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Thursday, March 3, 2011

Amstelco nonpreemptive price IDR10,000, confusing?

bursa
3/3/2011
Irvin Avriano A.

Amstelco nonpreemptive price IDR10,000, confusing?

JAKARTA: PT Amstelco Indonesia Tbk intends to held a nonpreemptive rights (non-HMETD) as much as 10% of their listed shares and with minimum price of IDR10,000 within a 12 months period.

The matter was announce by the company that used to be named PT Indocitra Finance Tbk in the Indonesia Stock Exchange (IDX/Bursa Efek Indonesia/BEI) information disclosure yesterday.

The plan also still wait until their IDR5.09 trillion rights issue executed, also after the debt-to-shares (IDR27.5 billion bond) to 2.38% stock conversion for Bliss Century Investment Ltd is clear.

The rights issue itself is a backdoorlisting scheme to take over a listed company without do an initial public offering (IPO).

The rights issue will make the company obtained fund, but the fund will be used to pay debt and/or acquire companies that previously was the subsidiary of their rights issue standby buyer. Its also have a reverse take over (RTO) structure.

//Confusing, or deliberately confused?//
In this case, Indocitra acquisition was started by sells PT Citrasari Abadi's 48.83% stake (23.43 million shares) to PT Inkapita Partners for only IDR22.03 billion with IDR940 price per share. Then Inkapita sells the shares to Mador International Ltd, and then sold again to Presidio Capital Holdings.

Simultaneously, the company also plan to held rights issue that will be absorb by Amstelco Plc as a standby buyer, then changed again to Amco Plc, and the latest changing is to Jateem Investment Ltd. The amount also changed, from initially 1.44 billion new shares worth IDR3.6 trio to 1.69 billion shares worth IDR5.09 trio.

The whole plan also a little awkward, especially due to the Bapepam-LK approval that haven't pocketed yet.

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