Late Menyenx Notes

Harum Energy obtain $270 mio loan

2012-01-05T22:47:00.007+07:00

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%.

TURNING POINT

2011-12-14T19:13:00.000+07:00

Hello , i guess i have chartted with you sometime ago,
however am sending you a briefcase with a cash of 5 million
united states dollars dont doubt me ,you might think is a joke
but you are not the first person i have done deal with, am working at the
international monetary department ,i will be coming over immediately
you receive the briefcase as i can not front to receive this money with
my transaction identity knowing am the asst director of a private firm,
i do not intend on doing business, all i need is for you to receive it
over there and will give you 40% of the total money while 60% will be mine,
just try me and see,let me know if you are capable to handle this transaction
i could proceed to send it over tomorrow and forward you the tracking number
of the shipment which will be shipped via a freight cargo.

i will be needing your full names ,your personal telephone ,and your personal
house address,your name will be endorsed on the cargo shipment form as the final
beneficiary of the shipment in your country.

i want you to be 100% assured there is no problem in this,as all documents for
shipment is secured and always ready for ugent dealings,if you could be true in
this first transaction then we could do this once in every 3 months, all i deeply
request is a matured and fare dealings.

Reply me here .... gharrison0145@yahoo.com ,

hope to hear from you..

GEORGE HARRISON
(CONFIDENTIAL)

Pakuwon rights issue IDR1.36 trio to buy Kota Kasablanka

2011-11-03T10:43:00.005+07:00

BI/market

3/11/2011

Irvin Avriano A.

Bisnis Indonesia

Pakuwon rights issue IDR1.36 trio to buy Kota Kasablanka

JAKARTA: PT Pakuwon Jati Tbk, Surabaya-based property listed company, will held rights issue worth IDR1.3 trio--1.36 trio to fund its Kota Kasablanka superblock's purchasing plan.

Based on its prospectus summary in the newspaper today, the company intend to issue 2 bio or 20% new shares with nominal value IDR100 in executing range IDR650--680 per shares.

The price still 24.44%--27.77% below the company's shares position this morning at IDR900.

As much as IDR1.3 trio from the proceed fund will be use to buy 457.49 mio or 99.99% shares of PT Elite Prima Hutama, the owner of Kota Kasablanka.

The purchasing price of superbloc that estimated have gross areal 570,487 meter square and 27,294 meter square land reserves still under fair value that already appraised IDR1.37 trio.

The remainder of the fund allocated by PWON-coded company for its working capital.

Affiliated

The rights issue is an answer from the company's need of fund to acquire Elite Prima Hutama which recognized as affiliated trasaction.

The affiliated trasaction already published by the company early this week but there are no explanation about the corporate action that will be taken to fulfill the purchasing.

The Elite Prima Hutama shares will bought from PT Pakuwon Permai, an affiliated entity, because several director of Pakuwon Jati are also directors in Pakuwon Permai.

Acted as standby buyer from the rights are four of their shareholders, namely Burgami Investments Ltd, PT Pakuwon Arthaniaga, Raylight Investment Ltd, and Concord Media Investments Ltd.

Investors whose not executed their rights in the corporate action will have potential dilution until 16.67%.

The company already sign a pre-sales conditional agreement on October 24th.

Pakuwon Jati already have and develop superblocks namely Tunjungan City in Surabaya and Gandaria City in Jakarta.

The company's purchasing will add another subsidiaries to Pakuwon Jati which led by Richard Adisastra from previously four to five.

The subsidiaries are PT Artisan Wahyu, PT Pakuwon Sentra Wisata, PT Regency Laguna Jasamedika, and Pakuwon Jati Finance BV.

The company will held extraordinary general meeting of shareholders (EGM/RUPSLB) to obtain permission on December 1st.

This morning, the company's shares which also develop strategic mall in Jakarta, Blok-M Plaza, already decline 10 points or 1.1% to IDR900 from IDR910 yesterday.

Multistrada rights issue IDR1.53 trio

2011-11-03T09:47:00.004+07:00

BI/market

3/11/2011

Irvin Avriano A.

Bisnis Indonesia

Multistrada rights issue IDR1.53 trio

JAKARTA: PT Multistrada Arah Sarana Tbk, automobile and motorcycle tires producer listed company , will held rights issue worth IDR1.53 trio.

Data in their prospectus today explain the corporate action will held by issue 3.06 billion shares or 33.33% portion with nominal value IDR140 at execution price IDR500.

The price still 1.96% below last price of the Achilles tires producer IDR510 yesterday.

The company commadeered by Pieter Tanuri will use 26% from the action or IDR397.92 bio to expand its industrial forest, including rubbers plantations.

As much as 44% or IDR673.41 bio will use to buy new angine and machinery to produce automobile and motorcycle.

The 30% or worth IDR459.14 bio fund from the proceed will use to inject working capital the MASA-coded shares emitters.

Convertible bond

Besides rights issue plan, the company's management also includes afilliated transaction in the transaction series, namely the purchasing of convertible bond (CB).

The CB that will be bought by Multistrada worth IDR200 bio and will issue by PT Mutistrada Agro International, a 95% subsidiary of Multistrada.

The fund from CB issuance will be used to increase Multistrada Agro ownership in two of its subsidiaries namely PT Meranti Laksana and PT Meranti Lestari, from 45% to 60%.

Multistrada Agro is Multistrada subsidiary which incorporated in February to expand and secure the company's needs of rubbers as its main industry's raw materials.

To perform the action, the company will held extraordinary general meeting of shareholders (EGM/RUPSLB) on December 5th.

Standby buyers

Act as standby buyers are PT Equator Capital Partners, PT Central Sole Agency, and PT Buana Capital.

Equator Capital Partners related to PT Mahanusa Capital which bought by Northstar Pacific early this year.

In other way, Multistrada already got Northstar Pacific Partners which supported by TPG Capital as new investors.

The investor consortium buy 1.22 bio shares or 20% portion worth IDR691.56 bio last month.

The purchasing is includes Lunar Crescent International Inc name, entity which owned by Northstar Equity Partners III Limited (Cayman Islands), from several individual investors.

But in the prospectus' shareholders list there are no Lunar or Northstar names in it.

Their shareholders still consist of PT Indokemika Jayatama sebesar 3.81%, PVP XVIII Pte Ltd 27.72%, Central Sole Agency 11.07%, and public 57.41%.

US index decline

2011-10-18T01:55:00.002+07:00

BI/market

17/10/2011

Irvin Avriano A.

Bisnis Indonesia

US index decline

JAKARTA: US stock indexes declines shortly after the opening in this early week, following last week gain.

The declining happen after German government official damped optimism that the crisis will fixed fastly.

The other declining factor is manufacturer companies around New York performances not as good as predicted before.

Wells Fargo, US biggest house lenders, corrected 5.9% after their 3rdQ fell and shortened its margin. Citigroup Inc, third biggest US bank, apreciated 1% after their earning jumped 74%, above prediction.

El Paso Corp surged 24% after Kinder Morgan Inc agree to buy the company worth US$21.1 bio in cash and shares.

In the other way, Standard & Poor's 500 Index decline 0.6% to 1,217 on 9.38 morning New York time, after give first gain since 2009.

Dow Jones Industrial Average Index corrected 65 point or 0.6% to 11,579 today.

"It's optimism punctuated by reality," Hayes Miller, the

Boston-based head of asset allocation in North America at Baring Asset Management Inc, which oversees $51.6 billion, said Bloomberg tonight.

He assess the stock market correction not caused by the German intention to help the crisis but the terms.

"The market wants the resolution, but it shouldn't be forthcoming."

The last positition on the market on 21.15 showed Dow Jones already fell 105 point or 0.91% to 11,539, S&P 500 decline 10 point or 0.85% to 1,214.

The other index, Nasdaq, also retreat 19 point or 0.73% to 2,648, and S&P/TSX in Toronto 94 point or 0.78% to 11,987.

In Euro zone, Euro Stoxx fell 21 point or 0.9% to 2,334 and FTSE in London decline 36 point or 0.67% to 5,429.

Previously, the last two index opened higher than last week positions.

Sent from my BlackBerry® smartphone from Sinyal Bagus XL, Nyambung Teruuusss...!

BNBR suffers IDR17.11 trio lost in 2008

2011-10-06T08:55:00.002+07:00

BI/market

6/10/2011

Irvin Avriano A.

Bisnis Indonesia

BNBR suffers IDR17.11 trio lost in 2008

JAKARTA: PT Bakrie & Brothers Tbk, the holding company for Bakrie Group, is suffering loss IDR17.11 trillion from selling its five subsidiaries shares back in 2008.

The matter was disclosed on the company's cuasi-reorganization plan prospectus yesterday.

The BNBR-coded emitter also detailed the loss is a difference result from book value of its subsidiaries worth IDR24.89 trio with selling price that only IDR7.77 trio.

The subsidiaries' shares which sold at the time were PT Bumi Resources Tbk with loss IDR14.83 trio, PT Bakrieland Development Tbk IDR2.03 trio, PT Bakrie Sumatera Plantations Tbk IDR216.38 billion, dan PT Bakrie Telecom Tbk IDR83.89 bio.

For the selling transaction for PT Energi Mega Persada Tbk's shares, Bakrie & Brothers precisely booked profit IDR59.16 bio.

The great loss is the main reason for the company to eliminate deficit in their book through cuasi reorganization that reach IDR35 trio. The company will ask permission to held the cuasi from its investors in extraordinary general meeting of shareholder (EGM/RUPSLB), today.

The loss happened in 2008 when the domestic capital market got effected by global economic crisis.The company's shares price position is still stuck in the lowest level for cash transaction in the stock market IDR50 yesterday.

The position formed market capitalization IDR4.68 trio. The price to earnings rati (P/E) can not generated by Bloomberg.In the different occasion, Bakrie & Brothers also known that they will held repayment for their US$1.34 bio debt to Credit Suisse AG.

The announcement was done by Bumi Plc, the Rotschild-Bakrie Group company which listed in London.The repayment discourse also available with restructuring discourse.

LPKR as IDR2.32 trio REITs' standbuy buyer

2011-10-03T21:54:00.010+07:00

BI/market

2/10/11

Irvin Avriano A.

Bisnis Indonesia

LPKR as IDR2.32 trio REITs' standbuy buyer

JAKARTA: PT Lippo Karawaci Tbk ready to be standby buyer for new unit issuance of real estate investment trust (REITs) worth S$336.8 million or equals to IDR2.32 trillion.

The matter was shown in one of the members of Lippo Group information disclosure to Indonesia Stock Exchange (IDX/Bursa Efek Indonesia) today. The addition to the units of such investment product that known as dana investasi ril estat (DIRE) will carried out with rights issue scheme.

The REITs is named Lippo Malls Indonesia Retail Trust (LMIR Trust), managed by LMIRT Management Ltd. The product was supervised by HSBC Institutional Trus Service as trustee.

"Related with the LMIR Trust plan to issue 1,08 million new units worth S$336.8 million," said Lippo Karawaci President Director Ketut B. Wijaya in the announcement today.

Lippo Karawaci, said him, will execute its rights to buy the new units as a unit holder with portion 29.6%, and will execute any other new units that will not executed by other unit holders as standby buyer.

The new unit issuance will wait for the approval from extraordinary general meeting of unit holders that will held on Oktober 20th in Raffles City Convention Centre, Singapore.

The agenda of meeting was announced in Singapore Stock Exchange (SGX) today, as the place where the derivative product listed.

In the Singapore announcement, LMIRT Management Executive Director & CEO Viven G. Sitiabudi said the fund raise from the issuance will use by LMIR Trust to acquired Pluit Village, by buying otstanding shares of the commercial zone's owners.

The owners of Pluit Village is Grandley Investments Pte Ltd and Kindall Investments Pte Ltd. The transaction is arranged with Excel Investment Ltd stands on the seller side.

LMIR Trust was a result of name changing which happen in September 16th from previously named Lippo-Mappletree Indonesia Retail Trust.

Lippo Karawaci, which shares coded LPKR in IDX, is a main property business wing for Lippo Group. The listing of REITs never be done in Indonesia even when there are new rules issued by the Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) in 2007.

Pegadaian issue rupiah MTN again

2011-10-01T16:15:00.006+07:00

Irvin Avriano A.

Pegadaian issue rupiah MTN again

JAKARTA: The state owned pawnshop, Perum Pegadaian, issue second series of shari'a rupiah denominated medium term notes (MTN).

The fixed income securities issuance showed in Indonesia Central Securities Depository (PT Kustodian Sentral Efek Indonesia/KSEI) in September 27th.

The data also disclose the maturity date that set on November 7th 2012 and the first coupon that will received by its investors on December 27th. But there are no detailed information about the arranger or its amount.

The issuance follow the previous Pegadaian's MTN issued on August 23rd worth IDR100 billion. The previous issuance arranged by PT Mandiri Sekuritas, a subsidiary from one of several state controlled banking enterprise PT Bank Mandiri Tbk.

BNIS Proteksi Pundi Rupiah I ready to launch

2011-10-01T03:58:00.003+07:00

Irvin Avriano A.

BNIS Proteksi Pundi Rupiah I ready to launch

JAKARTA: PT BNI Asset Management will offer their new protected mutual fund namely BNIS Proteksi Rupiah Pundi I.

The plan indicated from a statement posted in Indonesia Central Securities Depository (PT Kustodian Sentral Efek Indonesia/KSEI) website today, related to international securities identification number (ISIN code) given to the new securities.

Hence, every new securities that obtain ISIN should have pocketed effective statement from Capital Market and Financial Institution Supervisory Agency (Badan Pengawas Pasar Modal dan Lembaga Keuangan/Bapepam-LK).

The data also reveals that the indirect subsidiary of the state controlled PT Bank Negara Indonesia Tbk (BNI) use PT Bank Mega Tbk's service as custody to their new investment product.

BNI Asset Management, commandeered by Idhamsyah Runizam, is an investment management company which pocketed lisence from Bapepam-LK as a part of separation of asset management division from its holding company, PT BNI Securities. BNI Securities also act as the BNI subsidiary.

Protected fund is a mutual fund that have fixed income securities as its underlying assets. The fund locked its fair value that makes the investment product's market value is protected and less affected by any market movement.

Such product also have a wide interest from potential investors because its offers alomost-fix return per annum that is caused by fixed income coupon from its bond's interest.

Previously, BNI Asset Management Director Isbono M.I. Putro said the entity intend to launch several protected fund, one of a kind is BNIS Proteksi XXIV. Each investment product seeks asset under management around IDR100 bio--200 bio.

Previously, the company also pocketed effective statement for their new managed protected fund namely BNIS Proteksi XXIV.

Cahaya Buana Kemala issue $20 mio MTN

2011-10-01T02:45:00.005+07:00

Irvin Avriano A.

Cahaya Buana Kemala issue $20 mio MTN

JAKARTA: PT Cahaya Buana Kemala issue 3 years medium term notes (MTN) US$20 million that burdened 12% coupon per year.

The announcement made in Indonesia Central Securities Depository (PT Kustodian Sentral Efek Indonesia/KSEI) website in September 19th.

Such MTN will mature in October 5th 2014. The company hired PT Lautandhana Securindo as their fixed income securities issuance arranger.

Previously, there are similar company that issue another 12% MTN also in the end of June, namely PT Cahaya Buana Intitama. Even the issuance amount are not similar, US$15 mio, the company also use Lautandhana Securindo service as arranger.

The two company also focused on furniture segments. But the data is too general and open sources in the internet can not divine a direct connection between two entity.

Cahaya Buana Intitama is a company founded by Simarba Atong Tjia, the founding father of Olympic knock down furniture Olympic, plastic furniture, and spring bed in Indonesia. Cahaya Buana Kemala also works in similar segments, Napolly-brand plastic furniture and Bigland-brand spring bed.

A research also stated that the Cahaya Buana Kemala is a member to Olympic Group or Cahaya Buana Group.

Mandiri Investasi will launch Protected Smart 8

2011-10-01T01:49:00.005+07:00

Irvin Avriano A.

Mandiri Investasi will launch Protected Smart 8

JAKARTA: PT Mandiri Manajemen Investasi will launch another capital protected fund, named Reksa Dana Mandiri Protected Smart Seri 8.

The announcement made in the Indonesia Central Securities Depository today, related to international securities identification number (ISIN) code given to the every new securities that already obtain effective statement from Capital Market and Financial Institution Supervisory Agency (Bapepam-LK).

In the data, the company use PT Bank DBS Indonesia service as custody. Previously, Mandiri Investasi which led by Abiprayadi Riyanto pocketed another effective statement for their four similar new mutual fund on September 27th.

The funds that already pocketed effective statement namely Mandiri Saham Atraktif, Mandiri Saham Syariah Atraktif, Mandiri Komoditas Syariah Plus, and Mandiri Berimbang Syariah Aktif.

Based on the names, the three of new funds are shari'a mutual funds, that will invest only in shari'a based securities such as sukuk and shari'a equities. Based on Mandiri Investasi website, Atraktif mutual fund is used to be only for equity fund and Aktif is only for balanced fund.

At this time, Mandiri Investasi already have the only one conventional balanced fund namely Mandiri Investa Aktif and one shari'a balanced fund, Mandiri Investa Syariah Berimbang.

In equity fund type, the company commandeered by already manage Mandiri Investa Atraktif, Mandiri Investa UGM, and Mandiri Investa Ekuitas Dinamis, while the equity shari'a fund is Mandiri Investa Atraktif Syariah.

Equity fund is a mutual fund which majority portfolio is allocated for equity securities, while the balanced fund mixed the portfolio not only equity but also fixed income securities. Fixed income fund have majority portfolio in notes/bonds-base securities while the money market have portfolio in near matured bonds (a year) and time deposit.

The four funds are the four main type of open-ended mutual fund, while the close-ended fund is mutual fund that have its market price locked because of the amortization scheme that makes it almost immune from market situation.

Before the four open-ended fund, the entity that incorporated 2004 is eyeing IDR500 billion from three new capital protected fund namely Mandiri Protected Smart 6, Smart 7, and Smart 8.

The company also seeks investors from Australia by embrace AFM Investment Partners as client early this month. The fresh fund that targeted from the new market is IDR1.7 trillion in the next 12 months.

The expansion widened from previously tap Singapore market by selling its money market fund, Mandiri Pasar Uang, by gathered support from Swiss-based financial institution Julius Baer.

KFC Indonesia set 9.5% bond's coupon

2011-10-01T00:58:00.005+07:00

Irvin Avriano A.

KFC Indonesia set 9.5% bond's coupon

JAKARTA: PT Fast Food Indonesia Tbk, holder of Kentucky Fried Chicken restaurant franchise brand in Indonesia, set their 5 years I/2011 bond coupon on 9.5% level per annum.

The decision is shows in Indonesia Central Securities Depository (PT Kustodian Sentral Efek Indonesia/KSEI) website today. The IDR200 billion bond issuance is helped by PT OSK Nusadana Securities Indonesia as underwriters.

The fund gathered from very first time bond issuance, which will mature in October 6th 2016, would be use by the company to expand on its restaurants' numbers, to build an extend warehouses, and to renovate its existing branches.

The company, listed in the stock exchange as FAST coded, was controlled by Gelael family.

KFC is a brand name for fried chicken restaurants in USA. The company is based in Louisville, Kentucky, and founded by Colonel Harland Sanders in 1952, though his idea of the fried chicken already began in 1930.

Sanders created fried chicken Original Recipe in 1940 with pressure fryer rather than deep frying method to reduce cooking time. They claim have 5,200 outlet in US and 15,000 in other countries.

Sinarmas' Chipdeco issue $15 mio MTN

2011-09-30T23:48:00.003+07:00

Irvin Avriano A.

Sinarmas' Chipdeco issue $15 mio MTN

JAKARTA: Another Sinarmas Forestry company, PT Chipdeco Inti Utama, issue US dollar denominated 5 years medium term notes (MTN) worth $15 million.

The issuance published in the Indonesia Central Securities Depository (PT Kustodian Sentral Efek Indonesia/KSEI) website in September 8th. Based on the data, the company charged interest coupon 6% per annum.

The coupon should be paid on September 9th and every next three months. The issuance was helped by PT Indo Premier Securities as arranger.

