Search This Bitch


Share |

Thursday, March 10, 2011

Arpeni's coupon default could trapped several SOE pension fund

Irvin Avriano A.
Bisnis Indonesia

Arpeni's coupon default could trapped several SOE pension fund

JAKARTA: PT Arpeni Ocean Line Tbk I/2007 bond coupon default could trapped several SOE pension fund and other institution, related to the company's inability to repaid the coupon in several times.

Based on some capital market participants, it is stipulated in the general meeting of bondholders (rapat umum pemegang obligasi/RUPO) held last week. In the meeting, the investors asked the issuers to held again the meeting before March 18th to explain its acquisition progress.

One of the capital market participant said the company has not ensure corporate bond coupon payments and rely on the injection of a new investor that is being processed.

"It's still talked about a workaround, but there no official decision been achieved, therefore we want to ask for more certainty before March 18th for the matter," he told Bisnis yesterday.

Other market participant said the company also has not been able to ensure repayment of the bond coupon that has defaulted several times, but has promised to try to pay it off at the latest time by January 2012.

According to him, the company which shares coded APOL are also still waiting for the passage of due diligence by the prospective new fund injectors. The process is supposed to end on February 14th, but until now there has been no clarity from the results of due diligence, although already extended twice.

Bisnis records show one of potential investor candidate which intend to take over one of the Surya Group company is a private equity fund owned by Edwin Suryadjaja, Saratoga Capital.

Arpeni President Director Oentoro Surya can not be confirmed yesterday, as well as Arpeni Director & Corporate Secretary Ronald Nangoi.

Arpeni Director Ateng Suhendra when contacted said the company intends to report the results of RUPO soon as possible, but not yet able to ensure the RUPO results and refer to Ronald Nangoi as company's secretary. "Our policy should be so, so there will be only one voice."

Yesterday, the new company to publish financial statements as of late September 2010 after fines by the Indonesia Stock Exchange (IDX/Bursa Efek Indonesia/BEI) due to delayed reporting.



Bisnis Online Free Automatic Backlink Investing Blogs - BlogCatalog Blog Directory