JAKARTA -
Indonesia's PT Bakrie & Brothers Tbk (BNBR.JK) plans to buy back shares in coal miner PT Bumi Resources (BUMI.JK) and property firm PT Bakrieland Development Tbk (ELTY.JK), a director said on Thursday.
The diversified group, whose interests range from plantations to telecoms and coal, struck a number of deals, including sale stakes, late last year to help repay around $1.2 billion in debt.
The politically connected group, controlled by the family of Indonesia's chief welfare minister Aburizal Barkie, has said its debts have been halved to the equivalent of $627 million. [ID:nJAK414315]
Asked about a report that the firm planned to spend $150 million on buying back shares in Bumi and Bakrieland, Bakrie & Brothers' Finance Director Yuanita Rohali said the firm had an option to buy back shares in the fourth quarter.
"We have the intention to exercise the options on their exercise date in the fourth quarter," Rohali told Reuters via email, adding it planned to buy around a 6.4 percent stake in Bakrieland and around a 4.2 percent stake in Bumi.
"We're still reviewing alternatives for the source of funds," Rohali said.
Shares of Bakrie & Brothers gained 3.3 percent on Thursday to close at 94 rupiah, while Bumi shares fell 1.1 percent to 2,225 rupiah and Bakrieland Development fell 3 percent to 315 rupiah.
The Jakarta Composite Index .JKSE fell 0.91 percent. From Reuters, 11th June 2009
Friday, June 12, 2009
Northstar-Saratoga preferred for Indonesia's Elnusa
JAKARTA -
A consortium made up of Indonesian private equity firms Northstar Pacific and Saratoga Capital has been named the preferred bidder for a stake in oil services firm PT Elnusa Tbk, the arranger for the deal said.
Plans by contracting firm PT Tri Daya Esta's to divest its 37 percent stake in Elnusa (ELSA.JK) attracted several bidders, including state energy firm Pertamina, which has already has a 41 percent stake in Elnusa.
"Tri Daya Esta will immediately continue to complete the negotiation with Northstar-Saratoga consortium, which has been stated as preferred bidder," PT Bahana Securities said a statement late on Thursday.
Officials from Northstar or Saratoga were not immediately available for comment.
Bahana said the consortium was chosen because it offered a credible business plan and the best offer price, but did not elaborate.
The transaction is expected to be completed within eight to ten weeks.
Elnusa's shares fell 4.9 percent to 385 rupiah as of 0809 GMT, compared to a 0.23 percent fall in the broader market .JKSE. From Reuters, 11th June 2009
A consortium made up of Indonesian private equity firms Northstar Pacific and Saratoga Capital has been named the preferred bidder for a stake in oil services firm PT Elnusa Tbk, the arranger for the deal said.
Plans by contracting firm PT Tri Daya Esta's to divest its 37 percent stake in Elnusa (ELSA.JK) attracted several bidders, including state energy firm Pertamina, which has already has a 41 percent stake in Elnusa.
"Tri Daya Esta will immediately continue to complete the negotiation with Northstar-Saratoga consortium, which has been stated as preferred bidder," PT Bahana Securities said a statement late on Thursday.
Officials from Northstar or Saratoga were not immediately available for comment.
Bahana said the consortium was chosen because it offered a credible business plan and the best offer price, but did not elaborate.
The transaction is expected to be completed within eight to ten weeks.
Elnusa's shares fell 4.9 percent to 385 rupiah as of 0809 GMT, compared to a 0.23 percent fall in the broader market .JKSE. From Reuters, 11th June 2009
Indonesia pension fund may raise equities' exposure
JAKARTA - Indonesia's state pension fund, PT Jamsostek, may increase its exposure to domestic equities because of better market conditions, but only to a limited extent as risks remain, a director said on Thursday.
The fund, which had about 64.4 trillion rupiah ($6.41 billion) of funds under management as of March, saw a 2 trillion rupiah rise in the value of investments in the first quarter.
The fund is targeting to grow its assets to 72.4 trillion rupiah this year, up about 18 percent from 2008.
"We will review our investment plan after the first half. But even if we decided to raise it (exposure to equities), it would probably only be up to about 17.5 percent," investment director Elvyn G Masasya told reporters.
"We need to sustain our investment gains," Masasya added, noting an initial plan to have 50 percent of its total portfolio in bonds, 30 percent in time deposits and 15 percent in equities. The remaining 5 percent is invested in other assets.
The unlisted firm achieved an unrealised gain of 520 billion rupiah ($51.73 million) as of May in its equity portfolio, helped by bullish market sentiment in the last few months, Masasya said.
The net value of Jamsostek's equity portfolio fell about 2.7 trillion rupiah last year, when the Jakarta's benchmark index .JKSE lost about half its value on the global financial crisis.