Based on several websites, the company was foothold in Jl Pangeran Aji Iskandar, Juata Laut, tarakan Utara, East Kalimantan, 77116.

The issuance also cumulate the similar issuance by another Sinar Mas Group companies, namely PT Bumi Persada Permai and PT Sarana Bina Semesta Alam.

Sarana Bina Semesta Alam already MTN/2011 I & II series worth US$10 mio and III series US$15 mio which all of it will mature on Agustus 3rd 2016.

The company, commandeered by Stevanus Najoan, incorporated in 2007 and exported its first products to Haynan, China, on Juli 2009.

The Serpong-based company have akasia wood factory mills in Dusun Tanjung Karas, Kecamatan Muara Kaman, Kutai Kartanegara, Kalimantan, with strong support from its group in Sinarmas Forestry.

In the other side, Bumi Persada Permai issue MTN I and II series earlier worth total US$20 mio. The company was member of Sinarmas Group which focussed on developing industrial forest (hutan tanaman industri/HTI).

All of the company use the same arranger, burdened with same arranger, and matured in the same date.

Atlas IPO 25%. What story behind Hanson Energy?

2011-09-28T21:48:00.006+07:00

Irvin Avriano A.

Atlas IPO 25%. What story behind Hanson Energy?

JAKARTA: PT Atlas Resources Tbk plan to loads 25% of their new shares to investors in the capital market related to their IPO, with funds tergeted above IDR2 trillion. But there is an interesting name behind, PT Hanson Energy, which ring something behind the head. What is the Hanson Energy relation to Atlas Resources?

As we -as public- know, Atlas Resources already appoint two underwriters to handle the 783.33 million new shares issuance, PT Indo Premier Securities and PT UBS Securities Indonesia. When we still assumed the fund will raised IDR2 trio, nontheless the price per share couldn't be under IDR2,553 per shares.

Despite only eyeing local investors, the future shares emitter also intend to gather institutional global investors, especially from US, as much as 4.96% portion. To offer the private placement, the company need to comply to 144a rules.

The company commandeered by Abdi Andre already held a mini expose in front of stock market authority management (Indonesia Stock Exchange/Bursa Efek Indonesia) in the late June and will listed their shares on Oktober 31th.

Rights now, the company owns 18 direct and indirect subsidiaries which operated thermal and metallurgy coal mines in Papua, Berau, West Kutai, and South Sumatra.

In South Sumatra, the company owns two activity hub, which is hub Muba in Musi Rawas-Musi Banyuasin and hub Oku in Oku District (Kabupaten Oku).

The company's mine which already operates are PT Berau Bara Energy, PT Diva Kencana Borneo, and PT Hanson Energy Martapura.

Berau Bara Energy is the first mine that already have 335,702 tonnes output since 2008 and much improving to 1.06 million tonnes in 2009, and also become 1.25 million tonnes last year.

Diva Kencana Borneo already have output in several months last year, as much as 64,532 tonnes, and grow to 78,720 tonnes only since this early year to April. Hanson Energy have already began their production 18,782 tonnes until April.

Based on Runge and Britmindo report, displays in the company's IPO prospectus, Atlas' reserve reached 83.5 million tonnes which include of proven reserve 76.3 mio tonnes and probable reserve 7.2 mio tonnes.

Nonetheless, the value of coal resources calculated 330.7 mio tonnes which came from measurable resources 136.2 mio tonnes, designated resources 49.7 mio tonnes, and their inferred resources 144.8 mio tonnes.

Since 2008 Atlas Resources, which incorporated as PT Energi Kaltim Persada back in 2007, already use funds worth IDR221.74 billion for their capital expenditure.

In the end of March, the company acquired PT Optima Persada Energi, a holding company from seven subsidiaries namely Diva Kencana Borneo, PT Banyan Koalindo Lestari, PT Cipta Wanadana, PT Karya Manunggal, Hanson Energy, PT Sriwijaya Bara Logistic, and PT Musi Mitra Jaya.

Atlas already acquired 50.3% PT Optima Coal's shares which is holding company for PT Anugrah Energi, together in the end of March.

Not only right there, the company's expansion will widened to majority stakes acquisition for PT Karya Borneo Agung and PT Bara Karya Agung. The plan is started with signing of conditional sales purchase agreement (CSPA) on April 27th through Optima Persada Energi.

The assignment will takes time until the next 12 months and already been started with purchasing 20% shares of the two targeted companies.

It is quite interesting because there are a name that familiar to capital market participant, Hanson Energy. Hanson Energy's minority shares, as much as 10%, used to be owned by PT Hanson International, back in 2008.

Hanson International also show interest to add their capital and boosted their shareholder portion in Hanson Energy because of great potential they have, even they intend to sell their core business, textile and garment, and shift their main business to coal segment.

The plan was to buy Hanson Energy's shares from Optima Persada Energi in October 2007. Hanson International now commandeered by R Agus Santosa, with assistance from Inggrid Suria and Irwan Suria as other directors.

Surprisingly, Hanson International feel the stakes wouldn't give profit to them and then decide to sell 10% of the stake, showed in 2010 financial statement. Of course, the selling transaction planned to happen between Hanson International and Optima Persada Energi and PT Dika Karya Lintas Nusa, the owner of 77.5% and 12.5% of Hanson Energy's shares.

Even after Hanson Energy -led by Harus Setiawan Boedi- already pocketed contract from State Electricity Company (PT PLN) to supply coal for its six future power plants back in 2008.

The Hanson Energy selling transaction was not recorded directly and in detailed in the Hanson International's 1H2011 financial statement.

Surprisingly, but also unfortunately for Hanson International, Hanson Energy start to operate early this year and give a bit and fair revenue for Atlas Resources, for sure through Optima Persada Energi.

The company's April financial statement showed they have IDR835.27 bio liabilities and IDR534.157 bio equity. The two of the account formed debt to equity ratio (DER) 1.56 times.

The company's balanced sheet also displays their revenue reach IDR303.5 bio with attributed net profit IDR33.51 bio, which formed its net profit margin to 11.04%.

Along with the first semester, the company's revenue booked IDR401.51 bio with attributed net profit IDR45.96 bio, which formed net profit margin 11.44%.

Churchill Mining filed appeal to Supreme Court

2011-09-28T02:22:00.009+07:00

Irvin Avriano A.

Churchill Mining filed appeal to Supreme Court

JAKARTA: Churchill Mining Plc, London-based mining company, filed another third appeal to Supreme Court of Indonesia (Mahkamah Agung/MA) to overturn the decision of revoked licence in one of the company's main coal project in Kutai Timur.

The appeal addressed to withdraw of previous two appeal-result decision, both in Administrative High Court in Jakarta (Pengadilan Tinggi PTUN) and Administrative Tribunal (Pengadilan Tata Usaha Negara/PTUN) in Samarinda, East Kalimantan.

Based on the decision showed in Churchill's website on Monday, the appeal in the two administrative court was an effort to break the decision of the regent official (Bupati) for revoking mining license for four Churchill's mines in East Kutai Project last year.

The filing was a follow for their previous decision to take an appeal to the Supreme Court which already decided in September 15th. In the announcement, the company also stated still well funded with US$19.7 mio in cash, or equal to IDR176.8 billion, to funding the "appeal project". The amount is larger than the US$11.9 mio cash that been stated on its 2010 financial report page 3.

The financial statement also show the case was suspected irregularities by Churchill because there is a report by State Financial Audit Body (Badan Pemeriksa Keuangan/BPK) which show the licensed mining area overlapped with a licence issued to the Nusantara Group on February 18th.

Based on news in several websites, there are two Nusantara Group mentioned. One is agent brand holder for BMW which led by Joe Surya, and the other is abbreviation for Nusantara Energy Group owned by former Indonesia Elite Forces Commando (Komando Pasukan Khusus/Kopassus) Prabowo Subianto.

In the East Kutai Project, Churchill have 75% stake in PT Ridlatama Tambang together with their local partner Ridlatama Group. Ridlatama Tambang owns most of the concession in the East Kutai Project.

The four mining license revoked by the regent official last year and both the company and Ridlatama Group already sent objections September last year because assess the judgement have wrong administrative protocol in the revocation.

Nonetheless, PTUN Samarinda rejected such claims because assess the regent official revocation not violate any administrative rules. PTUN Samarinda based its decision to the Ministry of Forestry letter to Kutai Timur regent official dated on April 2010 which recommended the license revocation after received report from local community.

People around the mining already decided that the company's mining activity already caused damage to the forest area. The same decision also set by PTUN Jakarta early this month.

In other side, Churchill already sue Ridlatama Group in Tangerang High Court after considered negligent in the investment agreement between two entities, which indicates the joint venture broke out.

After that, Churchill later gain support from Rachmat Gobel and Fara Luwia which buy 16.5% stake on the company through PT Gobel International in May and also being setup as non-executive directors.

Beside East Kutai Project, Churchill also have part in Sendawar Coal and Methane Bed in East Kaalimantan which not operated yet, and Spitfire Resources, The South Woodie Woodie manganese project in Australia.

Churchill's shares is listed in London Stock Exchange and coded CHL. The company commandeered by David F Quinlivan. Based on its website, Churchill's the significant shareholder consist of Vidacos Nominees Ltd 26.04%, GL Global Investment Ltd 16.00%, and Indo Setubara Ltd 12%.

Snapshot about Prabowo

Prabowo is a strong figure person both in social, politics, and also in business. He also acted as Chairman of Supervisory Board for Gerindra Party and previously have close relation either to national financial figure Soemitro Djojohadikoesoemo (as son) and former Indonesia president Soeharto, as former son in law.

Nusantara Energy conclude segments in oil & gas, mining, plantation, forestry, and pulp & paper which founded by Prabowo together with Johan Teguh Sugianto, and Widjono Hardjanto. The business group claimed already have 10,000 employees and US$10 bio assets.

In paper industry, the group owns PT Kiani Kertas and PT Kiani Lestari, while in plantation and palm oil they have PT Tidar Kerinci Agung.

One of Nusantara Energy's subsidiary is PT Nusantara Energindo Coal, which a holding company for at least seven subsidiaries which claimed to own mining concession in 60,000 hectares areas and 6 billion tonnes of reserves.

The subsidiaries names includes PT Nusantara Kaltim Coal, PT Erabara Persada Nusantara, PT Nusantara Wahau Coal, PT Batubara Nusantara Coal, PT Kaltim Nusantara Coal, PT Nusantara Santan Coal, and PT Nusantara Berau Coal. Nusantara Berau Coal already have output and exported to China 20,000 metric tonnes per month since May 2005.

Panin Financial to rights issue IDR499.25 bio

2011-09-28T01:39:00.007+07:00

Irvin Avriano A.

Panin Financial to rights issue IDR499.25 bio

JAKARTA: PT Panin Financial Tbk, a business and management consultant company from Panin Group, disclose its VII/2011 rights issue plan with fund targets IDR499.25 billion and IDR998.5 bio if added with its warrants.

The matter was conclude in its information disclosure published in newspaper today. The company that led by Fadjar Gunawan is intend to dispose 3.99 bio new shares with nominal and offered price IDR125.

The company also intend to issue the same amount of warrant with executing price IDR130 for the investor who take the rights to buy the new shares.

The investors who don't want to execute the rights will have his shareholders' portion diluted 14.25% after the rights issue done or 24.94% after the warrants already hit by the investors in November 2014.

Acted as stand-buy buyer is ultimate shareholder PT Panin Insurance Tbk, one of many insurance company controlled by Mu'min Ali Gunawan.

As much as 60% of the fresh fund will be used by Panin Financial to buy PT Bank Pan Indonesia Tbk (Bank Panin) stakes from PT Panin Life, while the rest is allocated to inject capital for Panin Life.

Beside Panin Financial, the other Panin Group member namely PT Clipan Finance Indonesia Tbk and PT Asuransi Multi Artha Guna Tbk is in stages for corporate action, also for rights issue with fund targets IDR468.59 bio and IDR215.49 bio, respectively.

Early this year, the financial institution group also intend to held initial public offering (IPO) for one of its member, Panin Life. Panin Life used to be namely PT Panin Anugrah Life, which incorporated in 1991 with name PT Aspac Life Insurance.

Panin Financial, which shares coded PNLF in the stock market, used to be named PT Panin Life Tbk and have its insurance asset restructured into Panin Life and release its insurance permit from the financial institution supervisory.

Mandiri Investasi launch four new mutual fund

2011-09-27T23:49:00.006+07:00

Irvin Avriano A.

Mandiri Investasi launch four new mutual fund

JAKARTA: PT Mandiri Manajemen Investasi will launch four new mutual funds. The funds that already pocketed effective statement namely Mandiri Saham Atraktif, Mandiri Saham Syariah Atraktif, Mandiri Komoditas Syariah Plus, and Mandiri Berimbang Syariah Aktif.

The matter showed in Indonesia Central Securities Depository (PT Kustodian Sentral Efek Indonesia/KSEI) website in September 15th and 16th.

The announcement related to international securities identification number (ISIN) code given to the every new securities that already obtain effective statement from Capital Market and Financial Institution Supervisory Agency (Bapepam-LK).

At this time, Mandiri Investasi already have the only one conventional balanced fund namely Mandiri Investa Aktif and one shari'a balanced fund, Mandiri Investa Syariah Berimbang.

In equity fund type, the company commandeered by Abiprayadi Riyanto already manage Mandiri Investa Atraktif, Mandiri Investa UGM, and Mandiri Investa Ekuitas Dinamis, while the equity shari'a fund is Mandiri Investa Atraktif Syariah.

Previously, the entity that incorporated 2004 is eyeing IDR500 billion from three new capital protected fund namely Mandiri Protected Smart 6, Smart 7, and Smart 8.

The expansion widened from previously tap Singapore market by selling its money market fund, Mandiri Pasar Uang, by gathered support from Swiss-based financial institution Julius Baer.

Mansek's Kartika moved to IIF

2011-09-26T10:40:00.002+07:00

BI/market

26/9/2011

Irvin Avriano A.

Bisnis Indonesia

Mansek's Kartika moved to IIF

JAKARTA: One of PT Mandiri Sekuritas (Mansek) director, Kartika Wirjoatmodjo, move to PT Indonesia Infrastructure Fund (IIF) and become the president director of the SOE finance company.

His position will replace by former PT RBS Asia Securities Indonesia president director Laksono Boyke Widodo.

One executives who know the matter said Kartika resignation from Mansek and appointment to become the highest position in IIF already set up on September 5th and will assist the other director in IIF, Bibin Busono, former director of PT Tanah Laut Tbk (formerly PT Indoexchange Tbk).

Bibin already served concurrently as president director after the resignation of the previous official Taswin Zakaria.

When confirmed the issue, Kartika, 38, corrected the information and said his appointment were set up on September 12th. "I hope IIF will be able to fulfill needs from infrastructure sector and can raise fund from investors to the sector," said him.

IIF is a finance company which focussed on developing infrastructure sector. The main business from the subsidiary of PT Sarana Multi Infrastructure (SMI) is to attract potential investors, both from foreign or locals, and also made the infrastructure project bank-able.

SMI, led by Emma Sri Martini, is a state owned enterprise which mandated as a catalyst to accelerate the infrastructure development in Indonesia, hence to promote public-private partnership (PPP) in financing various infrastructure projects.

One of capital market participant said Kartiko's abandoned position in Mansek will be filled by Laksono Widodo, former RBS Asia Securities president director. RBS Asia Securities is HG-coded member of Indonesia Stock Exchange (IDX/Bursa Efek Indonesia).

Based on Laksono Widodo LinkedIn profile, right now he serves as head of equity in Mansek, the CC-coded securities company. Besides Kartika, the company already have Harry M. Supoyo as president director and Iman S. Rachman as managing director.

Mandiri Sekuritas is subsidiary to state controlled listed bank, PT Bank Mandiri Tbk. The securities company own one subsidiary which focussed on investment management business namely PT Mandiri Manajemen Investasi, commandeered by Abiprayadi Riyanto.

Kartika, which nicknamed Tiko, appointed as managing director of Mansek back in 2008. Based on his profile in the Mansek's website, previously Kartika serve as senior vice president/group head strategy & performance group at Bank Mandiri up to 2008.

Before that, he act as senior consultant at Boston Consulting Group (BCG), a global management consulting firm and the world's leading advisor on business strategy, in 2001--2003 period.

He also served as senior consultant for financial advisory services at public accountant PriceWaterhouseCoopers from 1998 to 1999, and credit analyst at PT Bank Mizuho Indonesia (formerly Industrial Bank of Japan) in 1996--1998.

He pocketed a Master’s degree in Business/General Management from Rotterdam School of Management, Erasmus University, Rotterdam, the Netherlands, and a Bachelor’s degree in Accounting from the University of Indonesia, Jakarta.

#image credit to: http://www.kabarbisnis.com/photo/281119

BNIS Proteksi XXIV launched

2011-09-25T23:53:00.005+07:00

BI/market

23/9/2011

Irvin Avriano A.

Bisnis Indonesia

BNIS Proteksi XXIV launched

JAKARTA: PT BNI Asset Management's new protected fund, BNIS Proteksi XXIV, is obtain effective statement from Capital Market and Financial Institution Supervisory Agency (Badan Pengawas Pasar Modal dan Lembaga Keuangan/Bapepam-LK) and ready to offer.

The matter was showed in Indonesia Central Securities Depository (PT Kustodian Sentral Efek Indonesia/KSEI) official website, one of three back office self regulatory organization in the capital market.

In the website, the protected fund is given international securities identification number (ISIN code). Hence, every new securities that obtain ISIN should have pocketed effective statement from Bapepam-LK.

The same data reveals that the indirect subsidiary of the state controlled PT Bank Negara Indonesia Tbk (BNI) using service from PT Bank DBS Indonesia as the custody.

Such product also have a wide interest from potential investors because its offers alomost-fix return per annum that is caused by fixed income coupon from its bond's interest.

Danamon change directors

2011-09-25T05:09:00.007+07:00

Irvin Avriano A.

Danamon change directors

JAKARTA: PT Bank Danamon Indonesia Tbk, a listed private bank owned by Singapore-based Temasek Holdings, intend to change their board of director.

The matter was concluded from the company's announcement in Indonesia Central Securities Depository (PT Kustodian Sentral Efek Indonesia/KSEI) website in this weekend. The announcement related to extraordinary general meeting of shareholder (EGM/RUPLB) agenda.

The company, led by Ho Hon Cheong, intend to held EGM on October 27th. Their shares are coded BDMN in the stock market.

Temasek, Singapore government investment company, owns Bank Danamon through Asia Financial Indonesia Private Limited with ownership of 67.37%. The other shareholders consist of JPMCB-Franklin Templeton Investment Funds 5.75%, Ho Hon Cheong 0.02%, Herry Hykmanto 0.01%, Vera Eve Lim 0.06%, Fransiska Oei Lan Siem 0.01%, and Michellina Laksmi Triwardhanny 0.01%.

The others are Khoe Minhari Handikusuma 0.01%, Ng Kee Choe 0.001%, Muliadi Rahardja 0.07%, Ali Rukmijah 0.06%, Kanchan Keshav Nijasure 0.01%, Pradip Chhadva 0.01%, Satinder Pal Singh Ahluwalia 0.01%, and public 26.88%.

The company owns three non-bank finance company namely motorcycle-car finance listed company PT Adira Dinamika Multi Finance Tbk, electronic-computer-furniture finance company PT Adira Quantum Multifinance, and insurance company PT Asuransi Adira Dinamika.

UBS' Grübel resign after $2 bio scandal

2011-09-25T04:24:00.006+07:00

Irvin Avriano A.

UBS' Grübel resign after $2 bio scandal

JAKARTA: UBS AG CEO Oswald J. Grübel resign from the biggest global financial service company after unauthorized trading scandal.

The matter was shown in the official letter from UBS' media release on yesterday afternoon. After the resignation, the board of UBS asked Sergio P. Ermotti to take up the CEO position on an interim basis while the appointment will take effect immidiately.

"The Board regrets Oswald Grübel's decision. Oswald Grübel feels that it is his duty to assume responsibility for the recent unauthorized trading incident. It is testimony to his uncompromising principles and integrity," said UBS Chairman Kaspar Villiger in the release.

