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Wednesday, October 20, 2010

Bumi Serpong eyes IDR5 trio from rights issue

BI / exchange
20/10/2010
Irvin Avriano A.
Bisnis Indonesia

Bumi Serpong eyes IDR5 trio from rights issue
JAKARTA: PT Bumi Serpong Damai Tbk eyes IDR5 trillion from the rights issue to acquire majority shares of PT Duta Pertiwi Tbk. The acquisition would also be made to two other companies that are still ruled by their business group, Sinar Mas Group.

In the prospectus and the company announced today, the company will use the majority of the funds, amounting to IDR4.36 trillion, to buy as much as 85.3% Duta Pertiwi shares and two other companies, PT Sinar Mas Wisesa and PT Sinar Mas Teladan.

The new shares that will be issued are 1.57 billion new shares with par value of IDR600--900.

"The deal aims to create the largest real-estate property companies in Indonesia and to enhance corporate value through diversification of assets, revenues and geographic presence, scale expansion of the business and better access to funding," said Bumi Serpong President Director Harry Budi Hartanto in that prospectus.

He said the purchase would be made by shareholders of the old Duta Pertiwi PT Paraga Artamida from Rp1, 41 trillion and from PT Ekacentra Usahamaju Rp2, 05 trillion. Duta Pertiwi share purchase price will be at the level of Rp2.200.

The company planned to purchase as many as 55% stake in Sinar Mas Wisesa that will be done with the allocation of funds amounting to IDR387.1 billion and as much as 60% Sinar Mas Teladan shares worth IDR500.9 billion.

The standby buyer fot the rights issue are Macquarie Capital (Singapore) Pte Ltd and PT Sinarmas Sekuritas.

In addition to acquiring shares of fellow Sinar Mas Group company, the emitters also will use the funds as much as 12.8%, or a total of IDR640 billion, will be used for additional working capital for the company and its subsidiary.

Fundraising will potentially diluted investors 'ownership whose not to exercise its rights to buy additional shares amounted to 43.34% of the portion from the early possession, with examples of public investors' ownership share will drop from 26.3% to 14.9%.

The company also assumes if the owner of the company rights issue does not exercise its rights, then the standby buyers and other company in the Sinar Mas Group will purchase additional new shares, namely Paraga Artamida and some of its subsidiary.

In the prospectus, a subsidiary Paraga Artamida whose ownership plan does not change because it will execute the additional shares are PT Metropolitan Trancities Indonesia, PT Sinar Tunggal Center, PT Aneka Karya Amarta, and PT Bhineka Karya Pratama.

Two other standby buyer, Macquarie Capital and Sinarmas Sekuritas will have as many as 12.9% and 7.3% shares of the company's shares that coded as BSDE.

As of July this year, Bumi Serpong has recorded revenue of IDR709.96 billion, with contributions from housing by 72.1% and from 27.9% in commercial property. Net profit of the company in that period also have been reflected in the level of IDR195.9 billion and form net profit margin of 27.6%.

Duta Pertiwi shares that coded DUTI strengthened 1.53% formed its price to IDR1.990 and IDR3.68 trillion market capitalization, while Bumi Serpong shares closed weakened 6.19% to IDR880 level and form IDR9.62 trillion of market capitalization.

As the real estate flagship of Sinar Mas group, Duta Pertiwi is one of Indonesia’s largest and most diversified conglomerates. With backing from Sinar Mas Group, the company was the first company which exploit strata title sales opportunities for retail space in Indonesia, with the launch of Mangga Dua International Trade Centre (ITC Mangga Dua) in 1989.

Duta Pertiwi was also the first company who combine condominium, retail space and offices as mixed-use superblock developments. These superblock developments have become a trademark for Duta Pertiwi’s innovation in the marketplace.

One of Duta Pertiwi’s largest superblock developments is located along Mangga Dua avenue. The development of Mangga Dua, which was launched in 1989, transformed a 29-hectare section of underdeveloped land in north Jakarta into a thriving business and residential community.

Duta Pertiwi is involved in the development of five other superblock – Roxy Mas, Cempaka Mas, Ambasador Kuningan, Fatmawati Mas and Mangga Dua Surabaya.

Duta Pertiwi has launched several residential projects, all located in Jakarta and its surrounding areas - Taman Duta Mas, Taman Permata Buana, Taman Banjar Wijaya, Kota Bunga, Kota Wisata and Legenda Wisata, are in various stages of development.

The company is also involved in several long term properties development of two four-star hotels namely Le Grandeur Balikpapan and Le Grandeur Mangga Dua, also the development of office building in Thamrin known as Plaza BII.

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