Masasya said he expected Jamsostek's total assets to rise 6.85 trillion rupiah this year.
The benchmark Jakarta composite index has climbed about 56 percent so far this year, helped by a resilient economic performance and as investors choose a higher risk exposure. From Reuters 11th June 2009.
The fund, which had about 64.4 trillion rupiah ($6.41 billion) of funds under management as of March, saw a 2 trillion rupiah rise in the value of investments in the first quarter.
The fund is targeting to grow its assets to 72.4 trillion rupiah this year, up about 18 percent from 2008.
"We will review our investment plan after the first half. But even if we decided to raise it (exposure to equities), it would probably only be up to about 17.5 percent," investment director Elvyn G Masasya told reporters.
"We need to sustain our investment gains," Masasya added, noting an initial plan to have 50 percent of its total portfolio in bonds, 30 percent in time deposits and 15 percent in equities. The remaining 5 percent is invested in other assets.
The unlisted firm achieved an unrealised gain of 520 billion rupiah ($51.73 million) as of May in its equity portfolio, helped by bullish market sentiment in the last few months, Masasya said.
The net value of Jamsostek's equity portfolio fell about 2.7 trillion rupiah last year, when the Jakarta's benchmark index .JKSE lost about half its value on the global financial crisis.
Masasya said he expected Jamsostek's total assets to rise 6.85 trillion rupiah this year.
The benchmark Jakarta composite index has climbed about 56 percent so far this year, helped by a resilient economic performance and as investors choose a higher risk exposure. From Reuters 11th June 2009.
Tuesday, June 9, 2009
15th Largest Listed Palm Planters
KUALA LUMPUR, June 9 (Reuters) - Following are the 15
largest listed palm planters, ranked by market value. They are
mostly located in Indonesia and Malaysia, the top two producers
of the vegetable oil.
Total plantation holdings are in hectares and include both
cultivated and uncultivated land as well as joint ventures with
Indonesian smallholders.
Company Mkt Cap* Short & Long Landbank
(US$ mln) Term debt# ($ ln) (Hectares)
1 Wilmar (WLIL.SI) 20,814.2 # 4,929.9 500,000
2 Sime Darby (SIME.KL) 11,994.8 # 1,638.0 524,626
3 IOI Corp (IOIB.KL) 8,323.2 # 1,639.0 251,000
4 KL Kepong (KLKK.KL) 3,617.6 # 580.0 360,000
5 Golden Agri (GAGR.SI) 3,302.8 557.0 637,361
6 Astra Agro (AALI.JK) 2,906.4 -nil- 258,900
7 Indofood (IFAR.SI) 1,362.6 650.1 541,224
8 Asiatic Dev (ASIA.KL) 1,206.8 7.9 164,000
9 London Sumatra (LSIP.JK) 864.3 73.4 169,909
10 Boustead (BOUS.KL) 804.0 1,035.0 100,000
11 United (UTPS.KL) 765.1 -nil- 80,874
12 Kulim Bhd (KULM.KL) 576.0 459.1 124,660
13 IJM Plantations (IJMP.KL) 502.6 10.0 70,000
14 Sampoerna Agro (SGRO.JK) 334.8 21.7 169,000
15 Bakrie Sumatera (UNSP.JK) 303.6 156.4 80,000
* Market capitalisation as of June 5, 2009
# Short and long-term debt as of March 31, 2009 except Bakrie
Sumatera, which is as of September 30, 2008
- Wilmar and Asiatic did not provide specific landbank numbers
and said their landbanks were above the figures mentioned
(Sources: Company websites, Thomson Reuters data)
largest listed palm planters, ranked by market value. They are
mostly located in Indonesia and Malaysia, the top two producers
of the vegetable oil.
Total plantation holdings are in hectares and include both
cultivated and uncultivated land as well as joint ventures with
Indonesian smallholders.