He admit that during his tenure, Grübel already achieved an impressive turnaround and strengthened UBS fundamentally. According to Villiger, Grübel already helped make UBS one of the world’s best capitalized banks.

Grübel, who formerly ran Credit Suisse AG, was brought out of retirement by UBS in February 2009 to take over from his predecessor Marcel Rohner after the company posted the biggest annual loss in Swiss corporate history.

A former bond trader, Grübel doubled profit at Credit Suisse, the Switzerland second biggest bank, between 2004 and 2006. Grübel, 67, and Carsten Kengeter, 44, who runs the investment bank, have been trying to revive earnings at the division for two years.

Both executives hired more than 1,700 people across the investment bank and brought in new business heads to replace those that left or were fired. They’ve also increased risk- taking to improve earnings opportunities.

The investment bank last had a pretax loss in the third quarter of 2010 when what Grübel called “very low levels of client activity” and a charge related to the bank’s own debt hurt revenue at the division.

Kweku Adoboli, 31, one of UBS employee, arrested by Scotland Yard officer on September 15th. Adoboli’s LinkedIn page lists him as a director in ETF and Delta1 Trading at UBS investment bank in London. He previously held the position of trade support analyst at the investment bank, according to the LinkedIn profile.

Later, a University of Nottingham spokeswoman confirmed that Adoboli graduated from the school in July 2003, earning a degree in Computer Science.

The matter is still under investigation and the “current estimate of the loss on the trades is in the range of US$2 billion,” UBS said in a statement, back in September 15th, the third anniversary of the collapse of Lehman Brothers Holdings Inc. No client positions were affected, the company said.

UBS is owns three main division namely investment bank, asset management, and wealth management. The company's shares listed in Swiss Exchange and New York Stock Exchange, coded UBSN and UBS.

The bank was a merger result from the Switzerland second and third largest bank, Union Bank of Switzerland and Swiss Bank Corporation back in 1997. The merger formed the new company become the second largest bank in the world at the time, just after Bank of Tokyo-Mitsubishi.

In 2000, the company merge with US-based securities and investment management Paine Webber which made their wealth & asset management division carry the name of UBS PaineWebber until 2003.

Karwell sell main asset

2011-09-25T03:56:00.008+07:00

Irvin Avriano A.

Karwell sell main asset

JAKARTA: PT Karwell Indonesia Tbk, an apparel company, intend to sell their main asset which are production machines, land bank, and buildings.

The matter was exposed in their information disclosure to Indonesia Central Securities Depository (PT Kustodian Sentral Efek Indonesia/KSEI) yesterday, related to their extraordinary general meeting of shareholders (EGM/RUPSLB).

The company which commandeered by single-name-only Susanto intend to sell 655 unit machines which located in Kawasan Berikat Nusantara, Tanjung Priok, Jakarta. The others are a land bank with 183,631 square meter area in Desa Gandasari and Cibuntu, Kecamatan Cibitung, Jawa Barat.

The company, which incorporated in February 18th 1978 with name Karwell Indonesia Knitting & Garment Industry, also plan to sell building and land bank in Desa Setiadarma, Tambun, Bekasi, Jawa Barat. To get the shareholders approval, the company intend to held EGM in November 1st.

Indonesia Stock Exhange (IDX/Bursa Efek Indonesia) website data shows the company's shareholders consist of PT Karya Estetikamulia 53.23% and Frans Seda 0.2%. The company's shares is coded KARW in the stock exchange board.

The company have two subsidiaries, a washing clothes (laundry) company PT Karinwashindo Centralgraha and investment company PT Karya Investama Indonesia. The company recorded asset IDR84.32 bio in June 30th, while the income statement always negative in 2011-2010 1st half, IDR12.19 bio and IDR4.31 bio in net loss, respectively.

Prasidha held quasi-reorganization IDR568 bio

2011-09-24T22:27:00.007+07:00

BI/market

23/9/2011

Irvin Avriano A.

Bisnis Indonesia

Prasidha held quasi-reorganization IDR568 bio

JAKARTA: After merge with its two subsidiaries, coffee producer-seller company PT Prasidha Aneka Niaga Tbk intend to held quasi-reorganization to eliminate the IDR568.13 billion deficit balance.

The plan is showed in the company's information disclosure in newspaper today. In the data, company's management commandeered by Jeffry Sanusi Soedargo conclude four main reason which targeted through the corporate action.

There are new fresh start without the deficit, equity structure and its balanced sheet could be valued a fair value, can let the entity provide dividends, also can improving the company investment attractiveness.

The PSDN shares-coded company intend to held extraordinary general meeting of shareholders (EGM/RUPSLB) to ask permission from its shareholders on October 26th.

Previously this year, the company sold one of its subsidiary namely PT Aneka Widya Graha, a real estate company worth IDR94.07 mio. After that, Prasidha merge two of its susidiaries, PT Aneka Sumber Kencana and PT Lampung Sumber Kencana Pelleting Factory.

Prasidha's shareholders consist of Innovest Offshore Ventures Ltd 46.93%, Igianto Joe 18.92%, PT Aneka Bumi Prasidha 9.48%, PT Aneka Agroprasidha 7.91%, Lion Best Holding Limited 7.77% and public 8.99%.

Prasidha Group established back in 1984 by Oesman Soedargo, Mansjur Tandiono, Haji Mahmud Uding, and I Gede Subratha.

Beside Aneka Bumi Kencana, Aneka Sumber Kencana, and Lampung Sumber Kencana, the company owns other subsidiaries. The companies are Bengkulu-based plantation manager PT Indoarabica Mangkuraja, Sidoarjo-based factory PT Aneka Coffee Industry, and Singaraja-based PT Tirtha Harapan Bali.

The company sold Prima-branded coffee which served in three different form: spray dried coffee, agglomerated coffee, and 3 in 1 coffee mix.

The company's shares price stagnant in IDR285 level. The price formed their market capitalization IDR410.4 bio and price to earnings ratio (PER) as much as 15.99 times.

The shares have been suspended by the Indonesia Stock Exchange (IDX/Bursa Efek Indonesia), stock exchange authority, since July 8th until September 12th, caused by the price appreciation around the company's merger corporate action.

Gani Bustan set as KBRI president director

2011-09-24T18:22:00.008+07:00

BI/market

23/9/2011

Irvin Avriano A.

Bisnis Indonesia

Gani Bustan set as KBRI president director

JAKARTA: Gani Bustan officially appointed to be PT Kertas Basuki Rachmat Indonesia Tbk president director, replacing Elia Massa Manik whom move to PT Elnusa Tbk.

The matter is showed in the information disclosure related to the result of Kertas Basuki Rachmat extraordinary general meeting of shareholders (EGM) that published in the newspaper on Friday.

Gani, used to be served as commissioner, will become part of board of director with Theodorus Ito Prawira Jatty.

The EGM also approved a new commissioner namely Ferdy Yustianto, whom will accompanied two other officer namely Anton Hudyana, or Antonius Budi Setiawan Hudyana (as president commissioner), and also Adam Ariaji, the 26 years old commisioner.

Adam served as director of PT Kertas Basuki Rachmat back in 2010, director of PT Indhasana Energy since 2009 until now. He also served as commissioner of PT Sinar Pedoman Abadi since 2008 until today. He was appointed operations manager at PT Tridiantara Alvindo since 2008 until now. In 2005 to 2007 he served as operating officer at Sinar Pedoman Abadi.

Indhasana Energy is an afilliated company to Kertas Basuki Rachmat Indonesia, showed by similarity of names (Kertas Basuki Rachmat Indonesia incorporated late in 1978 with name PT Indhasana). Sinar Pedoman Abadi and Tridiantara Alvindo are former subsidiaries to Kertas Basuki Rachmat Indonesia which sold to PT Sinar Semindo Rezeki (now its called PT Petroneks Energy) in February 2008, together with PT Indhasana Purisejahtera.

Elia already served as Elnusa president directore since July, replacing his predecessor Suharyanto, after the company tripping problems with PT Harvestindo Asset Management and PT Bank Mega Tbk. Gani Bustan also served as commossioner in Elnusa. The matter also showed many similarity and affiliation between the two entities.

Aside to the changing the board agenda, the company also get approval from the shareholders to convert their debt to PT Wahyu Berkat Abadi worth IDR38.74 billion. The debt convertion through non-preemptive rights mechanism.

Kertas Basuki Rachmat Indonesia also have approval to change their statutes to fixed their company foothold in Jakarta Selatan.

Indonesia Stok Exchange (IDX/Bursa Efek Indonesia) data showed Kertas Basuki Rachmat's shareholders consist of AAA-JS Multisectoral Fund 19.68% (controlling shareholder), Riverton Group Holdings Ltd 18.96%, and Suisse Charter Investment Ltd 11.2%.

The others are Wyoming International Ltd 12.51%, Yusuf Ardhi Boediono 5.16%, Adam Ariaji 5.19%, and public 32.49%.

Kertas Basuki Rachmat Indonesia is a paper producer company that already get into restructuring period last mid-year when the emitter led by former Head of National Bank Restructuring Agency (BPPN) Glen Mohamad Surya Yusuf and with Anton Hudyana, both are wide-experiences-executive to handle any company's restructuring.

The company already one of their subsiaries early last year, PT Kertas Blabak, Magelang-based paper company, to PT Satya Mitra Mandiri.

The emitters shares which coded KBRI closed appreciated IDR2 or 3.92% to IDR53 in yesterday stock market. The price formed its market capitalization to IDR419.4 billion and price to earnings ratio (PER) 0.34 times.

Schroder Dana Campuran Progresif launched

2011-09-23T01:31:00.003+07:00

BI/market

22/9/2011

Irvin Avriano A.

Bisnis Indonesia

Schroder Dana Campuran Progresif launched

JAKARTA: PT Schroder Investment Management Indonesia, the biggest fund manager by managed-asset, issues a new balanced fund namely Schroder Dana Campuran Progresif.

The matter was shown in PT Kustodian Sentral Efek Indonesia's (KSEI) data today, which also give notice that Citibank will act as custody for the new product. But the data show no other details about the product.

Balanced fund is a mutual fund which using capital market securities, both equity and fixed income, as its underlying assets. This asset compilation and combination give the product more flexibility on deciding investment policy, compared to equity fund and fixed income fund.

As of August, Schroder Indonesia managed IDR59.9 trillion of asset, consisting of ordinary mutual fund and private equity fund.

The investment management company commandeered by Michael Tjandra Tjoajadi seeks IDR1 trillion of fresh fund for the next three years for every new fixed income fund it release. Such target is common among the company. Meanwhile, new equity fund is targeted to rise bigger amount, by IDR3 trillion in 3 years.

KSEI data, released this week, shows the 1997-licensed investment management has launched two new fixed income fund, namely Schroder Dana Prestasi Dinamis and Schroder Dana Obligasi Mantap. Citibank serves as the custody for both products.

Schroder Indonesia is affiliated at once subsidiary to Schroders Plc, a global asset management group that managed asset through equity, fixed income, and even venture capital. The parent company's shares listed in London and coded SDR.

Buana secure IDR100 bio loan from Panin

2011-09-19T10:23:00.004+07:00

BI/market

16/9/2011

Irvin Avriano A.

Bisnis Indonesia

Buana secure IDR100 bio loan from Panin

JAKARTA: PT Buana Finance Tbk, multifinance listed company which owned by PT Sari Dasa Karsa (SDK), secure IDR100 bio credit facility from PT Bank Pan Indonesia Tbk (Bank Panin).

"It have 36 month tenure and guaranteed by the company's receivables worth 110% from the credit principal," said Buana Finance President Director Soetadi Limin in his company's information disclosure to Indonesia Stock Exchange (IDX/Bursa Efek Indonesia).

Hence, the BBLD coded shares company didn't explain the interest cost from the already obtained credit facility.

SDK, used to be PT Bank UOB Buana Indonesia ultimate shareholder, control 67.6% Buana Finance's shares. The other shareholders are PT Asuransi Bina Dana Artha Tbk with 8.05% voting power and public 24.35%.

In the mid year, the listed company booked IDR45.06 bio net profit, rose 108.45% from IDR21.61 bio in the same periode on 2010.

Medali 2 seeks IDR100bio in year end

2011-09-17T10:10:00.004+07:00

BI/market

15/9/2011

Irvin Avriano A.

Bisnis Indonesia

Medali 2 seeks IDR100bio in year end

JAKARTA: Reksa dana Mega Dana Obligasi Dua, a fixed income mutual fund which managed by PT Mega Capital Investama, seeks total asset under management until IDR100 billion until this end of the year.

Mega Capital Investama Associate Director Grace Wiragesang said the fund which nicknamed as Medali 2 have a uniqueness caused by return growth that reached 15.3% in the last 12 months.

"Since we've been spin-off, Medali 2 was enhanced, proofed by performance showed until September 12th 2011, the last 30 days reach 4.26% and 15.3% in the last year," said her to Bisnis.

The spin-off she mentioned is the divestment of fund management division from stock exchange member securities company PT Mega Capital Indonesia in May 6th to form a new entity that incorporated as her new office. The bond-based fund is launched on June 4th four years ago since the fund managers still controlled under Mega Capital Indonesia.

The majority portfolio of the fund consist of 42% government bond (surat utang negara/SUN), 58% corporate bond, and the rest is money market instruments.

The subscription can be start at low fares, begin on IDR500.000 with minimum next subscription IDR100.000.

Delta Dunia new corsec passed away

2011-09-17T09:36:00.002+07:00

‎BI/market

14/9/2011

Irvin Avriano A.

Bisnis Indonesia

Gamala, Delta Dunia new corsec passed away

JAKARTA: Gamala Virasa Katoppo, 42, a new corporate secretary of coal mining contractor PT Delta Dunia Makmur Tbk, passed away on Tuesday afternoon on assumed-heart burn.

His body have stayed on the grief house in Jl Kemang Timur 4W Jakarta Selatan and cremated this Friday in Oasis, Tangerang.

Yura Katoppo, eldest brother of Gamala, said the departed was found unconscious at his house between 13.00--17.00 after he was checked by SOS Medika Hospital, Cipete, South Jakarta, in the late morning at 01.00 because a heart burn suspicion.

"His conditions get better and the hospital allowed him to return home, but still he absent from work to get rest. He rest at his room in 13.00 until 17.00 until the maid found him already gone, so no one know exact time he passed away," said the brother to Bisnis in the grief house, in Wednesday.

Gamala is the youngest of three from Katoppo brothers. The departed, whose nickname was Wira and left his only lovely wife, is the younger brother of Baraditta Katoppo, PT Fitch Ratings Indonesia President Director.

Gamala assisted as the most diligent work-out among his brothers for go to gym, jogging, and not smoking, thus makes some of the mournersb surprized about the lost.

Gamala has just officially appointed as corporate secretary of Delta Dunia last week, replacing his predecessor Andre Soelistiyanto who will handle corporate finance task at the company which controlled by TPG Capital (Texas Pacific Group), China Investment Corporation, Government of Singapore's Investment Corporation, and Northstar Pacific.

Delta Dunia, shares emitters which coded DOID, is a holding company of mining and coal service entity PT Bukit Mutiara, led by Hagianto Kumala.

Previously, he acted as corporate secretary in construction engineering company PT Truba Alam Manunggal Tbk which shares coded TRUB.

Wira also have been appoint as oil & gas service company PT Medco Energi Internasional Tbk corporate research & information officer which shares coded MEDC.

Truba Alam Manunggal, commadeered by Sidarta Sidik as president director and Richard Harjani as president commissioner, is one of construction company whose initiating power plant project in Indonesia in 2000s, far from the government's electricity project couple of years.

Altus-Chandra Petrochemical buyback bond US$7.9 mio

2011-09-16T16:27:00.004+07:00

BI/market

16/9/2011

Irvin Avriano A.

Bisnis Indonesia

Altus-Chandra Petrochemical buyback bond US$7.9 mio

JAKARTA: Altus Capital Pte Ltd, subsidiary of stock emitters PT Chandra Asri Petrochemical Tbk, buyback some of its existing US dollar denominated bond worth US$7.9 million or equal to IDR69.64 billion.

"The aggregate principal amount of the notes remaining outstanding following the cancellation of the purchased notes would be US$214.78 mio," said the management in the Altus Capital information disclosure to the Singapore Stock Exchange today.

The corporate action also caused the already bought notes won't be recorded in the bourse. The whole notes is guaranteed by Chandra Asri Petrochemical and two of their subsidary, namely PT Styrindo Mono Indonesia and PT Petrokimia Butadiene Indonesia. The three companies are members to business group owned by Prajogo Pangestu.

Chandra Asri Petrochemical issue the notes through its subsidiary Altus Capital on February 10th 2010 with principal US$230 mio and will be matured on February 10th 2015.

The notes is sold on 97.94% level from the principal and burdened with 12.875% coupon p.a. which will be paid every Februari and August 10th. The effective coupon is settled on 14.81% level.

The fund obtain by the bond issuance will be utilized by the company to paid off some of its bank loan and other Chandra Petrochemical's long-tenured debt. In the time when the bond issued, its gathered B+ rating from Standard & Poor's Rating Services and B2 from Moody's Investors Service Inc.

Prajogo Pangestu business group holding company namely PT Barito Pacific Tbk owned 66.47% Chandra Petrochemical shares, in their 1Q2011 financial statement.

The rest of the shares owned by Appleton Investment 22.87%, Marigold Resource 5.52%, Prajogo Pangestu 0.95%, Ibrahim Risjad 0.45%, Henry Halim 0.06%, Erwin Ciputra 0.01%, and public 5.14%.

Chandra Petrochemical is a result from PT Tri Polyta Indonesia Tbk and PT Chandra Asri merging action last year. Chandra Petrochemical have three subsidiary namely Styrindo Mono Indonesia, Petrokimia Butadiene Indonesia, and Altus Capital.

Chandra Petrochemical, which shares coded TPIA, plan to issue new shares in rights issue process worth IDR1.9 trio--3.6 trio in this mid-year. But caused by market condition which judged less conductive, the plan was hold by the management which commandeered by Erwin Ciputra.

Truba's Gamala move to Delta Dunia

2011-09-05T08:50:00.009+07:00

BI/market

5/8/2011

Irvin Avriano A.

Bisnis Indonesia

Truba's Gamala move to Delta Dunia

JAKARTA: Gamala Virasa Katoppo, former corporate secretary engineering-construction listed company PT Truba Alam Manunggal Tbk, will join PT Delta Dunia Makmur Tbk as corporate secretary.

The matter was explained by Gamala himself, confirming the Truba announcement in the newspaper this morning that shows his ex-corporate secretary position will be filled by Kristono Wardhana.

The announcement is held to comply the rule of Badan Pengawas Pasar Modal dan Lembaga Keuangan (Bapepam-LK/Capital Market and Financial Institution Supervisory Agency) No.IX.I.4 about The Forming of Corporate Secretary.

“I will be in Delta Dunia, the announcement will be delivered later, the position still the same as corporate secretary,” said him when called to his cellphone this morning.

Delta Dunia, which shares coded DOID, is a listed company that also acted as a holding company to an open-cut coal mining services to coal producers in Indonesia. The stock emitters is commandeered by Hagianto Kumala.

Formerly, Gamala is a Corporate Research & Information officer in PT Medco Energi Internasional Tbk, an oil and gas service provider listed company which shares coded MEDC.

Truba Alam Manunggal, led by Sidarta Sidik as president director and Richard Harjani as the president commissioner, booked net profit IDR1.77 bio in 1stQ/2011, supported by other revenue. The profit is turned from net loss IDR14.4 bio in the first 3 month last year.

The TRUB shares-coded company asset is recorded IDR6.17 trio on the end of March, declining 3.59% from 1stQ/2010.

Truba sharesowner in first quarter consist of PT Mandala Kapital 27.97%, Indo Infrastructure Group Pte Ltd 9.52%, PT Alam Manunggal sebesar 10.21%, and public 52.3%.

Photo credit to:

http://listrikindonesia.com/truba_alam_manunggal_engineering_tbk___kuasai_konstruksi_pembangkit_13.htm

Myoh announced IDR529 bio backdoor listing

2011-08-27T16:48:00.005+07:00

BI/market

26/8/2011

Irvin Avriano A.

