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Friday, October 8, 2010

Bhakti Investama delay US$107 mio bond conversion

Irvin Avriano A.
Bisnis Indonesia

Bhakti Investama delay US$107 mio bond conversion

JAKARTA: PT Bhakti Investama Tbk intended to delay the schedule of conversion of its convertible bonds worth US$107 million to be the company's stock.

The information was revealed in extraordinary general meeting of convertible bond holders (RUPTBUK) agenda in the company information disclosure submitted to Indonesia Stock Exchange (IDX/PT Bursa Efek Indonesia) today.

"RUPTBUK Agenda: Approval for restructuring of convertible bond I/2007 Bhakti Investama with fixed rates," said Bhakti Investama Director Darma Putra in the information disclosure today.

In the letter, the company intends to seek approval from bondholders to allow the delay. In addition, the company also intends to give mandate to the convertible bond trustee to do everything necessary related to this restructuring.

The company also intends to replace the trustee agreement to change the limits in connection with the restructuring.

Conversion of bonds into shares predicted can be diluting shares ownerships by 11 - 12% in the companies whose shares coded BHIT.

Company should convert their bonds into shares in June. However, the company did not notify it of clarity to the holders of convertible bonds or convertible bond trustee, PT Bank Permata Indonesia Tbk, through August.

Bank Permata has informed IDX that the company has not conveyed the invitation to the holders of bonds in late August.

The BHIT share prices close strengthened to 1.29% to IDR120 level and establish its market capitalization to IDR3.57 trillion.



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