Eterindo bolsters palm oil business

Thursday, 24/06/2010 00:00 WIB

Eterindo bolsters palm oil business

Irvin Avriano A.

Bisnis Indonesia

JAKARTA: Producer of biodiesel PT Eterindo Wahanatama Tbk increased its possession in two subsidiary firms as preparation for seeking IDR824 billin loans to develop the upstream business lines.

President director of Eterindo Immanuel Sutarto said the company spent IDR68.5 billion to increase possession portion at PT Maiska Bhumi Semesta and PT Malindo Per-sa-da Khatulistiwa up to 99.99 percent as from 43.31 percent and 43.06 percent.

"Our investment value by end of 2008 in both companies stood at IDR47 billion. With the soaring possession, the total of our investment value stood at IDR116 billion," he said after GMS of Eterindo in Jakarta yesterday.

Immanuel uses fund for growing the possession of Maiska Bu-mi and Malindo Persada which was taken from the divestment of minor shres of Eterindo in PT Petromidada and PT Eternal Buana Chemical In-dustries in 2008 worth totally IDR676 billion.

In addition to boost up the upstream business line, he said the additional ownership at Maiska Bumi and Malindo Persada is also meant to prepare additional funds and new investments which will be materialized next year.

The new investment here will be sought through rights issue, bond issuance, or bank loan. The required amount is IDR824 billion which will fully allocated for funding the palm oil plantation development.

Immanuel said the totally required funds for palm oil development is about IDR1.5 trillion. As from the needs, some IDR676 billion has been gained from the sales of PT Petromidada and PT Eternal Buana Chemical In-dustries.

"We will seek the gap of investment fund here through fund collection options such as rights issue so that our target of productive plantation by 2014 is attainable," he said.

He said the company targets the plantation could produce 130,000-160,000 tons of CPO by 2014. Some of the CPO will be for internal consumption and the rest for sales.

Based on the corporate biodiesel factory capacity in Gresik, East Java, managed by the subsidiary firm PT Anugerahinti Gemanusa, the portion of CPO for self consumption is about 70,000 tons.

In yesterday GMS, the company got shareholders approval for not sharing any dividend from the DIR10.41 billion net profits last year. The profit will be allocated as the additional capital work.

The GMS also agreed the resignation of directors boards filled by Yudianto Kosman and Very Yonnevil. Both will be substituted by Prasanta K. Choudhury and F.X. Widie Kastyanto.

In the market, Eterindo plans to boost up palm oil business is handled positively form the soaring sotck price of ETWA by 2.38 percent into DIR215. The market capitalization stood at IDR208.15 billion. (Bisnis/iaa)

Aqua readies for tender offer

Saturday, 12/06/2010 00:00 WIB

Aqua readies for tender offer

Irvin Avriano A.

Bisnis Indonesia

JAKARTA: PT Aqua Golden Mississppi Tbk readies to have tender offer to public shareholders and does not change the reference pricing at the level of IDR450,000 per share unit.

Aqua President Director Parmaningsih said the price will be set up in the delisting process prior to becoming go private company.

The action is scheduled soon after the company got official notice from Bapepam-LK for continuing the go private process.

"We have just received the notice two days ago and has not defined yet the schedule for processing the document to Bapepam-LK. But we hope we can do it as soon as possible," she said yesterday.

The company effort to do the go private process deals with the completion of investigation by Bapepam-LK. The investigation execution was based on the complaints addressed by some shareholders who suspected the data manipulation in the process.

Real Sector Company Finance Assessment Bureau Chief of Bapepam-LK Anis Baridwan said Bapepam-LK does not find any violation so the company is allowed to continue the corporate action.

"The probe is over which marks that the process can go on. But if there is sanction from the investigation, I have no idea. Please ask the Investigation Bureau," he said.

He regretted the delisiting of Aqua from the capital market as the capital market will lose one stock of one emitter. But Bapepam-LK could not intervene the decision here as it is the decision made by the shareholders in the extraordinary general meeting of shareholders.

The company this year shared IDR1,800 per share dividend or DIR23.69 billion or 24.7 percent of the total corporate IDR95.91 billion net profits booked by the company last year.

Parmaningsih added that the company also allotted IDR72.22 billion funds from the net profits as the retained earnings.

"We allocated higher retained earning than our dividend as we usually have earlier purchase for our revenue, that is the packaging production."