Bisnis Indonesia

Myoh announced IDR529 bio backdoor listing

JAKARTA: Hotels and restaurant software developer listed company PT Myoh Technology Tbk announced their plan to listing a company in the capital market without initial public offering (backdoor listing scheme) for their acquiring target namely PT Sims Jaya Kaltim.

In the prospectus of such corporate action, the scheme will use rights issue action that will disburse 1.26 bio new shares with nominal value IDR200 and execute price IDRR420 with total worth IDR529.51 bio.

The Dedet Yandrinal commandeered company also offered their investors to swap their preemptive rights (hak memesan efek terlebih dahulu/HMETD) into their 1 new shares.

Myoh also already picked Samtan Co Ltd as standby buyer for every rights which haven't executed by their investors, that will makes the passive investors will have their shares ownership portion diluted 85.71%. Samtan also majority shareholder of Sims Jaya Kaltim with ownership 98%.

As much as 97.45% rights issue's fund will used for acquiring 99.99% Sims Jaya Kaltim's shares, 2.31% for working capital modal kerja, and the rest is for corporate action's participants fee.

The emitters also announced Sims acquisition price as much as US$60 million, or equals to IDR516 bio asuming US$1 equals to IDR8,600. Myoh will buy 99.99% Sims's shares which owned by two parties, namely Samtan and the other owners of Sims, namely Samtan USA Inc (formerly Samchully USA Inc) which have a 2% stake in the mining company.

The value which claimed already reach a deal in the stock sales agreement (perjanjian pengikatan jual saham/PPJB) on August 26th is lower than fair value which have been judged by Independent Public Appraisal (Kantor Jasa Penilai Publik) Ruky, Sridhar, & Rekan worth US$68.44 mio or equal to IDR584.33 bio.

Myoh also intend to sell all of their backbone asset, namely software developing for hotels and restaurants industry worth IDR1.5 bio to PT Pyxis Ultimate Solutions. Pyxis has just been formed in June 24th which each of 50% of their ownership controlled by Ganiadi Gunawan and David Jakubus Elifasan. Ganiadi and David also served as director and commissioner respectively in Pyxis without any other member of board.

Ganiadi and David Jakubus also still registered as director president commissioner of Myoh, respectively, which established with name PT Myohdotcom back in 2000. In the same data, its never explain in details where Pyxis headquartered even they showed domicile in Malang, East Java.

The data also not showed any fair value made by appraisal for the asset disbursement sale, which have been a backbone for their company in almost the last 10 years.

Sims, Paser-East Kalimantan Timur-based company, booked US$41.17 mio revenue and comprehensive income US$1.7 mio per May.The company which conducted by Choi Hoon also recorded asset US$25.41 mio, divided into US$26.41 mio liabilities and US$16.69 mio equity at the end of May.

Last year, Sims revenue booked US$75.67 mio and US$3.93 mio of comprehensive income, also US$38.95 mio asset. The asset divided into liabilities US$20.95 mio and US$17.99 mio equity.

Sims is a general mining contractor and mining heavy equipment maintenance. Their activity covers mining excavations, mining product transporting, maintenance of heavy equipment, import and investment, and also marketing for mining products both in local and global market.

The MYOH coded shares transaction already monitorized by the authority and categorized as unusual market activity (UMA) for the unfair movement.

Today, their shares strengthened again IDR3 or 3.19% to IDR97 this afternoon. In the last 4 days, their stocks already hikes 94% from IDR50 level on Monday Agustus 22nd.

Previously, their shares haven't been move significantly since December 13th 2007 since this Tuesday, which showed their Malang-based company's illiquid shares.

Their shares last position formed market cap IDR163.06 bio with price to earnings ratio (PER) 444.54 times.

Central Omega will issue IDR1.02 trio rights and warrant

2011-08-27T16:10:00.006+07:00

BI/market

25/8/2011

Irvin Avriano A.

Bisnis Indonesia

Central Omega will issue IDR1.02 trio rights and warrant

JAKARTA: PT Central Omega Resources Tbk, mining listed company that used to be known as multifinance company called PT Duta Kirana Finance Tbk, will issue new securities worth IDR1.02 trillion by issuing a preemptive rights (hak memesan efek terlebih dahulu/HMETD) and warrant as its rights issue I/2011.

Central Omega information disclosure published in newspaper today showed the company, which shares coded as DKFT, will held rights issue worth IDR983.73 bio that will issue as much as 983.73 million new shares which have nominal value IDR500 and with execution price IDR1,000. Every 1 existing shareholder have a rights to keep 9 news shares that will be issued.

The company also will issue 36.42 mio warrant worth IDR45.54 bio as incentive to investors which execute his rights with portion every 27 rights for 1 warrant. As the result from the announcement, today their shares suspended again by the Indonesia Stock Exchange (IDX/Bursa Efek Indonesia) for the second time after August 22nd.

The company will use half of their gathered fund in the rights issue to create a new company that will process their company mining products, especially which came from Central Omega subsidiary.

The rest 30% of the rights issue fund will be used as capital expenditure and the other 20% allocated as working capital.

Acting as the standby buyer in such corporate action is holders of 80% Central Omega shares, namely PT Jinsheng Mining, whose will absord any unexecuted rights.

The absorbing wil diluted portion of shares investors ownership 90% after rights issue has been done and 90,32% after all warrant issued since April 2012 until October 2014.

Those announcement makes the company's shares trading suspended by the stock authority management after the equity appreciated 24.31% or IDR445 to IDR2,275 level on August 24th from IDR1,830 the day before.

The trading suspension has been charged previously on August 22nd because its price already strengthened 209.47% or IDR995 to IDR1,470 on August 19th from IDR475 on August 9th.

The company which commandeered by Kiki Hamidjaja owned manganese, nickel, copper, and coal mining through its two subsidiaries namely PT Mulia Pacific Resources and PT Mega Buana Resources. Both operated in Morowali & Konawe Utara in Sulawesi Tenggara, Halmahera Utara in Maluku Utara, also Amfoang Selatan in NTT.

Mulia Pacific owned five mining 18,784 hectares areas which divided into 12,382 hectares nickel in Halmahera Timur, Petasia in Morowali, Bungku Selatan in Morowali, and 4,402 hectares copper in two location in Halmahera Timur. In Amfoang, Mulia Pacific 2,000 hectares mining areas produce nickel and copper at once.

In other hand, Mega Buana owned two nickel in Morowali with total areas 16,816 hectares namely in Bumi Raya and Lembo.

Besides the two companies, Mega Buana and Mulia Pacific owned 50% shares respectively in PT Bumi Konawe Abadi which based in Ponasia, Kendari, that formed Bumi Konawe as Central Omega's second layer subsidiary with total areas of arable 876.6 hectares.

In the prospectus, the company also report there is reported a repayment of debt which came from factoring action worth IDR13 bio on April 19th. Central Omega also reported nickel sales from its subsidiaries has reached 431,920 metric tonnes worth IDR155 bio until the end of July.

The last shares price position formed it market cap IDR248.67 bio and also formed its price to earnings ratio (PER) 6.51 times.

Myoh shares movement become unusual

2011-08-25T22:59:00.003+07:00

BI/market

25/8/2011
Irvin Avriano A.
Bisnis Indonesia

Myoh shares movement become unusual

JAKARTA: PT Myoh Technology Tbk shares' movement been categorized as unusual market activity (UMA) by the Indonesia Stock Exchange (IDX/Bursa Efek Indonesia) because their strengthening movement judged not fair.

In an official announcement today, IDX President Director Ito Warsito said the bourse authority is look after the company's shares and its trading activities on the MYOH coded-shares.

"Because of it, investors are expected to pay attention to the company's response of information request by the bourse authority," said Ito in an announcement letter that been signed by himself, today.

He also appealed investors to watch every performance announced and to its any disclosure and also reassess every company's corporate action plan, regarded to the have to approved by its shareholders in a extraordinary general meeting of shareholders (EGM).

Ito also said investors also have to reconsider any possibilities that can be arise before taking any investment decision.

The shares price of the company which commandeered by Dedet Yandrinal appreciated again today, continuing the three last days appreciation, after the company announced will changed their primary business into mining and coal mining.

The information technology developer for hotels and restaurant industry raised IDR4 or 4.44% to IDR94 level this afternoon. In the last three days, their shares already strengthened 88% from IDR50 on Monday Agustus 22nd.

Previously, the company's have not move significantly since Desember 13th 2007 until this Tuesday, which shows the Malang-based company's shares is very illiquid.

The share's last position formed its market cap IDR158.01 billion, with price to earnings ratio (PER) 430.8 times.

On Monday's newspaper, the company announced will changed its core business by acquired PT Simss Jaya Kaltim, a mining company that owned by South Korea-based company named Samtan Co Ltd.

Samtan is a holding company to PT Kideco Jaya Agung, a mining contractor company, with 51% ownership together with PT Indika Energy Tbk which have portionof 49%. Simms also a subcontractor for Kideco.

To realized their plan, Myoh also intend to held a reverse stock action to rise up the shares value, and will follow by rights issue to funding the acquisition.

But the company haven't disclose any value for the transaction of such corporate action or the value of Simms. Simms itself recorded capital value US$2 million back in the 2003, a small number.

There most possible action that will held by the company is they will injected by high number capital from a standby buyer, which possibly Samtan that already have stakes on Simms and will buy numbers of Myoh shares these days before the next any announcement, that will formed a backdoor listing scheme.

Multistrada shares decline after offering canceled

2011-08-25T22:05:00.007+07:00

BI/market

25/8/2011
Irvin Avriano A.
Bisnis Indonesia

Multistrada shares decline after offering canceled

JAKARTA: A car, motor, and commercial vehicle tire listed company PT Multistrada Arah Sarana Tbk's stock price corrected IDR10 in the stock market today after their shares offering canceled by the bidders.

Today, their shares decline 1.82% to IDR540 level after the bidding dispersed after South Korea-based Hankook Tire Co, Japan-based Yokohama Tire Corp, and private equity fund TPG Capital (formerly named Texas Pacific Group) can not reach a deal, related to low bid price that only stands on IDR500. The matter was reported bu Bisnis Indonesia newspaper this morning.

The price that been request is far lower than the initial majority shareholder has been expected namely PVP XVIII Pte Ltd and PT Central Sole Agency, at IDR800 level. PVP XVIII are affiliated to Indomobil Group, owned by Salim business family.

The MASA closing shares price position formed its market cap IDR3.3 trio and formed its price to earnings ratio (PER) as much as 15.84 times.

The Achilles, Corsa, and Strada tires producer is commandeered by Pieter Tanuri, whose have been formed up his carrier as director of PT Trimegah Securities Tbk, a listed securities company, and become TRIM coded-shares company president commissioner from 2004 to 2007.

Right now, Tanuri also served as president commissioner in PT Buana Capital, another securities company since 2010 and become member of board of commissioner in PT Philadel Terra Lestari since 1997.

Bumi Resources allocated IDR3.9 trio to buyback

2011-08-24T09:21:00.004+07:00

BI/market
23/8/2011
Irvin Avriano A.
Bisnis Indonesia

Bumi Resources allocated IDR3.9 trio to buyback

JAKARTA: Bakrie Group coal miner giant listed company PT Bumi Resources Tbk allocated IDR3.9 trillion to buy back 780 million shares to lift its earnings per share, return on equity and expand access to finance.

The matter is exposed in the information disclosure yesterday, together with its extraordinary general meeting of shareholders (EGM) on September 26th.

"The funds reserved for shares buy back shares for a maximum period of 18 months since the EGM approval is obtained, is not more than IDR3.9 trillion," said Bumi Resources management led byAri Saptari Hoedaja in its announcement yesterday.

The amount of funds provided also refers to the assumption of a purchase price of IDR5,000 per share. The company, which shares codede BUMI, will execute the repurchase of its shares in public with internal cash funds that are on retained earnings account. Bumi Resources already picks PT Danatama Makmur as the buyback arranger.

Previously, the company plans to hold another EGM to seek approval from the sales of subsidiary shares in mining minerals namely PT Bumi Resources Minerals Tbk. Sales of shares of the holding company of PT Newmont Nusa Tenggara also associated with the master plan of Bumi plc which want to acquire Bumi Minerals from Bumi Resources.

Bumi plc, formerly known as British listed company Vallar plc, will take over Bumi Minerals whose coded BRMS with a convertibel bond scheme.

Adira issue another bond IDR1.5 trio

2011-08-24T09:04:00.003+07:00

BI/market
24/8/2011
Irvin Avriano A.
Bisnis Indonesia

Adira issue another bond IDR1.5 trio

JAKARTA: PT Adira Dinamika Multi Finance Tbk, PT Bank Danamon Indonesia Tbk's subsidiary in financing industry, intend to issue another bond this year with minimum amountIDR1.5 trillion.

Based on a source knowing the matter, the company already picks four lead underwriters to handle the bond issuance. Namely PT CIMB Securities Indonesia, PT Mandiri Sekuritas, PT Standard Chartered Securities Indonesia, and PT Indo Premier Securities.

Adira Finance President Director Stanley Setia Atmadja affirms the info when confirmed yesterday. "We are currently exploring the possibility to issue in 4th quarter," said him.

Adira Finance Director I Made Dewa Susila added the company will use the fund proceeded to this year's financing needs.

The company pocketed AA+ rating from PT Pemeringkat Efek Indonesia (Pefindo), the highest level on the same tier, together with PT BCA Finance, PT Astra Sedaya Finance, and PT Federal International Finance. The company booked IDR3.06 trillion of new financing contracts last month, that claimed as the highest ever in the financing industry.

Myoh into mining and coal sector

2011-08-24T07:15:00.005+07:00

BI/market

23/8/2011
Irvin Avriano A.
Bisnis Indonesia

Myoh into mining and coal sector

JAKARTA: PT Myoh Technology Tbk, a hotel industry's information technology developer listed company, intend to change its main business into mining and coal in a way acquire US$2 million-capitalized PT Sims Jaya Kaltim.

The intention to buy the South Korean-based Samtan Co Ltd subsidiary is showed in the company's information disclosure yesterday. The data also showed Myoh fund to realize the plan is from the rights issue they already planned before.

But the disclosure do not contain any information related to amount of fund which intend to gathered or the acquisition value. Data showed in internet showed Samtan is a shareholder of PT Kideco Jaya Agung with 49% composition, which shared with PT Indika Energy Tbk.

Kideco and Sims official website shows the 2001-founded company have capital US$2 million, or equivalent with IDR17.09 billion, with Samtan ownership 98% and the rest is hold by Samchully USA.

Right now, the company which commandeered by Dedet Yandrinal is in a process tod ask permission for reverse stock action, that will followed by rights issue.

Clipan Finance issue IDR1.08 trio rights and warrants

2011-08-24T06:55:00.005+07:00

BI/market
23/8/2011
Irvin Avriano A.
Bisnis Indonesia

Clipan Finance issue IDR1.08 trio rights and warrants

JAKARTA: PT Clipan Finance Indonesia Tbk, one of the Panin Group multi finance company owned by Mu'min Ali Gunawan, intends to held V/2011 rights issue and issuance of V/2011 warrants with total worth IDR1.08 trillion.

In the company announcement yesterday in the newspaper that shows the company's fund that will gathered on the rights issue and the warrants issuance action will be used for financing working capital.

Rights issue means the issue of new shares with pre-emptive rights, with a total of 1.17 billion new shares coded CFIN with IDR250 nominal and IDR500 price and with a target fund IDR585.74 billion.

Each holder of 20 shares of the company are entitled to nine pre-emptive rights, so that each holder of rights have right to execute a new stock company with rights to execute IDR500.

The second plan is the issuance of 911.15 million warrants with an exercise price IDR550 in the period April 9th, 2012 until October 6th, 2014. In each of the nine pre-emptive rights offering was attached to seven warrants, free of charge for investors who execute his rights in the corporation's actions.

Act as a standby buyer in the corporate actions is PT Evergreen Capital, securities company led by Rudy Utomo as one of the directors. The company also warned investors whose would not execute his rights will diluted the shares ownership composition by 31.03% after the rights execution and diluted 44.44% if the execution of warrants is completed.

However, there is no information that indicated the rights issue plan related to the company's bonds issuance plan worth IDR500 billion in mid-October this year. Issuance of the debt securities was also done in order to increase the company's working capital.

The company, which is engaged in the business for consumer auto financing and leasing heavy equipment, was also mandated Evergreen Capital as an underwriter of the bonds, together with PT Indo Premier Securities.

Evergreen Capital Management had said the planned bond issuance has been submitted to the Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) on August 5th. Clipan Finance and the underwriters also study for the bond's tenure that ranged for 3 tranches, namely 370 days, 24 months, and 36 months.

PT Pemeringkat Efek Indonesia (Pefindo) also said have been assigned A+ rating with stable outlook for the bond issuance plan. Initial bookbuilding is expected to be executed in the third week of September and depending on the initial approval of Bapepam-LK.

BUMI will hand over BRMS

2011-08-12T00:44:00.007+07:00

BI/market

11/8/2011

Irvin Avriano A.

Bisnis Indonesia

BUMI will hand over BRMS

JAKARTA: Giant coal emitters owned by Bakrie Family Group, PT Bumi Resources Tbk, declare their intentions to hand over shares of its subsidiary: PT Bumi Resources Minerals Tbk.

The matter was disclosed in their official letter to Indonesia Stock Exchange (IDX/Bursa Efek Indonesia) last night, related to their extraordinary general meeting of shareholders (EGM/RUPSLB)'s agenda.

Bumi Resources Director & Corporate Secretary Dileep Srivastava in the statement didn't explain more details about the disbursement, including the cause, the amount of shares that will sold, or the relation with the Vallar Plc (Bumi Plc) intention to take over Bumi Minerals.

He said the company also intend to ask permission from its shareholders to buyback its shares in secondary market, and also one other agenda.

"[The company intend to ask] permission to change several articles in the company charter," said Dileep in the disclosure.

The company's EGM planned to be held on Monday, September 26th at 10.00.

Company's stock price that coded BUMI closed stagnant at IDR2,700 level which formed its market capitalization IDR56.09 trillion. The price also formed its price to earnings ratio (PER) of 18.78 times.

Bumi Minerals shares that coded BRMS corrected IDR20 or 2.82% to IDR690 level and forms market capitalization IDR17.64 trillion. Its also formed the company's PER 1.58 times.

Indonesia at 8 position on 2010 rubber consumption

2011-08-04T02:01:00.002+07:00

BI/finansial

3/8/2011

Irvin Avriano A.

Bisnis Indonesia

Indonesia at 7 position on 2010 rubber consumption

China 3,631,000

EU 1,132,000

India 944,000

USA 926,000

Japan 750,000

Thailand 459,000

Malaysia 458,000

Indonesia 421,000

South Korea 384,000

Brazil 374,000

JAKARTA: Indonesia pegged for seventh position of the 10 largest rubber consuming country in the world last year, conducted on the International Rubber Study Group's research which headquartered in Singapore.

As Bloomberg reported this afternoon, Indonesia position booked also with the level of consumption as much as 421,000 metric tons, above South Korea and Brazil who are in positions ninth and tenth. South Koreans consume as much as 384,000 metric tons of rubber, while Brazil as much as 374,000 metric tons.

From the published tables, the highest position pegged by China with the consumption of 3.63 million metric tons, the EU is 1.13 million metric tons, India 944,000 metric tons, USA 926,000 metric tons, Japan 750,000 metric tons, Thailand 459,000 metric tons, and Malaysia 458,000 metric tons.

My Sassy Girl (2008): "That's why human being exist-to save each other from ourselves,"

2011-08-01T01:54:00.004+07:00

"That's why human being exist-to save each other from ourselves," Elisha Cuthbert/Jordan.

My Sassy Girl (2008)

Director: Yann Samuell

Writers: Victor Levin (screenplay), Jae-young Kwak (earlier screenplay), and Ho-sik Kim (novel)

Cast: Elisha Cuthbert, Jesse Bradford

The story begins at the subway station, Charlie (Bradford) met drunk Jordan (Cuthbert) that call him as her 'darling' just right before she passed out, and then the silly-relationship started.

Jordan, which played as a demanding person, always command Charlie as her accomplice and partner to do annoying thing related to her sad times after breaking with her fiance, and somehow Charlie couldn't reject it.

