Lippo Karawaci sets US$80 million capex

Lippo Karawaci sets US$80 million capex

Thursday, 26/08/2010 20:33:04 WIB
by: Irvin Avriano A.

JAKARTA: Publicly listed PT Lippo Karawaci Tbk (LPKR) sets US$70-US$80 million of capital expenditure (capex). The source of funds shall be derived from its bond issuance.

“30% of the capital expenditure will be generated from the bank loan, while the remaining 70% is derived from the bond issuance,” said President Director of Lippo Karawaci Ketut Budi Wijaya to the press this evening.

The bond issuance refers to the dollar-denominated debt securities issued by the company through its subsidiary Sigma Capital Pte Ltd amounting US$270 million in the second quarter of 2010.

From such bond issuance, the company also expects to construct three hospitals. The company has started the construction of two hospitals located in Tanjung Bunga, Makasar and a teaching hospital in Lippo Village, Jakarta.

Besides, the company will also use part of such fresh funds to build a real estate/apartment project in St.Moritz, Jakarta and Kemang Vilage, South Jakarta.

Ketut added that the company will find another way to seek any other source fund in order to finance those projects. One of the options is by conducting right issues.

“We still have the option to hold new stocks placement.”

The funds needed to construct such apartment reaches US$1 billion-US$2 billion as the company expects to finalize the construction over the next seven and eight years.

PT Almaron Perkasa Director Rusli, Lippo’s subsidiary controlled Kemang Villange, said that the keys handover of those three apartment towers shall begin by September and October this year.

There will be around 180-200 units per tower.

“For the initial phase, we will own seven towers,” said Rusli who also acts as director in Lippo Karawaci.

In the initial project construction, the company only executed around 9 hectare out of 15 hectare area, so Almaron Perkasa may still exploit a quite wide area in order to develop such project.

Lippo Karawaci stocks rose by 1.96% at IDR520, making the market capitalization at IDR8.89 trillion. (t02/wiw)

'Trade retail sovereign bond'

'Trade retail sovereign bond'

Thursday, 26/08/2010 11:22:37 WIB
by: Irvin Avriano A.

JAKARTA: Bond analyst suggested investors to trade on retail government bond (SUN) of FR0053 and FR0054 series.

“Although market is still likely to continue moving in limited trend or yield, investors are recommended to choose retail shares or FR0053 and FR0054 series,” Dian Abdul Hakim, bond analyst at PT Kim Eng Securities, said in a report today.

Dian said sovereign bond market is still stable, as reflected from the index of Government Securities Traders Association (Himdasun) that moved between 104.9 – 105.

“The core Inflation is predicted to fall from July's actual figure at 4.15% to 4.1%.”

Yet, as Dian continued, the stagnant condition is vulnerable to the pressure from this month's inflation to be announced early next month.

Month-on-month inflation might be lessen from 1.5% to 1.0% last month but year-on-year inflation rate will gain from 6.2% to 6.7%, he adds citing a consensus. (T05/NOM)

SMF got IDR1.13 trio bond excess demand

BI / exchange

01/06/2010

Irvin Avriano A.

Bisnis Indonesia

SMF got IDR1.13 trio bond excess demand

JAKARTA: PT Sarana Multigriya Finansial (SMF) III/2010 bonds offering get excess demand up to IDR1.13 trillion from IDR800 billion early bid value.

SMF Director Sutomo said that although the demand value is high, the company was still only issued bonds worth IDR727 billion for the coupon adjusts demanded by investors.

Company sets bond coupon at 9.25% level for 3-year tenured tranche A worth IDR500 billion and 9.75% for tranche B tenured 4 years worth IDR227 billion.

"Coupons are determined in accordance with the distribution of mortgage financing that we have lent earlier this year, so that coupon bonds are distributed must not be higher than the loan interest," he said when contacted yesterday.

He said that the new bonds received a statement from Bapepam-LK on Thursday and was soon listed on the stock exchange board.

On the other offered corporate bonds, two bond issuers cut the value of its debt securities issuance, PT Selamat Sempurna Tbk and PT Bank OCBC NISP Tbk.

Selamat Sempurna II/2010 bond reduce the value of its issuance from IDR300 billion to IDR240 billion. The amount is taken from the issuance of each tranche is valued at IDR80 billion. PT Andalan Artha Advisindo Sekuritas (AAA Securities) and PT Investindo Nusantara Sekuritas acted as underwriters of the bonds issuance.

The bond prospectus shows tranche A bond that has a term of 370 days couponed 8.9%, tranche B 3-year tenured couponed 10.3%, tranche C tenured 5 years couponed 10.8%.

The company also opened up opportunities repurchase (buy back) after the first year of publication. Bonds were also pocketed idAA ratings from PT Pemeringkat Efek Indonesia.

Bank NISP OCBC III/2010 subordinated bonds issuance also shrunk from the target of IDR1 trillion to IDR880 billion. The bonds tenured for 7 years and pocketing ratings of AA- from PT Fitch Ratings Indonesia.

The fund that taken from the bond issuance will be used to help increase the companies' lending, as well as to strengthen the long-term funding structure of the company.

The company pointed PT NISP Sekuritas, PT Danareksa Sekuritas, and PT Standard Chareterd Securities Indonesia as underwriters of the issuance.

Bapepam-LK difficult to prove allegation in Matahari

BI / exchange

06/02/2010

Irvin Avriano A.