The company is optimistic to tap a 12.75 percent increase of the net profit as from IDR2.73 trillion last year into DIR3.08 trillion this year due to the mounting consumer demands.

The large capacity of production serves as one of the corporate optimisms to boost the target this year.

The soaring sales equals with the water sales volume or increased by 10.31 percent this year as from 6.57 billion liters last year into 7.25 billion liters. (Bisnis/Iaa)

SUN price skyrocketing: Moody's increases Indonesia debt rating prospect

Tuesday, 22/06/2010 00:00 WIB

SUN price skyrocketing: Moody's increases Indonesia debt rating prospect

Irvin Avriano A.

Bisnis Indonesia

JAKARTA: The government debt rating prospect from stable to positive level given by the Moody's Investor Ser-vices yesterday gave a boost to the government bond (SUN) trade and price at secondary market by 100-250 basis points (bps).

Based on the data of the Inter Dealer Market Association (IDMA/Himadsun), the SUN price index scored 159 bps from the level of 102.8 percent to 104.43 percent triggered by the massive buy of foreign investors upon considering the diminishing risk of investment.

"The buy action happened yesterday was the overseas investors typical larg amount of transaction. Rarely local investors buy in such a large amount of buy," said Fixed Income Division Head of PT Anugerah Securindo Indah Ramdhan Ario Maruto yesterday.

The skyrocketing SUN price was seen particularly to the FR007 series by 15 bps, FR0052 by 313 bps, and FR0040 by 145 bps. The mounting price continued the significant rally since a month before or last week in particular.

As to Ramdhan, SUN hike happened was not due simply to the upgrading prospect of Indonesia rating but also the positive sentiment of the appreciation of Yuan China leading to US dollar depreciation to almost all Asian currencies including rupiah.

The other reason is the time limit factor for foreign investors possession to the BI promissory notes (SBI) which led the investors composition of portfolio to SUN.

The portion of foreign ownership portion of SUN also increased into 24.68 percent by end of last week from 24.31 percent June 15. That was the top since the SUN issuance due to the surpassing position of April 29 of 24.61 percent.

The skyrocketing SUN price which is on contrary to the yield level here reflected the less expensive cost of fund borne by the government and also corporation to seek funding resource at the market.

The escalating SUN market situation also happened to the stock market. Yesterday, the index hit the top record along the history at 2,981.28 as from the previous record of 2,971.25 on April 30, 2010. The index was closed at robust position by 0.42 percent at the level of 2,941.90.

The soaring index also happened simultaneously to the soaring Asian regional bourse and global bourse driven by the sentiment of China to provide flexibility of yuan. Market considered the policy to upsize liquidity of global fund flow.

Moody's rating yesterday upgraded the outlook prospect of rupiah and global denominated bond rating in Indonesia from stable to positive level. Indonesia bond rating was set at Ba2 level.

The mounting rating prospect here also happened to the ceiling of global denominated bond rating from Ba1 level and the ceiling of global denominated deposit rating at Ba3 level.

The growing rating also forced Moody's to increase the rating prospect of two other companies, PLN and PGN from stable to positive levels. The rating of both firms was set at Ba2.

Moody's last rating action to Indonesia was on September 16, 2009 as from Ba2 level with stable outlook.

Separately, Deputy Governor of Bank Indonesia Hartadi A. Sarwono said the positive outlook given by Moody's showed the potential chances to increase Indonesia rating to the investment grade in the upcoming year still require two notches.

As to him, the revision made by Moody's was based on the expectation and it is time to change noting that Moody's rating is lower than rating given by S&P (BB/positive) and the Fitch (BB+stable).

Finance Minister Agus D.W. Martowardojo said the mounting debt rating encourage the government to maintain monetary and fiscal stability to meet the investment grade.

Economist of Mandiri Sekuritas Destry Damayanti said the so much awaited now is the re-rating story in which Indonesia is projected to be back to grad investment level." (Bisnis/iaa/agi/aca/hta/bsi)

Trimegah gained bank loan commitment worth IDR40 billion

Saturday, 19/06/2010 00:00 WIB

Trimegah gained bank loan commitment worth IDR40 billion

Irvin Avriano A.

Bisnis Indonesia

JAKARTA: PT Trimegah Securities Tbk, securities company which listed on the stock exchange, got loan commitment worth DIR40 billion from PT Bank CIMB Niaga Tbk to support online trading.