But after all, its just a remake from South Korean version that claimed as all-time-biggest Korean comedy from its gross revenue, adapted from a true story posted in blog written by Ho-sik Kim called 'Yeopgijeogin geunyeo', later adapted into a novel.

The movie also become blockbuster in the entire East Asia. Later, beside the one with Cuthbert as the star, also adapted in Bollywood, Japan, and Chinese.

The Hollywood adaptation is too lame,there are no chemistry in it. Everything runs with fast pace and only copied amazing scenes from the Korean version with lack quality of emotion effected.

This version, with dazzling Cuthbert and hansom Bradford, feels like two pretty people denied to be become a real pair of lover.

Its became awkward, compare with the original version which successfully makes the relationship become more torturing for the male character, Kyun Woo. The girl's image in the original version, Ji-hyun Jun-played by amazing Gianna Jun, also looks meaner, more fearless, rude, selfish, and of course, more heartless.

In the American version, there are much scenes that surrounded by backsounds, which makes a lot of scenes looks like a video clip with no chemistry been made succesfully.

I just keep watching it coz want to enjoy the Girl Next Door, Cuthbert. Slurp!

Buana Finance pocketed IDR600 bio loan facility

2011-07-19T09:50:00.004+07:00

BI/financial

Irvin Avriano A.

18/7/2011

Bisnis Indonesia

Buana Finance pocketed IDR600 bio loan facility

JAKARTA: PT Buana Finance Tbk pocketed syndicated loan facility worth IDR600 billion from five banks to covered up IDR2 trillion total financing target this year.

Buana Finance Director Antony Muljanto said the syndicate of the debt facility consist of PT Bank OCBC NISP Tbk, PT Bank Pembangunan Daerah Jabar Banten Tbk (BJB), and PT Bank Nasional Indonesia Tbk (BNI).

"OCBC NISP and BJB give loan facility IDR175 bio, respectively, and BNI IDR150 bio," said him to the press yesterday.

He said the other two banks whose gave the credit facility are PT Bank Ekonomi Raharja Tbk and Bank of China Jakarta branch, worth IDR50 bio, respectively.

He said even this latest facility had fulfill the financing needs for this year, his company is still searching for another loan to prepare financing requirement next year, which predicted will be higher from this year.

According to Antony, the preparation is needed in order to start next year's business planning earlier from the company, which is subsidiary of PT Sari Dasa Karsa (SDK).

The price of their listed stock, which coded BBLD, decline IDR10 to IDR530 level in the stock market yesterday. The price formed market capitalization IDR761,14 bio and its price to earnings ratio (PER) 10.66 times.

Sent from my BlackBerry® smartphone from Sinyal Bagus XL, Nyambung Teruuusss...!

SMS Finance issue IDR50 bio MTN

2011-06-30T11:17:00.005+07:00

BI/finance

29/6/2011

Irvin Avriano A.

Bisnis Indonesia

SMS Finance issue IDR50 bio MTN

JAKARTA: PT Sinar Mitra Sepadan Finance (SMS Finance) issue IDR50 billion I/2011/A medium term notes (MTN) last week, a start of their IDR200 bio MTN issuance program this year.

"Our MTN issuance will be done gradually," said SMS Finance President Director Rudyanto Somawihardjo to Bisnis a few days ago.

He said the issuance will be affected by bank-loan disbursement that usually requested by their creditors that makes the multi-finance company MTN issuance have to be done carefully.

SMS Finance MTN burdened by 10.5% coupons a year that will be paid every three months. The 370 days MTN issuance helped by PT Andalan Artha Advisindo Sekuritas (AAA Securities) as the arranger.

Early this month, the company's rating downgraded by PT Fitch Ratings Indonesia from BBB+(idn) to BBB(idn) in the mid-June. The MTN issuance plan also carry BBB(exp)(idn) rating.

The company's shareholders consist of PT Padma Terang Sentosa 99.8% and FX Marcelius Charles Colondam 0.2%. Early this month, the company already pocketed loan facility from PT Bank Ina Perdana worth IDR100 bio.

SAN Finance pocketed loan facility IDR225 bio

2011-06-29T22:49:00.005+07:00

29/6/2011

Irvin Avriano A.

Bisnis Indonesia

SAN Finance pocketed loan facility IDR225 bio

JAKARTA: PT Surya Artha Nusantara Finance (SAN Finance), an Astra Group heavy equipment finance company, pocketed new loan facility worth IDR225 billion from PT Bank DKI, the Jakarta rural development bank.

"The type is a working capital loan, the tenures is 3 years," said SAN Finance Accounting and Finance Division Head Naga Sujady to Bisnis early this week.

He said the credit facility will support the company's financing target IDR3.8 trio this year. To fulfill the rest of the target, the company will use the majority needs from the other bank loan, which now the facility worth IDR600 bio—800 bio.

For the funding needs, the multi-financing company will depend on the II/2011 bond issuance which already issued early this year worth IDR600 bio and from their equity that will provide 10%--20% from the total target.

PT Astra International Tbk own SAN Finance's through PT Sedaya Multi Investama 60%, Marubeni Corp Japan 35%, and PT Marubeni Indonesia 5%.

Moody's: Philippine sovereign rating upgraded to Ba2

2011-06-15T12:19:00.007+07:00

BI / financial
15/6/2011
Irvin Avriano A.
Bisnis Indonesia

Moody's: Philippine sovereign rating upgraded to Ba2

JAKARTA: Moody's Investors Service raised their ratings on foreign and local denominated Philippine government bonds level from Ba3 to Ba2. The rating outlook is stable.

"[One of] the key drivers for the decision are the progress made in fiscal consolidation by the new Aquino administration," said Moody's Assistant Vice President-Analyst, Christian de Guzman, in his ratings research this morning.

He considered other factors are the sustained nature of macroeconomic stability, coupled with continued strength in the external payments position, against a background of a significant pick-up in the momentum for economic growth.

Long-term rating of foreign-currency bonds ceiling for the one of ASEAN country is also upgraded by Moody's to Baa3 from Ba1 level, and the deposit foreign currency ceiling long term rating were also upgraded from Ba3 to Ba2.

The Philippines' short-term foreign currency bond ceiling was raised to P-3, while the short-term foreign currency deposit ceiling remains at "Not Prime." The outlook for these ceilings is stable.

These ceilings act as a cap on ratings that can be assigned to the foreign currency obligations of other entities domiciled in the country. In addition, the local currency bond and deposit ceilings were unified at A2.

Related to the bond rating and the rating limit actions, the Philippine central bank (the Bangkok Sentral ng Pilipinas/BSP) rating has also been improved from Ba3 to Ba2 with stable outlook.

Lautandhana & Mahanusa launch two protected funds

2011-06-14T03:17:00.007+07:00

13/6/2011

Irvin Avriano A.

Lautandhana & Mahanusa launch two protected funds

JAKARTA: PT Lautandhana Investment Management and PT Mahanusa Investment Management launch two new capital protected mutual fund, namely Lautandhana Proteksi IX and Mahanusa Dana Prestasi, respectively.

The matter was disclosed on Indonesia Central Securities Depository (PT Kustodian Sentral Efek Indonesia/KSEI) website, early this month. Lautandhana Investment commandeered by Ahmad Subagja, while Mahanusa Investment by Howard Chu.

Both the private investment manager choose PT Bank Mandiri Tbk and HSBC Plc Indonesia branch as their newest mutual fund.

Lautandhana Investment is a subsidiary of PT Lautandhana Securindo, YJ-coded Indonesia Stock Exchange member which led by Wientoro Prasetyo.

Mahanusa Investment owned by PT Mahanusa Capital, and become sister company to PT Magna Finance and another Indonesia Stock Exchange member: PT Mahanusa Securities which coded MK and led by Maria Ariany Santoso.

Bank DKI bond & sub-debt issuance exact IDR750 bio

2011-06-10T01:38:00.004+07:00

BI/financial

8/6/2011

Irvin Avriano A.

Bisnis Indonesia

Bank DKI bond & sub-debt issuance exact IDR750 bio

JAKARTA: PT Bank DKI set their conventional bond and subordinated (sub-debt) issuance on their exact initial plan as much as IDR750 billion, and didn't up-sized their issuance hence the demand is high.

One of the market participant said the arrangement also set their A tranche bond coupons tenured 3 years 9.25% with amount IDR125 bio, B tranche tenured 5 years 9.9% worth IDR325 bio, and II/2011 sub-debt 11% with amount IDR300 bio.

Bank DKI Finance Director Benny Santoso confirmed the numbers. He said the amount of investor demands on the conventional debt securities more than one times, while the demand for tsub-debt is more than twice.

“It is true, we didn't up-sized it,” said him recently.

The one of rural bank's bond issuance helped by PT Mandiri Sekuritas as their lead underwriter, and PT Bank Mandiri Tbk as the trustee.

BCA Finance up-sized bond to IDR1.1 trio

2011-06-10T01:00:00.005+07:00

BI/financial

8/6/2011

Irvin Avriano A.

Bisnis Indonesia

BCA Finance up-sized bond to IDR1.1 trio

JAKARTA: PT BCA Finance, a multi-finance company owned by PT Bank Central Asia Tbk (BCA), up-sized their IV/2011 bond issuance from initial target IDR1 trillion to IDR1.1 trio because a huge demand from investors.

The matters already rumored by one capital market player and in Fitch Ratings rating research published yesterday. The Fitch research pegged the AA-(idn) final rating for the processed bond issuance.

"This follows the receipt of final documents conforming to information previously received. The final rating is the same as the expected rating assigned on 21 February 2011," said Fitch Primary Analyst Iwan Wisaksana in the research.

Three debt capital markets participants also said the bond emitter also already set their A tranche bond coupons 7.9%, B tranche 8.1%, C tranche 8.7%, D tranche 8.9%, and E tranche 9%. A tranche tenured 370 days, B tranche 15 months, C tranche 2 years, D tranche 3 years, and E tranche 4 years.

In the pre-offering, the company and their joint lead underwriters offered A tranche coupon in range 7.4%-7.9%, B tranche 7.6%-8.1%, C tranche 8.2%-8.7%, D tranche 8.5%-9.2%, and E tranche 9%-9.5%.

In the issuance, the company advised by PT Standard Chartered Securities Indonesia, PT DBS Vickers Securities Indonesia, PT Bahana Securities, and PT Transasia Securities as their joint lead underwriters.

BCA Finance President Director Roni Haslim confirmed the info. He added that the A-E tranche issuance amount are IDR392 billion, IDR178 bio, IDR230 bio, IDR200 bio, and IDR100 bio.

""Yes, we've been up-sized the issuance to IDR1.1 trio, the incoming demand is more than around IDR2 trio. Perhaps investment managers take [because most of the amount issuance consist in short series], we also intentionally take more in the 1-2 years [tenures] because the 3-4 years coupon is rather expensive. "

Harum Energy's shareholder sell IDR2.6 trio stake

2011-05-28T12:41:00.007+07:00

28/5/2011

Irvin Avriano A.

Harum Energy's shareholder sell IDR2.6 trio stake

JAKARTA: International Financing Review Asia (IFR Asia) reported that a shareholder is offering 270 million shares of PT Harum Energy Tbk, a coal miner listed company, to raise around IDR2.6 trio or equal US$304 mio fund.

Deutsche Bank and Macquarie are claimed to be the transaction's joint bookrunners.

Based on the May 27th IFR Asia report, the shares is equivalent to around a 10% stake, are being offered at IDR9,050–IDR9,550 per sheet. The price is discounted of 0%–5.2% to Friday's closing price IDR9,550. The price was also appreciated IDR300 or 3.24% on the day stock market transaction.

The HRUM coded shares last price also formed its price to earnings ratio (PER) to 29.52 times and market capitalization worth IDR25.79 trio.

IFR Asia is claimed as Asia’s most authoritative capital markets magazine owned by Thomson Reuters.

CIMB, Maybank, Citigroup, and HSBC for Malay US$-sukuk

2011-05-28T12:11:00.010+07:00

28/5/2011

Irvin Avriano A.

CIMB, Maybank, Citigroup, and HSBC for Malay US$-sukuk

JAKARTA: International Financing Review Asia (IFR Asia) reported government of Malaysia already pick two local bank and two global bank as their sovereign global/US-dollar-denominated sukuk issuance arranger.

The banks namely CIMB, Maybank, Citigroup, and HSBC. The matter was announced on short and limited news published on May 25th.

Yahoo reported, also quoted IFR Asia, the sukuk offering was expected to be completed in June or July. Proceeds from the sale would be used to refinance conventional bonds. Malaysia has US$1.75 bio in 10-year bonds that will be due in July.

Malaysia last tapped the global bond market in May 2010 when it issued $1.25 billion worth of five-year sukuk.

IFR Asia is claimed as Asia’s most authoritative capital markets magazine owned by Thomson Reuters.

Toto will inject capital to other company

2011-05-27T08:02:00.004+07:00

26/5/2011

Irvin Avriano A.

Toto will inject capital to other company

JAKARTA: PT Surya Toto Indonesia Tbk, Japan-Indonesia joint venture sanitary wares manufacturer and seller, intend to invest in a company by capital injection mechanism.

Their intention reflect on information disclosed on their extraordinary general meeting of shareholder (EGM) agenda released this week. But the agenda didn't explain about the amount or the target company.

The EGM from the company, which established since 1977, scheduled to be held on 10.00 AM June 10th at Menara Peninsula, Jakarta.

The entity that commandeered by Mardjoeki Atmadiredja recorded IDR1.09 trio last year, together with IDR460.6 bio liabilities and IDR630.98 bio equity.

The listed company which shares coded TOTO booked IDR1.12 trio revenue last year, grow 14.4% from a year before IDR980.32 bio. Their gross profit booked IDR347.27 bio in 2010, grow 21.45% from IDR202.92 bio in 2009. But their net profit only grow 6%, from IDR182.82 bio in 2009 to IDR193.79 bio last year.

Last year, the company shareholders consist of Toto Ltd, Japan with 39.5% ownership, PT Suryaparamitra Abadi 25.3%, PT Multifortuna Asindo 30%, and public 5.2%. Their shares price pegged on IDR38,000 level this weekend. The price formed price to earnings ratio (PER) 9.71 times and IDR1.88 trio market capitalization.

Surya Toto listed their shares on Indonesia Stock Exchange (IDX/previously Jakarta Stock Exchange) in 1990. Surya Toto existence begin when Toto Ltd named CV Surya as the selling agent in Indonesia on 1968 that continue with the establishment of Surya Toto in the nest two years.

In 2002, the company acquired PT Surya Pertiwi Paramita, a leading vanity unit and system kitchen manufacturer. But in their latest financial statement and IDX record, there is no exist any of their subsidiary.

Based on their explanation in official website, right now they have asset in the form of land with 300,000 sqm area, building 35,000 sqm, and 3,388 employees. Their factory stands at Cikupa and Serpong.

BSD change their business activities description

2011-05-27T01:42:00.008+07:00

27/5/2011

Irvin Avriano A.

BSD change their business activities description

JAKARTA: PT Bumi Serpong Damai Tbk (BSD), a Sinarmas Group real estate and property developer listed company, intend to change their business activities description.

It was mentioned in their extraordinary general meeting of shareholders (EGM) agenda that published in the newspaper yesterday. The meeting will be held together with its annual general meeting of shareholders (AGM) on June 10th morning at Crowne Hotel, Jakarta.

Previously, BSD consolidate with three of their group-related real estate and or property companies, namely PT Duta Pertiwi Tbk, PT Sinar Mas Teladan, and PT Sinar Mas Wisesa on November last year. The acquisition followed by rights issue worth IDR4.9 trillion.

The IDR4.35 trio acquisition made BSD credit rating improved immediately two levels by PT Pemeringkat Efek Indonesia (Pefindo) from previously idBBB+ to idA early this year.

After the acquisition, BSD owned 85.31% Duta Pertiwi stake for IDR3.47 trio, 60% share of Sinar Mas Teladan for IDR387.1 bio, and 55% Sinar mas Wisesa's shares for more than IDR500 bio. The transaction also claimed formed BSD as the biggest developer company in Indonesia.

BSD develop the the largest self-sustained area in Serpong, BSD City. Duta Pertiwi well known as developer for several ITCs and is developing several landed residential projects in greater Jakarta area such as Taman Permata Buana, Banjar Wijaya, Grand Wisata, Legenda Wisata and Kota Bunga, as well as operating Plaza BII and Le Grandeur hotels in Jakarta and Balikpapan.

Sinar Mas Teladan operates Wisma BII office buildings in Jakarta, Surabaya and Medan, while Sinar Mas Wisesa develops housing complex in Balikpapan.

BSD predict their revenue could be grow 83.35% to IDR1.3 trio after acquisition from initially IDR709 bio without it.

This year, the company that commandeered by Harry Budi Hartanto eyes net profit IDR700 bio. The sales target set at IDR4 trio level, while the revenue IDR2.7 trio.

Aluco intend to issue B3 US$ bond

2011-05-25T18:59:00.007+07:00

BI/financial

25/5/2011

Irvin Avriano A.

Bisnis Indonesia

Aluco intend to issue B3 US$ bond

JAKARTA: PT Terang Kita (Tranka Kabel) parent company, PT Aluco, intends to issue US dollars denominated bond, which already pocketed B3 rating from Moody's Investors Service.

In its release today, Moody's analyst Alvin Tan assess the ratings reflect the company's leading position in the cable manufacturers segment in the country, through its subsidiary Tranka Kabel with ownership portion 79.5%, although small scale.

"Long term relationship with the company and the state electricity company PT operating a vertically integrated company. Integration of the growing efficiency and ability to produce variety of high-voltage cables and small, either regular or underground cable," says Tan in such research today.

He said the company considered to be able to capture the opportunity of potential growth in demand for cable transmission and distribution cables due to high electricity demand in the country. Aluco ability to continue the potential risk to the consumer price fluctuation is predicted to minimize the risk of the impact of commodity price changes.

According to him, it was successfully carried the company through a consistent increase in profitability, with profit margins before interest, taxes, depreciation, and amortization (EBITDA) amounted to 7% - 15% over the past 3 years.

One of the things that are considered to be the main challenge Aluco is the amount that the company needs working capital, which is limited by capacity utilization and potential for organic growth.

"The rise in aluminum and copper prices in recent years have created an increases need for working capital, which eventually resulted in low capacity utilization for cable capacity by 49% and 59.3% for 5 years."

Aeon and G4S offer low cost security service

2011-05-25T14:42:00.004+07:00

BI/finance

25/5/2011

Irvin Avriano A.

Bisnis Indonesia

Aeon and G4S offer low cost security service

JAKARTA: PT Aeon Credit Service Indonesia and PT G4S Security Services offered low cost securities equipment and service with fare IDR400,000 per month to potential households.

G4S Group Finance Director Melissiana D. Kriswandi said the low cost equipment and service possible because there is financing service offered by Aeon Credit Service.

"We used to targets industrial clients, now we seek potential segment on household with lower cost," said her to preporters today.

Aeon Credit Service Director Sudarmadi Salim compared the cheap fare that have to paid every household to hiring single professional security officer that usually cost IDR1 million--4 mio in every month.

He said the company and G4S haven't set the initial target or prediction that can gathered in the unique market segment.

The other segment that already worked on by Aeon Credit Service are financing English course that support revenur IDR500 mio per month for the company. The collaboration woven with Wall Street course.

Sudarmadi said the company still worked on permit to provide credit card service.

LPEI picks Danareksa, Trimegah, and Indo Premier

2011-05-25T01:02:00.006+07:00

BI/financial

25/5/2011

Irvin Avriano A. & M. Munir Haikal

Bisnis Indonesia

LPEI picks Danareksa, Trimegah, and Indo Premier

JAKARTA: Lembaga Pembiayaan Ekspor Indonesia (LPEI/Indonesia Exim Bank) picks three investment bank house as their II/2011 bond lead underwriters.

Several capital markets participant said the securities company are PT Danareksa Sekuritas, PT Trimegah Securities Tbk, and PT Indo Premier Securities.

Several capital market participant said the company intend to use 2ndQ/2011 financial statement, that can be guess that the company still have time until the end of the year to issue the fixed income securities.