Bisnis Indonesia

Bapepam-LK difficult to prove allegation in Matahari

JAKARTA: The Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) is still difficult to prove allegations inflated stock prices of PT Matahari Department Store Tbk (MDS), along with the action of the stock sales earlier this year.

Chairman of Bapepam-LK Ahmad Fuad Rahmany said the investigation that have been taken in capital market authorities find it difficult to prove allegations that, even after called several witnesses and and investors.

"They have called but claimed only buy at higher prices and claims not related at all with the company management, it was difficult to prove if they receive orders," said Fuad to the press today.

He also said the allegations were based on an illiquid stock price in the market but suddenly offered at high prices before the announcement of the acquisition of MDS by the subsidiary of Citi Venture Capital Partners Ltd (CVC), PT Meadow Indonesian.

According to him, it was inferred from several market analysts consulted by the Bapepam-LK MDS assess the illiquid stocks that are rarely tracked by capital market participants investment radar.

He also suspects the bubbling stock price is caused the stock price is not reasonable that enhanced the potential to become a reference for the stock price in the acquisition transaction of MDS which fueled.

Matahari Department Store Sales of shares was conducted by PT Matahari Putra Prima Tbk, with transaction worth IDR7.16 trillion.

Fitch Ratings upgraded Bank Panin ratings

BI/bursa

Irvin Avriano A.

Bisnis Indonesia

Fitch Ratings upgraded Bank Panin ratings

JAKARTA: PT Fitch Ratings Indonesia upgraded national long-term ratings of PT Bank Pan Indonesia Tbk (Bank Panin) from the level of AA- to AA level and to their corporate bond ratings.

Company's sub-ordinated bond rating has also improved from the level of A+ to AA- level. Rankings were determined with a stable outlook.

Hary Tanoe reported TPI shares disputes to Bapepam-LK

BI / exchange

06/02/2010

Irvin Avriano A.

Bisnis Indonesia

Hary Tanoe reported TPI shares disputes to Bapepam-LK

JAKARTA: Hary Tanoesoedibjo reported cases of disputed shares in PT Cipta Televisi Pendidikan Indonesia (TPI), a subsidiary from company that he leads, PT Media Nusantara Citra Tbk to the Capital Market and Financial Institution Supervisory Agency (Bapepam-LK).

Hary explains his arrival just to meet its obligations as the parent of TPI which is a public company, related to the amount of publicity surrounding the dispute that stock.

"Anyway we just report it, disclosure has been fulfilled," Hary, as MNC president director said press at House of Bapepam-LK in Soemitro Djojohadikoesoemo Building this afternoon.

He also asserted in that case he was 'tilt' by Siti Hardiyanti Rukmana, son of former Indonesia President Soeharto commonly known as Mbak Tutut in dispute of the stock.

Chairman of Bapepam-LK Ahmad Fuad Rahmany when asked about the results of his meeting with Hary said the meeting was only to report about the developments around the stock disputes. He also asserted that the explanation will not affect existing dispute because he was only acting as a referee in capital markets.

"That's not our territory because it shares listed on the Sisminbakum [Legal Administrative System Kemkumham]. If there are changes in who knows. We've sent a letter two days ago to them, but have not responded. "

At the end of March, the financial statements of the emitters still indicate MNC as many as 75% shares of TPI. TPI assets before eliminated as of March amounted to IDR917.62 billion.

MNC share price did not move the dispute to respond this afternoon at the level of IDR340 and establish its market capitalization amounted to IDR4.67 trillion.

Bahtera to Sell Boats to Service Bonds

Friday, 02/07/2010 00:00 WIB

Bahtera to Sell Boats to paid off bonds

Irvin Averiano A.

Bisnis Indonesia

JAKARTA: PT Bahtera Adimina Samudra Tbk intends to sell 34 iron boats to paid off IDR75 billion in first series bond (2000) and its liabilities to the creditors.

Director and Corporate Secretary of Bahtera Adimina Panudju Adjie said the company was still negotiating with the creditors.

"We will focus this year on servicing our debts and liabilities before thinking of the company's business sustainability," he told Bisnis this week.

Bahtera Adimina is a bond issuer that is restructuring its matured bonds.

The default on bond is attributable to soaring fuel prices in 2005 and the operational suspension of the company in 2007. As of the end of 2009, the company still had IDR273.6 billion in current liabilities and IDR10.72 billion in non-current liabilities. Last year, the company also booked IDR53.07 billion in net loss.

The company has held several bondholders general meeting (RUPO) to discuss the bond payment. As of June, the company still defaulted on paying its 40th bond coupon.

The company was supposed to service its bond when it matured on June 5, but the company so far is still negotiating the way to service its liabilities.

He explained of the 34 boats, two were in Tual, Southeast Maluku and the rest were in China. According to him, nearly all of the ships were out of order, making the company plan to sell them in scraps.

"Since they have never been used, they are out of function right now. We have also sold off out wood boats."

According to him, the company had also got approval from the shareholders, who will help the company servicing its liabilities to the investors. He added this had been informed to Indonesia Stock Exchange (BEI).

Panudju also hinted the shareholders may sell assets to service the company's bond and debt.

In the information expose to BEI last weekend, Panudju disclosed the company asked for one or two months to determine what it would do next to service its debts. The company also opens the possibility for the creditors and bondholders to convert the debts to equities.(Bisnis/iaa)