"We have just signed a credit commitment worth IDR40 billion from CIMB Niaga," said Director of Trimegah Securities Karman Pamurahardjo after GMS in Jakarta yesterday.

He said the online trading program developed by the company is ready to launch and has been tried out to some customers. The loan commitment will improve the facilities like the company worth IDR330 billion.

The loans come from PT Bank Mandiri Tbk, PT Bank Sinarmas, PT Bank Permata Tbk, and PT Bank Central Asia Tbk. The loan is not maximally used yet, the company eyes on the issuance of short term promissory notes(PN).

The PN is the last choice after bank loan. "The loan must be used up. Even if later we issue PN, it is just a little amount."

At the same time, Commissioner of Trimegah Securities Avi Yasa Dwipayana added the GMS also appointed Sofjan Djalil as the corporate commissioners, and also Omar S. Anwar, Ubaidillah Nugraha, and Denny Rizal Thaher as directors.

The new three directors will add the other directors currently posed by Karman and Henry Jusuf. Ubaidillah was formerly the VP Strategy of PT Bank Mandiri Tbk, and Denny was the former president director of PT Manulife Aset Manajemen Indonesia.

Avi becomes the commissioner and hands over the president director position to Omar Anwar, the former vice president director of PT Pertamina. The former State Enterprise Minister Sofyan Djalil was appointed as the commissioner. President commissioner is filled by Christopher Teague. Other commissioner Sumantri Slamet resigned from his post.

He said in GMS the shareholders agreed to share IDR1 per share dividend or IDR3.65 billion or 17.23 percent of the DIR21.3 billion net profits last year.

Trimegah booked DIR188.51 billion revenues in 2009 from the brokerage service worth IDR87.09 billion, investment manager IDR45.99 billion, margin interest IDR33.38 billion, and underwriting IDR14.08 billion.

The change of boards of directors structure and dividend sharing information is practically got no response from market. The stock price yesterday was stagnant at the level of IDR125 with stock market capitalization worth IDR456.87 billion. (Bisnis/iaa)

Pefindo to Inject Capital to PHEI

Friday, 18/06/2010 00:00 WIB

Pefindo to Inject Capital to PHEI

Irvin Avriano A.

Bisnis Indonesia

JAKARTA: Indonesia securities rating company PT Pemeringkat Efek Indonesia (Pefindo) confirms to inject IDR1 billion capital to PT Penilai Harga Efek Indonesia (PHEI/IBPA).

"We probably will inject them [PHEI] with capital, but we are still reviewing the value. It will probably be around IDR1 billion," informed President Director of Pefindo Ronald Tauviek Kasim to Bisnis yesterday.

He revealed the decision, which was nearly final, was not made by Pefindo Shareholders General Meeting held earlier this month since the amount was less than 10% of the equities injected by the rating company.

According to him, the decision on the amount of equities injected by Pefindo would be made by other directors soon.

The shareholders in PHEI at the moment are only self regulatory organizations (SRO) in the capital market consisting of PT Kustodian Sentral Efek Indonesia (KSEI), PT Kliring Penjaminan Efek Indonesia (KPEI), and Indonesia Stock Exchange (BEI).

The company has IDR30 billion in equities, which are divided equally among the three SROs, making each SRO own a 33.33% stake.

Previously, President Director of KSEI Ananta Wiyogo disclosed if Pefindo injected equities to PHEI, Pefindo might own a 3.22%--3.33% assuming the amount of equities injected was still IDR1 billion.

Ananta explained the old shareholders were sounding two options, namely selling SRO-owned shares or increasing shares in PHEI.

If Pefindo acquired new shares that PHEI was about to issue, Pefindo would control a 3.22% stake. However, if Pefindo acquired shares from the old shareholders, it would seize a 3.33% stake.

The Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) Regulation V.C.3 on Securities Price Appraiser allows Pefindo, as a non-financial institution, to control a 20% stake in PHEI.

Ananta also argued the SROs actually hoped for new investors other than Pefindo in PHEI.

"We want there will be other parties to avoid an impression that Pefindo is being prioritized," Ananta said last week.

Director of PHEI Hasan Fawzi said Pefindo's plan to inject equities was the authority of the company's shareholders.

However, he viewed that what PHEI wanted was a strategic partnership with Pefindo. (Bisnis/iaa)

Multistrada gets US$185 million loans: Summarecon negotiates IDR250 billion loans

Friday, 11/06/2010 00:00 WIB

Multistrada gets US$185 million loans: Summarecon negotiates IDR250 billion loans

Irvin Avriano A.