The company that commandeered by Mahendra Siregar also have appointed PT Fitch Ratings Indonesia and Standard & Poor's as their rating companies.

LPEI Senior Managing Director Arifin Indra didn't not confirmed the information. He can not reached through his cell phone and didn't reply our text massage service.

Pegadaian picks Bahana and Danareksa as underwriters

2011-05-25T00:58:00.010+07:00

25/5/2011

Irvin Avriano A. & Donald Banjarnahor

Pegadaian picks Bahana and Danareksa as underwriters

JAKARTA: Perum Pegadaian picks two state owned enterprise (SOE) securities house as their XIV/2011 bond lead underwriters, predicted amount around IDR2 trillion.

Two capital markets participant said the SOE pawn house already pick PT Bahana Securities and PT Danareksa Sekuritas as the bond's joint lead underwriters.

Pegadaian Director Budiyanto confirm the info. He said the bond that will be issued in 3rdQ/2011.

"We haven't announce because still in the recess time. We still await for the job appointment letter [surat penunjukan kerja/SPK]. The maximum amount is arount the number [IDR2 trio]," said him to Bisnis yesterday.

Previously on May 21st, foreign news agency IFR Asia reported that Pegadaian shortlisted three investment bank (IB) house namely Bahana Securities, Danareksa Sekuritas, and PT Indo Premier Securities. Assumed from the information, Indo Premier can not pass the selection or step down from it.

Several debt capital market participant assess that the fee for the underwriting job is too few, that provoke several IB company to retreat from the selection or even did't interesting on the bond issuance.

Pegadaian currently pocketing idAA+ rating from PT Pemeringkat Efek Indonesia (Pefindo). In his research on March 17, Pefindo analyst Dimas Aditya said the rating was given to Pegadaian and their X/2003/A bonds amounting to IDR336.5 bio which will mature on July 11th.

Readiness of companies to repay the bonds was appraised by the position of company's cash and cash equivalents amounted to IDR357.1 bio at the end of last year, as well as routine generated cash income from pawn services in every month.

In the research reveals Pegadaian loans amounting to IDR62.3 trillion over the past year with the number of customers as much as 23 million persons. The performance of the company supported by 13 regional offices and a total of 4,920 branches. All of the company's shares are owned by the government.

Budiyanto said the company would use the fund gathered from the bond's issuance as a source of lending funds to customers. Lending target, which also serves as the turnover of the company, amounted to IDR84.7 trio. For the 1stQ/2011, the company managed to lending loan worth IDR17.5 trio.

This year, he said, the company set a target profit before tax amounted to IDR1.9 trio and net profit of IDR1.42 trio. Until late March, he added, the company has posted net profit of IDR358 bio. He also added that as the latest quarter the company assets already worth IDR21.85 trio.

Together with X/2003/A tranches of bonds, the company still has 10 tranches of outstanding bonds worth a total of IDR3 trio that will be due until 2019. Pegadaian latest bond issuance is in 2009 with the publication of the XIII/2009 series which was divided into four tranches worth a total of IDR1.5 trio.

Pegadaian President Director Suwhono said the company secured a loan for additional working capital from PT Bank Rakyat Indonesia Tbk (BRI) worth IDR500 bio earlier this week. The increasing formed number of loan limit from one of SOE bank to IDR5 trio.

He said the company also is designing improved information technology system as one form of business expansion with cooperation with PT Telekomunikasi Indonesia Tbk (Telkom).

He said the working capital for the information technology system prepared IDR8.6 bio. However, said him, the company expects a lot from this development because it can synergize data spread across their thousands branch.

Currently, he said, Pawnshop already run several business segments and will focus on five principal business segments namely conventional pawning, Islamic pawning, gold pawning, financial services payment transactions for other companies, and fiduciary credit.

Especially for programs other payment transaction services, he added, the company intends to embrace several companies and institutions that require payment points, so that it can utilize by Pegadaian's thousands branches.

*part of the article already published on Bisnis Indonesia daily economy newspaper on Saturday May 28th.

PTPN XIII issue IDR80 bio MTN

2011-05-24T23:10:00.005+07:00

24/5/2011

Irvin Avriano A.

PTPN XIII issue IDR80 bio MTN

JAKARTA: PT Perkebunan Nusantara XIII (PTPN XIII), Pontianak-based SOE plantation company, issue their very first medium term notes (MTN) worth IDR80 billion. The fixed income securities tenured 2 years.

The matter announced on Indonesia Central Securities Depository (PT Kustodian Sentral Efek Indonesia/KSEI) official website today. The private-offered type securities burdened by 9.35% p.a. interest that will be paid every 3 months.

The company which commandeered by Kusumandaru helped by PT Andalan Artha Advisindo Sekuritas (AAA Securities) as the MTN issuance arranger. The MTN named PTPN XIII MTN I/2011 Seri A.

PTPN XIII is established in 1996 as an amalgamation of the eight project development from previously owned by PTPN VI, VII, XII, XIII, XVIII, XXIV-V, XXVI and XXIX which located in Kalimantan island. The company's main product are oil palm and rubber.

Previously, AAA Securities arranged PT Tifa Finance MTN issuance. Tifa Finance issued I/2011 which divided into three tranche. A & B tranche worth IDR20 bio tenured a year, respectively, while C trancheworth IDR60 bio with same tenure and will mature on April 8th next year.

The three tranche MTN will give interest 11% p.a. to its investors. The multi-finance company commandeered by Suwinto Johan and its MTN already pocketed BBB+ rating with stable outlook from PT ICRA Indonesia.

Tifa Finance which previously named PT Dwi Satrya Utama have pegged MTN issuance targetworth total IDR200 bio this year.

Arpeni issue convertible bond, warrant, and non-preemptive rights

2011-05-24T01:31:00.004+07:00

24/5/2011

Irvin Avriano A.

Arpeni issue convertible bond, warrant, and non-preemptive rights

JAKARTA: PT Arpeni Ocean Line Tbk, an debt-entwined dry bulk shipping company, will issue convertible bond, warrant, and new shares through non-preemptive rights in part of the company' rescue plan.

The matter was announced at Indonesia Central Securities Depository (PT Kustodian Sentral Efek Indonesia/KSEI) today, followed by the company's announcement to Indonesia Stock Exchange (IDX/Bursa Efek Indonesia) on May 20th.

The convertible bond, warrant, and non-preemptive rights will be issued to Arpeni's majority shareholder. The extraordinary general meeting of shareholders (EGM) and the annual general meeting of shareholders (AGM) will be held on June 28th.

The issuance of the convertible bond, warrant, and new shares through non-preemptive rights was part of Arpeni's debt restructuring plan, related to net loss that been experienced amounting to IDR1.64 trio and IDR671 bio in 2010 and 2009, respectively. The company also experienced deficit of IDR1.77 trio and IDR137 bio as of 2010 and 2009, respectively.

Based on its 2010 financial statement that just published in May 5th, Arpeni's majority namely PT Mandira Sanni Pratama with 30.67% ownership. The other are PT Ayrus Prima 21.03%, Morgan Stanley & Co International Plc 9.8%, DEG-Deutsche Investitions - UE 8.67%, and public 29.81%.

A little bit about the shareholders, Mellon S/A Cundhill Recovery FD that recorded as Arpeni's shareholder at the end of 2009, not longer exist on the shareholder list on the end of 2010.

The matter of convertible bond issuance and non-preemptive rights is interesting, related to the Arpeni acquisition plan by Saratoga Capital, Sandiaga Uno private equity fund. According to the EGM plan, the scheme on the Saratoga rescue plan could be happen above Arpeni's shareholder level, not on Arpeni direct level.

To help Arpeni's rescue mission, the management already appoint global financial expert N.M. Rothschild & Son as the financial advisors. Arpeni condition also interesting because the part of Surya Family's fleet kingdom have an existing II/2008 bond worth IDR600 bio which two times interest already fails to paid.

The company also declared that they haven't receive notice letter from the bond's trustee, PT Bank Rakyat Indonesia Tbk (BRI), related to the Arpeni inability to fulfill the bond's covenant.

Arpeni already have II/2008 sharia ijarah medium term notes (MTN) which issued on June 27th, 2008 worth IDR150 bio, also trusteed by BRI. The MTN will mature on June 30th, 2011.

Arpeni also have dollar-denominated 8.75% guaranteed secured notes that issued on 2006. The notes was issued through its full subsidiary Arpeni Pratama Ocean Line Investment BV (APOL BV). The notes guaranteed by the company and its subsidiaries, except Arpeni Shipping Co Pte Ltd and PT Apol Bahtera.

APOL BV appoint HSBC Bank USA, National Association, as the notes' trustee, paying agent, and registrar, while The Hongkong and Shanghai Banking Corporation Ltd as the collateral agent.

The US$140.85 mio remaining notes still have C level rating from Fitch Ratings. Last year, the notes' interest that already matured but have not been payed by the APOL coded shares company worth IDR55.4 bio.

The matter that also interisting on the company financial statement was the selling of remaining 50% stake at Royal Tanker Shipping S.A. and its subsidiaries to Hyundai Merchant Marine Co at only US$1. But the transaction also including the Royal's debt.

The 50% stake on Royal still valued IDR68.43 bio on 2010 by Arpeni, but the half-subsidiary booked IDR25.76 bio loss on the same year.

The other is the purchasing Marigold Maritime Overseas on September 30th, 2010. Marigold was acquired through Mega Pacific Ocean Line Corporation from Julio Antonio Quijano Berbey and Horacio Valdes Barrios for only US$200, equivalent to IDR1.78 million.

The fair value of the net assets of Marigold is equivalent to the acquisition value so there is no goodwill on this transaction. Marigold is the option receiver to purchase the vessel which was

chartered from Mount Lawu LLC based on the terms and conditions stipulated in the

agreement.

Even the purchasing amount is to small for the giant-size company, the purchasing happen when the company is lack of liquidity last year, and never exposed before.

MNC Securities appoint Panin Sekuritas as their bond's underwriter

2011-05-24T01:29:00.013+07:00

24/5/2011

Irvin Avriano A.

MNC Securities appoint Panin Sekuritas as their bond's underwriter

JAKARTA: PT MNC Securities, MNC Group securities company, appoint PT Panin Sekuritas Tbk as their II/2011 IDR300 billion bond's lead underwriter, that will be offered today.

MNC Securities Director & Corporate Secretary Susy Meilina confirm the capital market rumors. She also said the issuance documentation has been given to Bapepam-LK and they now still wait for pre-effective statement from the capital market authority to continue the offering phase.

"According to the plan, the tenures set at 3 years and 5 years. The usage of the fund is for our operational and other needs like other stock-exchange members. We can not explain the other details, lets wait until the public expose," said him to Bisnis last weekend.

She also said the fresh fund will be not use to refinance the securities I/2008 bond that will mature in this month-end worth IDR150 bio. One of their option to paid off the matured bond is from their net profit that booked IDR121.18 bio last year.

The company that used to named PT Bhakti Securities' last year net profit recorded 137.6% hike from the previous net profit on 2009 worth IDR50.98 bio.

Susy said the company also optimistic about the bond offering, regarding to idBBB rating level that pocketed by the brokerage-investment banking house. She also assure that Panin Sekuritas as the lead underwriter will optimize to embrace broader potential investors.

Right now, MNC Securities corporate rating and bond's rating still pegged at idBBB level by PT Pemeringkat Efek Indonesia. On its March 24th research, Pefindo analyst Hotma Parulian Manalu assess that the PT Bhakti Capital Indonesia Tbk subsidiary could sell part of its securities portfolio that booked IDR341.6 bio last year to paid off the matured bond.

Hotma also expect the company that commandeered by Wito Mailoa can use their cash and cash equivalent worth IDR68.3 bio last year for the needs.

At the end of last year, MNC Securities's shares owned by Bhakti Capital as much as 99.99%, while the rest 0.01% by PT Bhakti Investama Tbk's employee cooperation.

Panin Sekuritas Corporate Secretary Prama Nugraha said the company already have recently obtained mandate to be lead underwriter since the last time on mid-2009 from PT Batavia Prosperindo Finance Tbk's IPO.

"If as lead underwriter we just obtain mandate now since 2009, but we often act as the joint underwriters together with other securities company. We contribute in almost every new securities issuance."

On another occasion, PT Transasia Securities also ready to enter the underwriting segments, having the first time participated in PT BCA Finance's bond offering. Transasia Securities President Director Bibiana Halim said the last time company mandated as lead underwriter when they still named PT Trasnpacific Securindo.

"We opened up opportunities for underwriting new stocks and bonds, but there is no specific target," she said.

Transasia name changed since last year when it was taken over by PT Bank Central Asia Tbk (BCA) former president director, Djohan Emir Setijoso. Setijoso now act as BCA president commissioner.

40 Central Java-based BPR establish pension fund

2011-05-23T17:31:00.010+07:00

BI/finansial

23/5/2011

Irvin Avriano A.

Bisnis Indonesia

40 BPR establish a pension fund

JAKARTA: As much as 40 Central Java-based rural banks (bank perkreditan rakyat/BPR), together, intend to established an employer pension fund to facilitate employees long-term needs.

Pension Fund Bureau Chief of Bapepam-LK Mulabasa Hutabarat said the initial intention had been submitted to the Capital Market and Financial Institution Supervisory Agency (Bapepam-LK).

"They have declared their intention to establish pension funds, but the intention is only initial assessment, still uncertain what kind of benefit-type will they choose, not final yet," he told the press last weekend.

Benefit-type programs, which can be divided into contribution-plan and benefit-plan, are options that can be applied by the pension funds that have been regulated in the Pension Fund Act No.11/1992.

In these regulation, employer pension fund have right to choose to defined benefit-plan or contribution-plan for some or all of its employees and participants.

Employer pension funds is also a result of the formation of the establishment of pension funds from its founders that can form any kind for its employees, so the employees and employees of the founding partners. The other form of pension fund is financial institution pension fund.

Benefit-plan is a program that its benefit-amount is in an exact/defined numbers so that the variability is at the dues fees to be paid by participants in every term. Meanwhile, contribution-plan have variable benefit so the variable can be changed in accordance with the investment conditions but have dues which amount has been set at the beginning.

Mulabasa suspect BPR would establish an employer pension funds, compared to financial institution pension fund, because the financial institution pension funds can only be established by a bank or general insurance, in accordance with Act No.11/1992.

"Most probably there will be only one BPR will act as the founder and other BPR as the pension fund partner because it is not possible all the BPR became the founder."

Mandiri Sekuritas upgraded Holcim to buy

2011-05-20T22:02:00.004+07:00

20/5/2011

Irvin Avriano A.

Mandiri Sekuritas upgraded Holcim to buy

JAKARTA: PT Holcim Indonesia Tbk shares recommendation upgraded to buy level from hold level by PT Mandiri Sekuritas through its equity analyst Octavius Oky Prakarsa, Bloomberg reported this afternoon.

The 12-months target price for the company commandeered by Eamon John Ginley is set at IDR2,500 per sheet.

Today the company's shares appreciate IDR25 or 1.16% to IDR2,175 level. The price formed price to earnings rati (PER) 20.12 times and IDR16.67 trio market capitalization.

The action contrast with PT Kresna Graha Sekurindo Tbk analyst Irwan Budiarto recommendation to those shares. Irwan suddenly downgrade the recommendation for the shares that coded SMCB to hold level on May 10th and formed its a-year target price to IDR2,350.

Multistrada to propose a huge bank loan

2011-05-20T03:49:00.003+07:00

20/5/2011

Irvin Avriano A.

Multistrada to propose a huge bank loan

JAKARTA: PT Multistrada Arah Sarana Tbk, a local listed tire producer company, intend to pledge most or all of their asset to obtain bank's loan.

The matter was revealed on the company's announcement through Indonesia Central Securities Depository (PT Kustodian Sentral Efek Indonesia/KSEI) website last afternoon.

The website disclosed about Multistrada's annual and extraordinary general meeting of shareholders (AGM & EGM) and its agendas.

The action indicated that the bank will propose another big number of bank's loan, usually from foreign banks, that need to be pledged by their asset.

The agenda also record that the company intend to change some of its charter in the meeting. The previous charter changing happen not so long ago, in February. The previous EGM allow the company that commandeered by Pieter Tanuri to add industrial plantation forest management, especially rubber, in their business line.

Pieter, after the previous EGM, told reporters that they intend to support the new business line by adding capital by opening options for rights issue or from bank loan. Until now, the company haven't realize their plan to do rights issue.

The announcement also strengthens indications that they drop their rights issue plan, seen by the absence of rights issue plan on their EGM agendas.

The AGM and EGM will held on June 22nd in Graha CIMB Niaga, Jakarta, like used to.

The mid-cap category shares' price already boosted 62.96% since IDR27o on March 22nd until yesterday.

Last year, the company pocketed US$143 million loan from PT Bank International Indonesia (BII), PT Bank CIMB Niaga Tbk, The Hongkong and Shanghai Banking Corporation Limited (HSBC) with 5 year term, plus German Unicredit AG of US$42 mio with 6 years tenor.

Most of the loan fund, as much as US$129.5 mio, used by the company to build a new tire plant that expected can be full produce tire and support its financial performance next year.

The company shares, that been coded MASA, corrected IDR5 or 1.12% to IDR440 level yesterday. The price formed the company's price to earnings ratio (PER) 14.37 times and market capitalizations to IDR2.69 trio.

Mandala booked IDR51 net profit in 1stQ

2011-05-19T14:01:00.004+07:00

BI/financial

19/5/2011

Irvin Avriano A.

Bisnis Indonesia

Mandala booked IDR51 net profit in 1stQ

JAKARTA: PT Mandala Multifinance Tbk booked net profit of IDR51 billion in the 1stQ/2011, an increase of 108% from IDR24 billion booked in the 1stQ/2010.

Mandala Multifinance President Director Harryjanto Lasmana said the company recorded revenue IDR276 bio, an increase of 60% from IDR172 bio in the same period last year. Revenue comes from a successful financing is channeled to the first quarter of this year.

"[Now,] distribution of financing for the company booked IDR898 billion in the 1stQ/2011, an increase of 33% from IDR677 billion in the 1stQ/2010," said Harryjanto in public expose this afternoon.

The company, he said, targeting the distribution of financing amounting to IDR5.5 trillion this year, an increase of 48.64% from IDR3.7 trio which were recorded last year.

Last year, he said, the company recorded a new financing of used motorcycles IDR1.76 trio and IDR1.92 trio new units. The fund was distributed to approximately 311,000 units of used motorcycles and about 125,000 new units.

Although the company revealed plans this year, Harryjanto and management did not disclose the results of general meeting and extraordinary shareholders' annual (EGM and AGM) held today with reason to wait for submission report of AGM and EGM results the stock exchange authorities.

The company's shares are coded MFIN IDR20 or it strengthened by 1.63% to IDR780 today. The price forming its market capitalization amounted to IDR1.03 trio and the price to earnings ratio (PER) of 6.44 times.

Pefindo set idA+ level for Bank Sumut and bonds

2011-05-19T11:09:00.006+07:00

BI/financial

19/5/2011

Irvin Avriano A.

Bisnis Indonesia

Pefindo set idA+ level for Bank Sumut and bonds

JAKARTA: PT Pemeringkat Efek Indonesia (Pefindo), an Indonesia credit rating company, set idA+ rating to PT Bank Sumatra Utama (Bank Sumut) and the III/2011 bond issuance worth maximum of IDR600 billion.

In a press release this morning, Pefindo analyst Danan Dito also assigned idA rating to I/2011 subordinated (sub-debt) issuance plan bonds worth maximum of IDR400 bio, one level below the corporate rating of the one regional development bank. The prospect of the both ratings was set at stable levels.

"The ratings reflect the strong and proven support from its shareholders, strong business position in the niche market companies, and a strong profitability," said Danan Dito in the release, this morning.

However, he said, the company's rating is constrained by capital and liquidity in the secondary level.

North Sumatra regional development bank has a business focus on the consumer sector and micro, small, and medium enterprises (MSMEs/UMKM).

As of late last year, the company's shares was owned by North Sumatra provincial government amounted to 56.59% and the government district and cities in North Sumatra areas of 43.41%. Currently, the company that commandeered by Gus Irawan Pasaribu reinforced 2,918 employees, 167 branch offices, and 151 proprietary ATMs.

