BNBR suffers IDR17.11 trio lost in 2008

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.