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Friday, June 11, 2010

Summarecon negotiating another IDR250 loan

BI / exchange
10/06/2010
Irvin Avriano A.

Summarecon negotiating another IDR250 loan

JAKARTA: PT Summarecon Agung Tbk are negotiating a loan with a local private bank to finance Summarecon Serpong Mall projects worth IDR250 billion.

"However, we can not disclose the identity of the bank as not final yet," said Summarecon President Director Johanes Mardjuki to Bisnis yesterday.

According to him, the loan would still be in line in the funding process for the company's capital expenditure (capex) plans to invest IDR800 billion that been budgeted until next year. Funds were allocated for Apartments Menara I, Harris Hotel, Summarecon Bekasi phase I, and Summarecon Serpong Mall.

Earlier this year, the company had revealed would require a start-up funds amounting to IDR400 billion from the total fundraising.

He said the local private bank loan would completed the earlier agreed loan worth IDR250 billion from PT Bank Mandiri Tbk. Execution of the loan, he said, just waiting for the signing of contracts.

Johanes said the funds would be used by the company to build roads and infrastructure in Summarecon Bekasi.

To smooth the way to deliver the Bank Mandiri loan, it makes the company must seek approval from their II/2008 bond and sukuk I/2008 holders to replace the state-owned bank as the trustee issuance of both outstanding types of debt securities.

Approval is requested in the general meeting of bondholders (RUPO) and general meeting of sukuk ijarah holders (RUPSI) with total worth IDR300 billion that will pave the bank loan as agreed.

The base of the bond trustee replacement are from the Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) rule No.VI.C.3 about Relationship Between Credit and Guarantee Trustee and the Issuer.

The regulations limit the amount of loan can be granted the trustee must not exceed 25% of the value of bonds issued by the emitters from the trustee banks.

In RUPO and RUPSI which was held yesterday, investors had approved the replacement of both effects trustee for the listed bonds and sukuk of the property company.

"Both [RUPO and RUPSI] approved the replacement of Bank Mandiri to PT Bank Rakyat Indonesia Tbk [BRI]," says Johanes.

In addition to bonds, Summarecon also listed its shares on the stock market which coded SMRA. The stock price corrected of 1.17% or by Rp10 to IDR840 level at the market closing yesterday afternoon. The stock price formed the company market capitalization reached IDR5.73 trillion.

In her research on May 12th, PT Bahana Securities analysts Natalia Sutanto, which quoted by Bloomberg, give recommendation to change the level of company shares from 'buy level' to 'hold' level with target price of IDR950 for the next 12 months.

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