In the issuance plan, the company has been embrace PT Mandiri Securities as lead underwriter for the conventional bond and the subdebt.

Sulfindo rating dropped to CCC by S&P

2011-05-18T00:21:00.005+07:00

17/5/2011

Irvin Avriano A.

Sulfindo rating dropped to CCC by S&P

JAKARTA: Suddenly, global credit rating company Standard & Poor's lowered PT Sulfindo Adiusaha long-term corporate credit rating two notches to CCC from previously B-.

On a press release this week, S&P still pegged the company's rating outlook on developing level, together with removing credit watch implication negative for the rating.

The removal also applied to proposed US$250 million dollar bond related to the company's bond issuance plan cancellation, even the company already appoint Standard Chartered Bank, Barclay's Capital, and PT Victoria Sekuritas as the bond issuance arranger.

"We lowered the rating on Sulfindo because we believe that the company's liquidity will remain under pressure over the next six to 9 months, even though the company received US$47.5 mio in committed bank facilities at the end of April 2011," said S&P credit analyst Xavier Jean in the research.

He also assess the committed facilities will only alleviate Sulfindo's liquidity pressures until the end of 2011.

Nevertheless, further external funding still strongly required by the company to meet its substantial committed capital expenditure and debt maturities in the fourth quarter of 2011 and in 2012.

S&P also expect the Victoria Group chemical company to remain highly committed to its US$150 mio capital expenditure plan over the rest of 2011 and for the next year despite increasing debt repayment requirements.

The assessment also associated to the capital expenditure plan would strengthen the company's cost competitiveness over the medium term and reduce its reliance on electricity supplier PT Perusahaan Listrik Negara (PLN).

The rating action was opposite to what other credit rating company, PT Fitch Ratings Indonesia, that assess the bond issuance cancellation don't have any immediate changing in Sulfindo's rating. Fitch already set the company rating that used to known as PT Indo Chlor Prakarsa Industries, Salim Group chemical company back before Asia crisis in 1998, at B level on March.

S&P still believe Sulfindo has weak sources of liquidity to cover its needs in the next 9 months. The credit rating also expect the company's liquidity sources of about US$135 million to be barely sufficient to cover our estimate of its liquidity needs of US$125 million over the next nine months.

Liquidity sources over the period include S&P estimate of funds from operations of US$35 million to US$40 million, surplus cash balance of about US$45 million, and the newly obtained committed facilities of US$47.5 million.

Sources also include Sulfindo's short-term investments of US$11 million, mostly comprising bonds of Indonesian companies; S&P apply a haircut of 50% to these bonds to reflect their lack of marketability.

The credit rating also assess the company's liquidity needs over the next nine months include about US$65 million of committed capital expenditure, about US$30 million in principal repayments, and our estimate of working capital requirements of US$20 million to US$30 million.

The outlook is developing; the rating hinges on Sulfindo's ability to obtain sufficient funding for its committed capital expenditure and debt maturities. The company might be able to use bank loans to meet a part of its short-term needs.

Nevertheless, S&P believe liquidity needs will remain high throughout 2012 because of US$45.3 million in principal repayments on the 2005 restructured bond and the second tranche of its committed capital expenditure of about US$85 million.

S&P may raise the rating if Sulfindo is able to obtain a level of financing that we believe is sufficient to cover its liquidity needs. We could lower the rating if the company faces a covenant breach; or alters or restructures any debt instrument, which we would consider tantamount to a default.

Presiously, Indo Chlor used to be a part from three Salim Group chemical company. His name changed into Sulfindo on 1995. After 1997 crisis, Sulfindo with two other Salim companies, PT Satomo Indovyl Polimers and PT Satomo Indovyl Monomer, sold to BPPN to covert the company's debt to several banks which took over by the agency.

Company's asset sold in 2001 to Durability of the Emperor Group (Hong Kong) with ownership as much as 74.29%, Sumitomo 25%, and the rest is Timsco. The three companies finally merge into one name, Sulfindo.

Sulfindo taken over by Victoria Group which owned by Tanojo family through the youngest daughter of Wakijo Tanojo, Suzanna Tanojo. Wakijo is one of several founder from Wings Group (PT Sayap Mas Utama) which established in Surabaya, East Java.

Fitch Ratings re-affirm Maipark IFS BBB

2011-05-18T00:10:00.003+07:00

17/5/2011

Fitch

Fitch Ratings re-affirm Maipark IFS BBB

JAKARTA: PT Fitch Ratings Indonesia re-affirm PT Asuransi Maipark Indonesia rating at national insurer financial strength (IFS) BBB(idn) with stable outlook.

Based on Fitch research this week, Fitch Primary Analyst Terrence Wong said the rating reflects Maipark's experienced management team, secure premium source, strong liquidity, generally prudent retrocession coverage, and solid risk-based capitalization.

"The rating also reflects the insurer's ability to achieve profitable growth over the past 7 years since its establishment," said him in the statement. He added, the company is owned by all general insurance and reinsurance companies in Indonesia.

Maipark has consistently recorded underwriting profits notwithstanding the occurrence of several major earthquakes in Indonesia after its inception as earthquake reinsurer in December 2003.

Maipark is an abbreviation for Maskapai Asuransi Indonesia (MAI) and Perusahan Asuransi Risiko Khusus (PARK). MAI was the oldest General Insurance Company in Indonesia and its license was purchased by 32 founding shareholders on 23rd December 2003 at a General Shareholder Meeting.

While the company has made progress in building its insurance book of business, its combined ratio averaged 68.1% over the past five years, trending downward to 60.6% in 2010 from 82% in 2006.

Fitch believes the revision of tariff in 2010 along with initiatives in broadening its product range will further underpin Maipark's premium expansion and underwriting profitability in the near term.

Right now, Maipark is in a process to become a reinsurance company from previously only an insurance company.

Energi Mega and Bakrie Plantations pledge assets, again

2011-05-16T14:54:00.006+07:00

16/5/2011

Irvin Avriano A.

Energi Mega and Bakrie Plantations pledge assets, again

JAKARTA: PT Energi Mega Persada Tbk and PT Bakrie Sumatera Plantations Tbk, both are Bakrie Group companies, intend to pledge most or all of its asset and its subsidiaries, that will proposed on an extraordinary general meeting of shareholders (EGMs) that will held on May 31th and June 1st, respectively.

The action indicated the two companies intend to seek another loan and/or use their shares for loan collateral, like often did before.

The matter was announced in the newspaper separately. Energi Mega official statements on the newspaper today showed that the plan can be used for issue a corporate guarantee in financing or refinancing it financial needs. While Bakrie Sumatera Plantations also proposed to change its board of commissioner.

Bakrie Plantations commissioner now consist of Soedjai Kartasasmita, Bungaran Saragih, Anton Apriyantono, Gafur Sulistyo Umar, and Yuanita Rohali.

Energi Mega, the oil and gas company that commandeered by Imam P. Agustino, also will held an annual general meeting of shareholders (AGMs) on the same day with the EGMs in Balai Kartini, Jakarta, while Bakrie Plantations in InterContinental MidPlaza Hotel.

The company shares which coded ENRG weakened IDR8 to IDR197 today and formed IDR7.99 trio market capitalization, while Bakrie Plantations which led by Ambono Janurianto shares move down IDR5 or 1.08% to IDR460. The UNSP coded stock formed IDR6.23 trio market cap and 6.55 times price to earnings ratio (PER).

Kentucky disperse IDR156.18 bio bonus shares

2011-05-16T13:14:00.006+07:00

16/5/2011

Irvin Avriano A.

Kentucky disperse IDR156.18 bio bonus shares

JAKARTA: PT Fast Food Indonesia Tbk, an Indonesian brand franchise holder company of Kentucky Fried Chicken, will distribute IDR156.18 billion capitalized dividend through bonus shares.

The matter was announce in the company's official statement in newspaper today. The company that owned by Gelael Family will propose the plan on extraordinary general meeting of shareholders (EGMs) that will be held on June 15th.

The bonus shares announcement also coupled with question of other EGM proposal that will held with annual general meeting of shareholders (AGMs) on the same date.

Last year, the company which shares coded FAST booked IDR199.59 bio net profit and revenue IDR2.91 trio.

The owner of the company consist of PT Gelael Pratama 43.84%, PT Megah Eraraharja 35.84%, HSBC Fund Services Clients 9.64%, Koperasi 0.32% and public 10.36%. Dick Gelael was the company's president director, while Anthony Salim as the president commissioner.

Their shares leave stagnant until this afternoon at IDR10,000 level and formed IDR4.46 trio market capitalization and 22.37 times price to earnings ratio (PER).

Chandra Petrochemical surged after low rights issue price

2011-05-16T12:05:00.004+07:00

16/5/2011

Irvin Avriano A.

Chandra Petrochemical surged after low rights issue price

JAKARTA: PT Chandra Asri Petrochemical Tbk 827.87 mio sheet rights issue plan suppress their shares price to IDR4,600 this afternoon, corrects IDR25 price or equivalent to 0.54%.

Based on their prospectus published in newspaper today, the IDR1.9 trillion--3.6 trio rights issue plan indicated already formed its range price on the market related to non premium offered to capital market investors on the event.

The offered price for the rights issue is IDR2,300 to IDR3,450 per sheet for as much as 827.87 mio shares, while the company's shares price pegged at IDR4,625 last weekend.

The Prajogo Pangestu Group company also have appoint PT DBS Vickers Securities Indonesia, PT Morgan Stanley Asia Indonesia, Deutsche Bank AG Hong Kong branch, and UBS AG Singapore branch as standby buyers.

Chandra Petrochemical's shareholders namely PT Barito Pacific Tbk, Apleton Investment Ltd, and Marigold Resources Pte Ltd as their majority and/or affiliated shareholders already sell their all rights to standby buyers, based on May 13th agreement, and will distribute to their clients in domestic market and in foreign countries.

Barito now own 66.47% portion in Chandra Petrochemical, Appleton Investment 22.87%, Marigold Resource 5.52%, and public 5.14%. If the shareholders won't execute their rights, their ownership to the company which shares coded TPIA portion will reduce up to 21.3%.

Chandra Petrochemical is a company result from merger of PT Tri Polyta Indonesia Tbk and PT Chandra Asri last year. Chandra Petrochemical have three subsidiary, namely PT Styrindo Mono Indonesia, PT Petrokimia Butadiene Indonesia, and Altus Capital Pte Ltd.

Through Altus Capital, Chandra Petrochemical already issue 12.875% senior dollar bond worth US$230 mio that will matured on February 10th 2015. The bond pocketed both B+ and B2 rating from Standard & Poor's and Moody's Investors Service. The company already gathered approval from its 91% bondholder to reduce its escrow account, and pay 'several amount' sweetener to the investor which agree to the solicitation act.

The company intend to use 90% of money gathered in the rights issue to funding its capital expenditure needs to accelerate debottlenecking plan, and to expand facilities. While the 10% rest will use to the company's common needs.

Previously, the company already expressed their interest to held rights issue on March, on a media gathering event in a seafood restaurant located in Menara BRI, to funding midterm needs that stand at US$400 mio.

The majority needs came from US$300 mio needs to expand polyethilene production capacity until 2014 as much as 600,000 tonnes from previously 400,000 tonnes to 1 mio tonnes per year.

The company set the cum rights date on June 28th for cash market and June 23th for negotiation and regular market. The distribution date for rights will set on June 30th.

Anta Tour delisting, tender offer set at IDR300

2011-05-16T10:35:00.005+07:00

16/5/2011

Irvin Avriano A.

Anta Tour delisting, tender offer set at IDR300

JAKARTA: PT Anta Express Tour & Travel Service Tbk, a member of CT Corpora Group company, will delist its shares on Indonesia Stock Exchange (IDX) and also go private.

The intention opened on their official announcement today in the newspaper. The plan will make PT Trans Lifestyle, Anta Tour majority shareholder, should held a tender offer to the existing minority shareholders with price IDR300 level per share.

The problem is, the company that led by Raymond Rianto Setokusumo declared that their public shareholders consist of four Indonesian legal entity 1.09% with 6.15 million shares sheet, 100 Indonesian individual 20.56% with 17.2 mio sheet, 2 foreign legal entity 0.009% with 55,000 sheet, and 1 foreign individual 0.0003% with 2,000 sheet. The numbers formed 123.41 mio shares.

But the company that headquartered in Hayam Wuruk, Jakarta, announced that their majority shareholder will held tender offer to 123.5 mio shares of public shareholders, equal to IDR37.05 bio fund needs.

Based on the counting, the tender offer target also will include Anta Tour affiliated shareholder as a fellow member of CT Corpora Group companies, PT Asuransi Mega Life, that can not recognized as public shareholder. Anta Tour, that also carry brand Vaya Tour from its subsidiary, acquired by Trans Lifestyle on 2007 from PT Griyainsani Cakrasadaya.

The company that formed in 1972 and listed in the capital market since 2002 is intend to held an extraordinary general meeting of shareholders (EGMs) to ask approval from its shareholders to delisting it shares and go private on June 16th. The EGMs must attend by at least 75% of independent shareholders and get approval from at least 50% from independent shareholder in attendant.

Anta Tour use reason for the delisting plan related with minor shares transaction held on the stock market. The company recorded that there is only 32 times of buy-sell event on the market since January, divided into 4 times on January, 11 times on February, 2 times on March, and 15 times on April. The combined transaction value are IDR75.23 mio.

But the consideration also can be pre-judged caused by what their majority shareholder did last year, increasing portion of ownership.

Previously, Trans Lifestyle increased its shareholder portion on July last year from previously only 55% to 78.33% that still hold on the same portion until today. The transaction that done at IDR200 level per sheet was helped by PT Kresna Graha Sekurindo Tbk, a listed securities company commandeered by Michael Steven.

Anta Tour business includes ticket sales, tours and hotel vouchers, travel document and the holding of meetings, incentives, conferences, and exhibitions (MICE), either local or international needs.

The company value that funded with name PT China Travel Service also been assess by public appraisal revices (Kantor Jasa Penilai Publik) Iwan Bachron dan Rekan that announce that the fair value price of the company's public shares is IDR26.92 bio, or equivalent with IDR218.02 per sheet.

Even the fair value price set at that level, in the stock market the company shares which coded ANTA already reach IDR255 level several times in April 6th, and through April 14th to April 20th. This morning, the shares pegged and stagnant at IDR250 level and formed market capitalization on IDR142.5 bio level and price to earnings ratio (PER) 9.37 times.

Anta Tour have five branches in Cikarang, Bandung, Surabaya, Denpasar, and Makasar. The tourism services listed company already have three subsidiary namely PT Vayatour, PT Vaya Micetama Servindo, and PT Vaya Transport.

Mega Capital Investama earn investment manager permit

2011-05-13T19:14:00.002+07:00

6/5/2011

Irvin Avriano A.

Mega Capital Investama earn investment manager permit

JAKARTA: Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) give investment manager permit to PT Mega Capital Investama, as a result of spin-off investment manager unit from CT Corpora Group securities house, PT Mega Capital Indonesia.

The statement was announced today by the capital market supervisory, even the decision already set on May 6th by Bapepam-LK Chairlady Nurhaida.

Mega Capital Indonesia, which commandeered by Nany Susilowati, owned by PT Para Global Investindo with ownership of 99.99% ownership, while the rest is PT Para Rekan Investama with 0.01% portion. Previously the company known as PT Indovest Securities.

Jakpro rating idBBB

2011-05-11T15:29:00.003+07:00

11/5/2011

Irvin Avriano A.

Jakpro rating idBBB

JAKARTA: PT Pemeringkat Efek Indonesia (Pefindo) rates PT Jakarta Propertindo's (Jakpro) I/2011 bond and corporate rating at idBBB level.

The outlook for the rating also pegged at stable level. The matter was announced in company's disclosure on newspaper today.

Jakpro is a DKI Jakarta municipal owned enterprise which have issue a bond in 2007 amounted to IDR200 billion.

Recently, Jakpro connected with mutual fund PT Harvestindo Asset Management default case, as one of the promissory notes (PN) emitters.

The PN used as Harvestindo Dana Istimewa mutual fund underlying asset, and the mutual fund allegedly has been default in 2009 and its been restructured.

BII subdebt potentially up-sized to IDR1.5 trio

2011-05-09T11:41:00.006+07:00

9/5/2011

Irvin Avriano A.

BII subdebt potentially up-sized to IDR1.5 trio

JAKARTA: PT Bank Internasional Indonesia Tbk (BII) 7 years I/2011 subordinated bond (sub-debt) potentially upsized to IDR1.5 trillion, from initial successful offering IDR1.2 trio.

The matter was explained on their revised prospectus today, the emitters have already up-sized the issuance from initial offer IDR600 billion to IDR1.2 trio with full commitment mechanism. The potential up-sized will use best effort mechanism.

From the already committed issuance amount, PT Bahana Securities, PT Indo Premier Securities, and PT Mandiri Sekuritas as lead underwriters have sold IDR1.01 trio.

Bahana underwriting consist of IDR337 bio or equal to 28.08% from the issuance, Indo Premier IDR534 bio 44.5%, and Mandiri Sekuritas IDR321 bio 26.75%.

The other underwriters are PT Bumiputera Capital Indonesia with emission guaranteed IDR3 bio or 0.25% and PT Nusantara Capital Securities as much as IDR5 bio which equal to 0.42% underwriting.

The sub-debt issuance already pocketed idAA rating from PT Pemeringkat Efek Indonesia (Pefindo) as well as AA(idn) from PT Fitch Ratings Indonesia, two grade from company's rating at idAAA and AAA(idn), respectively.

The high company' rating related with the bank's ownership by Malaysia Bank Bhd (Maybank) through Mayban

Indofood rating raised to idAA+

2011-05-09T09:28:00.004+07:00

8/5/2011

Irvin Avriano A.

Indofood rating raised to idAA+

JAKARTA: PT Indofood Sukses Makmur Tbk' rating, a Salim Group holding company, raised a level from idAA to idAA+ by PT Pemeringkat Efek Indonesia (Pefindo) last week. Based on Pefindo research announcement last week, the rating outlook pegged at stable level.

Pefindo analyst Vonny Widjaja said in the statement that the increase rating reflectcompany's cash flow protection supported by better margin and lower financial leverage level.

"The rating also supported by Indofood's superior market position in packaged food industry and favorably diversified and vertically integrated business portfolio." said Vonny, together with Niken Indriarsih, in the statement.

But she added the rating also constrained by tight competition in some business segments.

Indofood now divided its business into four major strategic segment, namely consumer brand product (including noodles, dairy, food seasonings, snack food, and nutrition/special foods), Bogasari/flour, agribusiness (plantations and edible oil and fats, and distributionl.

At the end of last year, Indofood's major shareholder is CAB Holdings Ltd, Seychelles, with 50.05% ownership. The parent company assumed is a SPV entity which located in an African archipelago and smallest population country, just northeast from Madagaskar island.

The other Indofood shareholder are Ibrahim Risjad 0.04%, Anthoni Salim 0.02%, Taufik Wiraatmadja 0.0005%, Fransiscus Welirang 0.0001%, and public 49.89%.

Right now, two Indofood listed subsidiaries (either direct or indirect) are PT Indofood CBP Sukses Makmur Tbk and PT PP London Sumatra Indonesia Tbk (Lonsum). Lonsum is an indirect subsidiary through PT Salim Ivomas Pratama with portion 59.48% ownership.

The others that listed in Singapore Stock Exchange are Indofood Agri Resources Pte Ltd and Indofood Oil & Fats Pte Ltd. Salim Ivomas now is in a process to IPO in the Indonesia Stock Exchange that will targeted around IDR5 trio fresh fund from capital market.

Last year, Indofood CBP already listed their shares for IDR6 trio, but the local investor portion on allotment are less than 5%.

Prasidha merge Aneka Sumber Alam and Lampung Pelleting

2011-05-06T21:17:00.003+07:00

6/5/2011

Irvin Avriano A.

Prasidha merge Aneka Sumber Alam and Lampung Pelleting

JAKARTA: PT Prasidha Aneka Niaga Tbk will merge with their two subsidiary, PT Aneka Sumber Kencana and PT Lampung Sumber Kencana Pelleting Factory. The matter was mention on the listed company's information disclosure in newspaper today.

