive responses to the corporate rights issue.
"We get positive response from market on the rights issue scheme. To get their interests, we will have road show to Singapore and Hong Kong this week," he said yesterday.
Hiramsyah said despite the overseas road show, the domestic investors still have the larger allotment portions.
Now Bakrieland foreign shareholders are 40 percent and the other 60 percent is the domestic investors.
"Noting that domestic investors are larger in number, the rights issue will be sold as domestic investors will get more allocation," he said.
Bakrieland plans to have IDR5.4 trillion rights issue to acquire 15,000 hectares plots of land.
The rights issue shares are aobut 33.75 billion. The fresh fund collected here will be used as the acquisition capital in Jakarta and eastern center part to south of Bogor, West Java.
The issued stocks are 169 percent higher than the current Bakrieland of 19.96 billion shares. Each of the existing shareholder will have the rights to buy 1.7 new shares so the rights issue ratio is 1:1.7 times.
The emitter will use the proceeds tapped from the rights issue to acquire 20 percent shares of PT Sentul City Tbk.
As to Hiramsyah, the acquisition has strategic partnership so the company could enter PT Bukit Jonggol Asri, one of the Sentul City untis, to acquire land bank owned by the company.
The acquisition of major shares of Bukit Jonggol will increase the corporate land bank by 11,000 hectares. The company will also acquire 1,000 hectares land in Lido, Sukabumi.
Bakrieland will also expand the land bank surrounding the Epicentrum project in business compound Kuningan, South Jakarta.
"Thus the total land bank we plan to acquire is 15,000 hectares," said Hiramsyah.
At the same time, the company will place the capital for the Ciawi-Sukabumi toll road development.
Through its subsidiary firm, PT Bakrie Toll Road, Bakrie has owned 85 percent ownership at the toll road developer here. (Bisnis/bpj/iaa)