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Thursday, July 1, 2010

Bourse Increasingly Upbeat: Twelve Companies Ready to be Publicly Listed

Tuesday, 29/06/2010 00:00 WIB
Bourse Increasingly Upbeat: Twelve Companies Ready to be Publicly Listed

Irvin Avriano A.
Bisnis Indonesia

JAKARTA: At least 12 companies will list their initial stocks on the stock exchange in the second semester of 2010, thanks to the increasingly upbeat market.

President Director of Indonesia Stock Exchange (BEI) Ito Warsito revealed the bourse authority so far had received initial public offering (IPO) documents from 12 companies.

"There are 12 companies in the pipeline, excluding state-owned enterprises (SOEs) and two dual listing companies. We don't revise the number of new publicly listed companies target," he said after the initial public offering of PT Nippon Indosari Corpindo Tbk in Jakarta yesterday.

The target is to have 25 new publicly listed companies this year. In the first semester of 2010, five companies listed their stocks on the stock exchange. If 12 new publicly listed companies follow in the second semester, there will be 17 companies conducting IPO this year.

The five companies conducted IPO in the first semester of 2010 were PT Elang Mahkota Teknologi Tbk, PT Benakat Petroleum Energy Tbk, PT Pembangunan Perumahan (Ltd) Tbk, PT Sarana Menara Nusantara Tbk, and PT Nippon Indosari Corpindo Tbk.

In the meantime, nine companies that have released their IPO plans are PT Berau Energy, PT Indopoly Swakarsa Industry, PT Molindo Raya Industri, PT SkyBee, PT Golden Prima Retailindo, PT Evergreen Invesco, PT Bank Sinarmas, PT Bukit Uluwatu Villa, and PT BPD Jabar Banten.

The total IPO realization in the first semester of 2010 reached IDR2.86 trillion, soaring 1,806.67% from IDR150.75 billion in the first semester of 2009. At the time, IPOs were conducted by PT Trikomsel Oke Tbk and PT Batavia Prosperindo Finance Tbk.

On the other hand, the rights issue scheme with pre-emptive rights or without non-preemptive rights in the first semester of 2010 were conducted by 11 publicly listed companies, raising IDR16.07 trillion.

Some of the eleven companies are PT AKR Corporindo Tbk, PT Bakrie Sumatera Plantations Tbk, PT Darma Henwa Tbk, PT Energi Mega Perkasa Tbk, PT Citra Mineral Investindo Tbk, PT Sumalindo Lestari Jaya Tbk, PT Intiland Development Tbk, and PT Multipolar Tbk.

The amount of fund raised from the rights issue skyrocketed 298.76% from IDR4,03 trillion raised last year from the rights issue of PT Bank Danamon Indonesia Tbk and PT Indoexchange Tbk.

In the first semester of 2010, the Bakrie Group was the largest group raising funds from rights issue, reaching IDR10.24 trillion or equivalent to 63.72% of the total rights issue.

The amount of fund will increase in the second semester of 2010 following the rights issue plan of the two business units.

The two units are PT Bakrieland Development Tbk, targeting to raise IDR3.2 trillion, and PT Bumi Resources Tbk, projecting to raise US$495 million from non-preemptive rights issue. Most of the fund will be used for expansion and debt restructuring.

Some publicly listed companies outside the Bakrie Group that plan to conduct rights issue in the second semester of 2010 are PT Berlian Laju Tanker Tbk (IDR1.2 trillion), PT Dayaindo Resources Tbk (IDR1.98 trillion), and BNI (IDR4 trillion).

Statistical data showed the total amount of fund raised by publicly listed companies from IPO and rights issue in the first semester of 2010 hit IDR18.93 trillion, surging 352.87% from IDR4.18 trillion in the first semester of 2009.

Ito added currently around ten companies were in the process of issuing bonds worth a total of IDR12 trillion. "Most of them issue bonds to finance expansion." Bisnis recorded the bond value was equivalent to half of IDR25.63 trillion in bond issuance in 2009.

Last year, bond issuance jumped 99.3% from IDR12.86 trillion in 2008. This year, BEI targets to see 34 new bonds.

However, the bonds that have been officially listed are only PT SMS Finance I bond (IDR120 billion), PT PLN XI bond (IDR2.7 trillion), PLN IV Islamic bond (IDR300 billion), and PT BFI Finance (IDR160 billion).

Peak point
Head of Research at PT Mandiri Sekuritas Ari Pitoyo viewed an increase in share issuance during the peak point of the capital market was normal since share prices were at their best.

"Using car sales as an analogy, car sellers surely will sell cars when the prices are high since the high supply of cars is needed."

He added the capital market recovery was one of main yardsticks for the domestic economic recovery since there was strong correlation between the capital market and the economy.

The capital marker authority viewed the upbeat IPO and rights issue could lead to an assumption that the national economy had recovered.

"We hope this can convince economic players that the economy will recover," said Head of the Real Sector Companies Financial Assessment Bureau at the Bapepam-LK Anis Baridwan. (Bisnis/iaa/ags/08/bsi/cp)

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