Based on the information, the merger will make Prasidha which have asset IDR414.61 billion melting with IDR17.13 bio Aneka Sumber Kencana asset and IDR3.81 bio Lampung Pelleting asset.

Prasidha and their subsidiaries are process and trade agricultural commodities companies such as coffee. They also have three business segments namely plantation, commodities, and food. The company is commandeered by Jeffry Sanusi Soedargo. They listed their shares in the stock market since October 18th 1994.

Several source int he internet showed that the company used to know as PT Aneka Bumi Asih that founded since 1974 which headquartered in Palembang, South Sumatra. Now, their operational activities include Jawa, Bali, and Sumatra.

Prasidha Group itself claimed was founded in 1984 by Oesman Soedargo, Mansjur Tandiono, the late Haji Mahmud Uding, and late I Gede Subratha.

HD Finance shares offering oversubscribed 2.32 times

2011-05-06T04:10:00.006+07:00

6/5/2011

Irvin Avriano A.

HD Finance shares offering oversubscribed 2.32 times

JAKARTA: PT HD Finance Tbk shares offering experience 2.32 times oversubscribed demand from their future investors.

Based on officials disclosure yesterday, the company's lead underwriters namely PT Makinta Securities have receive order as much as IDR213.22 billion demand.

But the near time future stock emitters in the capital market oversubscribe data is contrast with the price quotation that been set at the bottom level, IDR200, from the range offered IDR200--250.

The appointed number also formed the fresh fund that the Orang Tua Group motorcycle financing company will gathered from capital market are only IDR92 billion, less than the company's target at least at IDR100 bio level.

HD Finance offered 460 mio sheet of shares, 29.87% from their whole capital to potential investors, and set portion for fixed allotment 97% and the rest is for pooling allotment.

The company which established in 1972 with PT Indonesia Lease Corporation name and commandeered by Hariono targeting IDR1 trillion financing this year, rise 33.33% from last year performance IDR750 bio.

Bapepam-LK revoke Credit Suisse investment manager license

2011-05-06T03:44:00.003+07:00

6/5/2011

Irvin Avriano A.

Bapepam-LK revoke Credit Suisse investment manager license

JAKARTA: Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) finally revoked PT Credit Suisse Investment Management Indonesia investment manager licence.

The revoking license taken from the indirect subsidiary of one of biggest bank in the world: Credit Suisse AG, after at least two years not operate as ordered by the capital market authority.

The revoke also caused by returning licence from the company that commandeered by trio directors: Wahyu Suryadi-Donny Nuriawan-Herdianto Budiarto. The matter was disclosed on Bapepam-LK website yesterday.

Once, the company had formed a capital protected mutual fund around two years ago, but there is no longer information available about the retail investment product.

Rumors in the industry said the investment manager get wrong in business strategy plan, related to Bapepam-LK obligation to every investment manager to formed at least one mutual fund.

The policy contrast with initial company's blue print that they intend just to become a shopping gallery for capital market product, not forming their own mutual fund.

Prime Capital listed their first mutual fund

2011-05-06T03:15:00.004+07:00

6/5/2011

Irvin Avriano A.

Prime Capital listed their first mutual fund

JAKARTA: PT Prime Capital, an investment manager company, have their very first mutual fund namely Prime Star Balance Fund.

The mixed type mutual fund is using services from PT Bank Mandiri Tbk as their custodian. The matter also announced on Indonesia Central Securities Depository (KSEI) website last month.

Prime Capital is obtained investment manager license from Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) since 2002, but their recording at capital market authority shows the product is their very first mutual fund.

The action indicated that the company that commandeered by Ali Handojo is trying to comply to authority's policy that oblige every investment manager have to have at least one mutual fund.

Their president director, Ali Handojo, also recorded as their shareholder, a fifty-fifty portion together with Rudy Handojo.

But the information on their company's profile at the Bapepam-LK website doesn't show any connection to similar name of IDX participant brokerage house, PT Prime Capital Securities which coded QA.

Syailendra new fund: Syailendra Indo Balance Fund

2011-05-06T03:06:00.004+07:00

6/5/2011

Irvin Avriano A.

Syailendra new fund: Syailendra Indo Balance Fund

JAKARTA: PT Syailendra Capital, an investment manager company commandeered by Jos Parengkuan, have a new hybrid mutual fund namely Syailendra Indo Balance Fund that can be offered to investors.

The tiny-efficient company utilize services from PT Bank Mandiri Tbk as the capital market product custodian.

The matter was announced in the Indonesia Central Securities Depository (PT Kustodian Sentral Efek Indonesia/KSEI) website last month.

The retail product is the second mixed fund from the company, after previously already have Syailendra Balanced Opportunity Fund.

Indomobil Finance offer IV bond coupon 7.5%--11%

2011-05-06T02:40:00.004+07:00

6/5/2011

Irvin Avriano A.

Indomobil Finance offer IV bond coupon 7.5%--11%

JAKARTA: PT Indomobil Finance Indonesia, a multi finance subsidiary from PT Indomobil Sukses Internasional Tbk, offered coupon for their IV/2011 bond at 7.5%--11% range.

Based on a source in debt capital markets, the company offered A tranche coupon at 7.5%--8.25% range, B tranche 9%--9.75%, C tranche 9.7%--10.4%, and D tranche at 10.25%--11% range. The A to D tranche tenured a year to 4 year, respectively.

"The issuer is more focused on 3 years and 4 years tenures, in other hand tranche with a year and 2 years tenures is not their priority," said the source yesterday.

The amount of bond that will offered are IDR500 billion, with a potential up size to IDR700 bio.

The company also have appoint four joint lead underwriters namely PT CIMB Securities Indonesia, PT Indo Premier Securities, PT Nikko Securities, and PT Kresna Graha Sekurindo Tbk.

Last weekend, PT Pemeringkat Efek Indonesia (Pefindo) upgrade the Indomobil Finance's company rating and for their existing and proposed bonds from idA- level to idA because the strengthening market position that supported by Indomobil Group. The rating outlook set at stable level.

In the Pefindo research, the support that caused upgrading rating came from their parent company, listed manufacturer Indomobil Sukses Internasional which shares coded IMAS in the stock market.

At the end of last year, the company's shares that commandeered by Jusak Kertowidjojo owned by Indomobil Sukses Internasional as 99% and the rest is PT IMG Sejahtera Langgeng.

Indomobil Finance established on November 1st 1993 to support two wheel vehicle, four wheel, trucks, and heavy equipment sales manufactured by Indomobil Group. The group is the two biggest company with vehicle licensed holder, vehicle sales distribution, after sales services,vehicle manufacturer, components manufacturer, and parts distribution.

Until last year, the company booked asset IDR2.49 trio, grow 45.93% from IDR1.7 trio on 2009. Their liabilities recorded rise 56.17% to IDR2.05 trio, their revenue jacked up 8.55% to IDR589.37 bio, and the net profit hike 17.34% to IDR48.11 bio.

Nusantara Life appoint Dira Mochtar president director

2011-05-06T02:09:00.006+07:00

5/5/2011

Irvin Avriano A.

Bisnis Indonesia

Nusantara Life appoint Dira Mochtar president director

JAKARTA: Dira Mochtar appointed as PT Asuransi Jiwa Nusantara (Nusantara Life) new president director, replacing the previous placeman Hero Samudra.

Nusantara Life Corporate Secretary Edwin A. Lubis said Dira Mochtar is a former PT Bank Internasional Indonesia Tbk (BII) director.

"The appointment is decided on EGM [extraordinary general meeting of shareholder] last week," said Edwin to Bisnis tonight.

He said the other new occupant of board of director officials that also been appointed on the EGM are Hendra Dermawan as marketing director and Polly Poerdanadiredja as company's operational director. On the other hand, Mohammad Ansar still occupy his previous position as finance director.

He also mentioned the company officially became subsidiary of PT Rajawali Investment. But Edwin said there is no involvement by SOE plantation company PT Rajawali Nusantara Indonesia (RNI), through name similarity with Rajawali Investment or the flow of restructuring Optima Group debt to RNI several years ago.

Optima Group is Nusantara Life former owner. The insurance company ownership changing looks like being a debt restructuring tools for Optima Group to RNI.

The EGM, he added, also re-elect Bambang W. Soeharto as president commissioner, Mugi Jaya as commissioner, and Ackmal Husin as independent commissioner.

But Edwin have not been able to ensure the transaction value of Nusantara Life take over from former parent company, Optima Group.

Hero Samudra, the former president director, have mentioned that the transaction value is three time from initial value.

Dira said the company have targeted insurance bruto premiums IDR400 billion and their risk basedcapital (RBC) with percentage of 150% this year.

“We will worked professionally in order to achieve efficiency and compliance with guiding principles to enhance the company image as well as introduce more and more the company's image throughout Indonesia,” Dira add.

Mandiri Finance set D bond coupon 10.7%

2011-05-05T09:21:00.001+07:00

5/5/2011

Irvin Avriano A.

Bisnis Indonesia

Mandiri Finance set D bond coupon 10.7%

JAKARTA: PT Mandiri Tunas Finance, a PT Bank Mandiri Tbk multi finance subsidiary, set their D tranche VI/2011 bond coupon at 10.7%, still in range of their offered indication.

Two of capital market participant said the four tranche coupon set at 8.6% A tranche that tenured a year, 9.6% B tranche tenured 2 years, and 10% for C tranche which tenured 3 years.

"Has been decided last week," said one of the source yesterday.

The coupon decision is in range of 8%-8.75% indication for A tranche, 9%-9.75% B tranche, 9.625%-10.25% C tranche, and 10.5%-11.25% for D tranche.

The other participant said the company also have set the issuance amount for each tranche, A IDR48 bio, B IDR52 bio, C IDR350 bio, and D IDR 150 bio.

"The amount of issuance doesn't change."

The multi finance service company appoint PT Mandiri Sekuritas as their lead underwriter and PT Bank Mega Tbk as their trustee.

Mandiri Finance also already pocketed idA+ rating from PT Pemeringkat Efek Indonesia (Pefindo).

The company's president director Ignatius Susatyo Wijoyo can not contacted yesterday, either reply a short messages service. Mandiri Finance Harjanto Tjitohardjojo said he can not comment about the matter and advice to ask their finance director.

Sent from my BlackBerry® smartphone from Sinyal Bagus XL, Nyambung Teruuusss...!

Krakatau Steel build IDR5.92 trio blast furnace on 3rdQ

2011-05-05T04:11:00.002+07:00

5/5/2011

Irvin Avriano A.

Krakatau Steel build IDR5.92 trio blast furnace on 3rdQ

JAKARTA: PT Krakatau Steel Tbk, a SOE listed steel manufacturer company, budgeting IDR5.92 trio to build their very first time blast furnace that expect to completed on 1st or 2nd Q/2014 after 30 months.

Based on information disclosure which published in newspaper early this morning, the company intend to start the 1.2 mio tonnes/year blast furnace project on 3rdQ this very year.

The company which shares coded KRAS also announced that they only needs funding for IDR5.16 trio from the total investment needs, related to land bank and working capital that they already have, but still stands on those budget.

The company that commandeered by Fazwar Bujang also intend to looking for export credit to funding the engineering, procurement, and construction (EPC) package as much as 85% from the total needs of IDR4.6 trio, or equal to IDR3.91 trio.

The EPC package fund needs itself also claimed still inside the potential contractor's budget range. The company also still in tender process to appoint project contractor, which still followed by two offshore contractors.

Based on the limited information, it is indicated that the foreign contractors are came from South Korea, related with their close relation with Pohang Iron & Steel Corp, a Ginseng Country steel manufacturer. Or else, they also could appoint Japanese contractor, related to Nippon Steel Corp, Mitsui Co Ltd, Nippon Steel Trading Co, and Metal One involvement on one of their listed subsidiary: PT Pelat Timah Nusantara Tbk.

But the disclosure don't explain any detail about borrowing plan, also banks' name that been approached to funding the very first project after they listed in the Indonesia Stock Exchange (IDX/Bursa Efek Indonesia).

The project Financial Internal Rate of Return (FIRR) calculated to 15.89%, with expected loan interest of 3.65%, and its weighted average cost of capital (WACC) 9.7%.

Krakatau Steel also counting the potential net profit that could gain after the project completed is IDR245.58 bio at the the end of 2014, and IDR404.42 bio on 2015.

The company also expected their COGS to revenue ratio will decline from previously 85.4%--87.7% on 2011--2015, on pre-project scenario. After the completition, the management calculate that the ratio can reduced to 84.8% on 2014 and 84.6% on 2015.

Sent from my BlackBerry® smartphone from Sinyal Bagus XL, Nyambung Teruuusss...!

Suzuki Finance will give insurance to profcoll

2011-05-04T23:12:00.003+07:00

BI/financial

4/5/2011

Irvin Avriano A.

Bisnis Indonesia

Suzuki Finance will give insurance to profcoll

JAKARTA: PT Suzuki Finance Indonesia, the official Suzuki brand motorcycle financing company, want to give live and health insurance to their professional debt collectors (called: prof-coll) next month, related to high risks that awaits on their job.

Suzuki Finance Senior Executive GM Collection & Asset Mahadi Soeseno said the intention related to many cases that happens to the prof-coll since last year.

“Several violence and death cases happens to our debt collectors, and we want to pay for their insurance to ensure their family can have a better condition when something happen, their risk is big," said him to reporters this week.

The naughty customers behaviour, he added, somewhile caused by mafia activities that intentionally sell back the motorcycle that still in payable without any authorized papers (bodong motorcycle) with half price to remote areas such as Poso or to Kalimantan hinterland.

He mentioned several violence that happen to profcoll are beatings, even murder that occurs in Madiun and Jember last year, that never exposed before. Other cases, he continued, are a still in coma condition profcoll in Yogjakarta after he got his arm cut off after beaten by customer and colleagues last month.

According to him, the violences mostly caused by uncooperative customers and not intend to installments credited motorcycles. Foreclosures by profcoll, said him, only happen if the costumers can not be approach and persuade by the ordinary company's managements.

To avoid unlawful violences in foreclosures, he said Suzuki Finance also had increase profcoll quality by trainings and internal certification, working with local police head quarters and precinct police offices in East Java province. Mahadi added two other provinces, namely Central Java and North regions of Sumatra, would follow this month.

He also assess the violence by debt collector that usually encourage complaints from communities happen because high target that been set by collector's agent for several months period.

Mahadi pointed out that a single profcoll usually have to pay an installment money to join an agency or a foundation, let say IDR3 million-4 mio, and burdened by target for the next 3 months. To fulfill the target, the debt collector have to reach a high recollection level to maintain his installment to evaporate.

"Usually the percentage fee after foreclosure is too small for them, maximum 80%, the remainder must remitted to his agency or foundation."

For that purpose, said him, the company not intend to cooperate will agency or foundation and only made a hiring contract with personal debt collectors. The company also giving honorarium with ratio of successful in every foreclosure.

Related with violence to debt collector, Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) Financing and Guarantee Bureau Head M. Ihsanudin said the authority still asking for explanation from PT Sinar Mitra Sepadan Finance (SMS Finance). The explanation is needed after murder-indicated to one of their profcoll in Depok last month.

"We still questioning the management [of SMS Finance], because they only explain condition on the foreclosure, not the death cause."

When confirmed, SMS Finance President Director Rudyanto Somawihardjo said he already explain to Bapepam-LK about the matter.

FIF succesfully raised IDR3 trio

2011-05-04T19:45:00.005+07:00

BI/financial
4/5/2011
Irvin Avriano A.

Bisnis Indonesia

FIF succesfully raised IDR3 trio

JAKARTA: PT Federal International Finance (FIF), an Astra Group motorcycle-electric house ware financing company, successfully lifted their XI/2011 bond issuance amount to IDR3 trillion.

The matter was announced in Indonesia Central Securities Depository (PT Kustodian Sentral Efek Indonesia/KSEI) last weekend.

FIF finally upsized the issuance from formerly IDR2.66 trillion, while the rest is depends on best effort mechanism from its underwriters. The mechanism enable the emitters to cancel the upsize if the demand from potential investors can not reach the supply needs.

The total IDR3 trio bond divided into three tranches, namely IDR621.5 bio for A tranche tenured a year, IDR480 bio for B tranche, and C tranche IDR1.89 trio.

Previously, the company set the initial allotment of A tranche amounting to IDR616 bio with 7.8% coupon. IDR1.57 trillion for 9.6% C tranche, IDR480 bio for the 8.8% B tranche.

One of the PT Astra International Tbk subsidiary already use services from six lead underwriters, a much numbers for investment banking business, and a big challenge to gain a margin for the securities companies.

The joint lead underwriters namely PT HSBC Securities Indonesia, PT Mandiri Sekuritas, Indo Premier Securities, PT Danareksa Sekuritas, PT NISP Sekuritas, and PT Kresna Graha Sekurindo Tbk.

The other investment banking house that also already participate on the issuance are PT OSK Nusadana Securities Indonesia, PT Minna Padi Investama, and PT Nusantara Capital Securities.

The bond already listed in the Indonesia Stock Exchange (IDX) on April 27th.

HD Finance set bottom for their shares

2011-05-04T19:14:00.006+07:00

4/5/2011

Irvin Avriano A.

HD Finance set bottom for their shares

JAKARTA: PT HD Finance Tbk, an Orang Tua Group multifinance company, set their shares price offered at IDR200, the bottom level from indication offered range at IDR200--250. The price also formed their fund gathered on their initial public offering (IPO) only IDR92 billion.

The new shares coded HDFA is offered as much as 460 million sheets, a 29.87% portion of their 1.54 bio sheets total shares. The fund pocketed will be used for their financing expansion.

The new Indonesia Stock Exchange (IDX/Bursa Efek Indonesia) occupant will listed their shares on May 10th.

New emitters that formerly established with name PT Indonesia Lease Corporation appoint PT Makinta Securities as their shares lead underwriter, with help from 20 other securities house as the joint underwriters.

The other company's shareholder consist of PT HD Corpora 21.42%, Wealth Paradise Holdings Ltd 48.7%, and Soeharto Djojonegoro 0.0006%.

The multifinance company that commandeered by Hariono is targeted IDR1 trio financing lending this year, up to 33.33% higher than last year achievement IDR750 bio.

BPD Sulselbar set 9.5% and 10.4% bond coupon

2011-05-03T21:20:00.006+07:00

5/3/2011

Irvin Avriano A.

BPD Sulselbar set 9.5% and 10.4% bond coupon

JAKARTA: PT Bank Pembangunan Daerah Sulawesi Selatan dan Sulawesi Barat (BPD Sulselbar) set I/2011 bond coupon 9.5% and 10.4% for IDR500 billion conventional bond and sukuk mudharabah.

Based on its revised bond issuance prospectus published in newspaper today, the A trache of the bond that tenured 3 years consist of IDR50 bio, while the B tranche tenured 5 years consist of IDR350 bio.

The I/2011 sukuk, a sharia fixed income instrument, consist of IDR100 bio and usually couponed at the same level with the conventional bond, 10.4%.

The bond prospectus, of a company that commandeered by Ellong Tjandra, also is a sign and indicated that the issuance already pocketed effective statement from Capital Market and Financial Institution Supervisory Agency (Bapepam-LK).

In the issuance, the local-regional bank assisted by PT Danareksa Sekuritas and PT Andalan Artha Advisindo Sekuritas (AAA Securities) as lead underwriter, while PT Bank Mandiri Tbk appointed as the trustee.

The bond also already pocketed idA rating from PT Pemeringkat Efek Indonesia (Pefindo), a sacred rating for pension fund investors to invest on the instrument.

In the offering, both Danareksa Sekuritas and AAA Securities don't involving another market participant, or can not offered to another investment bankers, as joint underwriters. The matters showed on the underwriting portion, both the two investment banking house divided the issuance into IDR250 bio, respectively.

Danareksa Sekuritas and AAA Securities together claimed IDR25 bio on A tranche on the bank's conventional bond, IDR175 bio on B tranche conventional bond, and IDR50 bio on I/2011 sukuk.

In the schedule on the prospectus, the BPD Sulselbar's very first time bond and sukuk will be listed on the Indonesia Stock Exchange (IDX/Bursa Efek Indonesia) on May 13th.