Harum Energy obtain $270 mio loan

BI/market

5/1/2012

Irvin Avriano A.

Bisnis Indonesia

Harum Energy obtain $270 mio loan

JAKARTA: PT Harum Energy Tbk pocketed loan facility from several bank syndication worth US$270 million, or equal to IDR2.47 trillion, led by DBS Bank Ltd Singapore and United Overseas Bank (UOB) Ltd Singapore.

"The loan facility tenured 3 years," said Harum Energy Corporate Secretary Alexandra Mira S. in the Indonesia Stock Exchange (IDX) information disclosure today, January 5th 2012.

She said the loan also terminated the previous credit club facility obtained by the company commandeered by Ray Antonio Gunara, led by DBS Bank Ltd Singapore.

But the information doesn't conclude the utilization of the fresh fund.

Based on their 3rdQ/2011 financial statement, Harum Energy declare the DBS-led syndication revolving loan facility with total worth US$200 mio, obtained on March 30th, 2010.

Acting as mandated lead arrangers are New Zealand Banking Group Limited, BNP Paribas, DBS Bank Ltd, Natixis, PT Bank DBS Indonesia, and Bank of Tokyo-Mitsubishi UFJ Ltd. DBS Bank Ltd and PT Bank DBS Indonesia act as the arrangers while DBS Bank, acts as an agent.

The company already disbursed loan worth US$80 mio on June 3rd, 2010. The drawdown came from PT DBS Bank Indonesia US$10 mio, DBS Bank Ltd US$10 mio, PT ANZ Panin Bank US$15
mio, Bank of Tokyo-Mitsubishi UFJ Ltd US$15 mio, BNP Paribas US$15 mio, and Natixis amounting to US$15 mio.

This facility was utilized to settle all of the company‟s and PT Layar Lintas Jaya's bank loans from PT Bank CIMB Niaga Tbk and PT Bank Permata Tbk.

Layar Lintas Jaya is the only Harum Energy's shipping subsidiary incorporated in 2005 with ownership 99.11% and have IDR738.35 bio assets in the end of September, 2011.

On June 2010, Harum acquire 2,100 of Layar Lintas Jaya's shares from the group's ultimate owner Kiki Barki. The purchase made the Harum Energy's portion of Layar Lintas Jaya's shares are 99.11%.

Company's HRUM coded shares declined 100 point or 1.38% to IDR7,150 today.

The shares position also formed market capitalization IDR19.31 trillion and its price to earnings ratio (PER) 14.26 times.

Kiki Barki, together with Lawrence Barki, owned PT Karunia Bara Perkasa and PT Bara Sejahtera Abadi. Karunia Bara is 69.7% shareholder of Harum Energy, while Bara Sejahtera Abadi owned 0.09%.

The other shareholders are Ray Antonio Gunara (president director) owned 0.002%, Eddy Sumarsono (director) 0.001%, Budi Rahardja (commissioner) 0.001%, and public 30.18%.