Bisnis Indonesia

JAKARTA: PT Multistrada Arah Sarana Tbk, car and motorcycle tire producer, got US$185 million loans for 2010 expansion.

Director of Multistrada J. Sukarman said the loan was attained from the syndicated banks of PT Bank Internasional Indonesia (BII), PT Bank CIMB Niaga Tbk, HSBC, and Credit Union from Germany with US$40 million loans.

" In addition to the expansion, some of the loans or US$30 million will be allotted for working capital to support the soaring production," he said in Jakarta yesterday.

The production rise here is the mounting production of car tires from 16,000 tires per day into 22,500 tires per day by end of the year. Early next year, the capacity will be 28,500 tires per day.

"With expanding production capacity here, the company targets to grow the revenue by IDR2.2 trillion and IDR5 trillion next year. The capital expenditure budget this year is US$150 million and we have spent US$15 million," he added.

Despite the outstanding debt of US$40 million and US$16 million should be paid quarterly, the company is optimistic the additional US$185 million loans will not worry the debt to equity ratio. Last year the company booked IDR174.86 billion net profits and this year the net profit is estimated at IDR152 billion.

Regarding the acquisition scheme of PT Astra International Tbk for tire company this year, President Director of Multistrada Pieter Tanuri claimed to be ready for Astra acquisition. But he fails to detail the amount of the stock offer.

Separately, property developer PT Summarecon Agung Tbk has been negotiating loan with a private bank to fund the IDR250 billion Summarecon Serpong Mall project.

President director of Summarecon Jo-hanes Mardjuki said the loan is part of the debts allotment as the capital expenditure worth IDR800 billion up to next year.

"We allocate the capital expenditure for Manara I apartment, Harris Hotel, Summarecon Bekasi phase I, and Summarecon Serpong Mall. But, we cannot name the bank identity for the IDR250 billion loans as it is not finalized yet," he said.

Johanes added the loan will complete the IDR250 billion loans provided by PT Bank Mandiri Tbk to finance infrastructure development in Summarecon Bekasi.

With that loan, the regulation requires the company to change Bank Mandiri as the trustee board of the II/2008 bonds and I/2008 sukuk to PT Bank Rakyat Indonesia Tbk. (Bisnis/iaa)

6 investment managers agree for merger

Wednesday, 16/06/2010 00:00 WIB

6 investment managers agree for merger

Irvin Avriano A.

Bisnis Indonesia

JAKARTA: The effort made by Bepepam-LK to put aside investment manager (IM) with limited capital less than IDR25 billion from the bourse has succeeded upon noting that six out of 99 IMs have merged.

Investment Management Bureau Chief of Bapepam-LK Djoko Hendratto said the merger is done along with the capital market authority to increase the requirement of capital placement for IM as from IDR5 billion into IDR25 billion.

Merger is the feasible option to fulfill the requirement of the minimum capital rise here. IM has adjusted to the condition. "Based on the report, there have been six (IM) companies merged but I forget their names," said Djoko in Jakarta yesterday.

Finance Ministry plans to apply new regulation stipulating the IM capital placement into IDR25 billion as required by the revision of Finance Minister Decree (KMK) No.179/010/2003.

The regulation revision so far is still in seeking market players input. But in the draft, it is mentioned IM proposing for new permit should prepare IDR25 billion capital as from earlier requirement of IDR5 billion.

Responding to the revision of new regulation, Bapepam-LK called IM to have self adjustment. The regulation will be enacted next year. Bapepam-LK then is encouraged to increase IM capital placement up to IDR15 billion.

Djoko also said the merger is one of the option for IM with less than IDR25 billion capital. The option for selling the license may not be done for Bapepam-LK prohibition.

IM license sell and purchase is still banned because new IM license is still under suspension since 2007 which will then be opened in quarter III/2010. But capital market authority still focuses on the licensed IM evaluation.

"We hope the evaluation of each IM will prevent from permit sell and purchase which causes the change of the responsible management to the company operational," he said.

Now IM with less than IDR25 billion capital participation is only one or two as reflected from the many companies issuing RDPT stipulating the IDR25 billion capital participation.

Djoko statement is against the data of the mutual fund information center fo Bapepam mentioning the 25 IM with less than IDR25 billion capital. But Djoko ensures the data is not fully updated yet. (Bisnis/iaa)