Company Mkt Cap* Short & Long Landbank
(US$ mln) Term debt# ($ ln) (Hectares)
1 Wilmar (WLIL.SI) 20,814.2 # 4,929.9 500,000
2 Sime Darby (SIME.KL) 11,994.8 # 1,638.0 524,626
3 IOI Corp (IOIB.KL) 8,323.2 # 1,639.0 251,000
4 KL Kepong (KLKK.KL) 3,617.6 # 580.0 360,000
5 Golden Agri (GAGR.SI) 3,302.8 557.0 637,361
6 Astra Agro (AALI.JK) 2,906.4 -nil- 258,900
7 Indofood (IFAR.SI) 1,362.6 650.1 541,224
8 Asiatic Dev (ASIA.KL) 1,206.8 7.9 164,000
9 London Sumatra (LSIP.JK) 864.3 73.4 169,909
10 Boustead (BOUS.KL) 804.0 1,035.0 100,000
11 United (UTPS.KL) 765.1 -nil- 80,874
12 Kulim Bhd (KULM.KL) 576.0 459.1 124,660
13 IJM Plantations (IJMP.KL) 502.6 10.0 70,000
14 Sampoerna Agro (SGRO.JK) 334.8 21.7 169,000
15 Bakrie Sumatera (UNSP.JK) 303.6 156.4 80,000
* Market capitalisation as of June 5, 2009
# Short and long-term debt as of March 31, 2009 except Bakrie
Sumatera, which is as of September 30, 2008
- Wilmar and Asiatic did not provide specific landbank numbers
and said their landbanks were above the figures mentioned
(Sources: Company websites, Thomson Reuters data)
Thursday, June 4, 2009
INDONESIA'S BANK PERMATA TO ISSUE BONDS VALUED AT US$200 MLN
Thu. June 04, 2009; Posted: 04:39 AM
JAKARTA, Jun 04, 2009 - Indonesia's 10th largest bank in terms of assets, PT Bank Permata (JSX:BNLI), has been given the go ahead by one of its largest shareholders to issue subordinated bond valued up to US$200 million.
Bank Permata needs funds to increase its capital adequacy ratio, says Gunawan Geniusahardja, an executive of Astra International (JSX:ASII), a shareholder of the bank.
Bank Permata is jointly owned by Astra and Standard Chartered Bank, each holding a 40.5 per cent stake with investing public holding the rest.
Gunawan said Bank Permata, which had a CAR of 11 per cent by March, plans to issue the subordinated bond to be offered only to two shareholders, this year.
JAKARTA, Jun 04, 2009 - Indonesia's 10th largest bank in terms of assets, PT Bank Permata (JSX:BNLI), has been given the go ahead by one of its largest shareholders to issue subordinated bond valued up to US$200 million.
Bank Permata needs funds to increase its capital adequacy ratio, says Gunawan Geniusahardja, an executive of Astra International (JSX:ASII), a shareholder of the bank.
Bank Permata is jointly owned by Astra and Standard Chartered Bank, each holding a 40.5 per cent stake with investing public holding the rest.
Gunawan said Bank Permata, which had a CAR of 11 per cent by March, plans to issue the subordinated bond to be offered only to two shareholders, this year.
Saturday, May 30, 2009
INDONESIA'S BRI LEADS CONSORTIUM TO BUILD POWER PLANTS
JAKARTA, May 29, 2009
A consortium of Indonesian banks led by Bank Rakyat Indonesia (BRI) (JSX:BBRI) has pledged a loan of US$328 million for state electricity company PLN.
The loan fund will be used to finance the construction of coal-fired power plants in Pangkalan Susu North Sumatra and in Tarahan in South Lampung, PLN vice president Rudiantara said.
The two projects are part of PLN's crash program to build coal-fired power plants with a total capacity of 10,000 megawatts to be completed next year, the newspaper Bisnis Indonesia said.
The Pangkala Susu plant will have a capacity of 400 MW to be built by a consortium of Chuan Dong China, PT Bagus Karya Jakarta and PT Nicek Bandung at a cost of US$270 million.
The one in Tarahan will have a capacity of 200 MW to be built by Jiangxi Electric Power Overseas Engineering from China and PT Adhi Karya to cost around US$154.27 million and Rp595.1 billion.
A consortium of Indonesian banks led by Bank Rakyat Indonesia (BRI) (JSX:BBRI) has pledged a loan of US$328 million for state electricity company PLN.
The loan fund will be used to finance the construction of coal-fired power plants in Pangkalan Susu North Sumatra and in Tarahan in South Lampung, PLN vice president Rudiantara said.
The two projects are part of PLN's crash program to build coal-fired power plants with a total capacity of 10,000 megawatts to be completed next year, the newspaper Bisnis Indonesia said.
The Pangkala Susu plant will have a capacity of 400 MW to be built by a consortium of Chuan Dong China, PT Bagus Karya Jakarta and PT Nicek Bandung at a cost of US$270 million.
The one in Tarahan will have a capacity of 200 MW to be built by Jiangxi Electric Power Overseas Engineering from China and PT Adhi Karya to cost around US$154.27 million and Rp595.1 billion.
Tuesday, May 5, 2009
INTERVIEW-Indonesia lender BTN eyes IPO, good bond demand
* Up to 30 pct stake sale via IPO in Q4 or early next year
* IPO may raise around 2 trln rupiah ($191 million) * To use IPO proceeds to strengthen capital
* Sees healthy demand for $142 million bond on offer
NUSA DUA, Indonesia -
Indonesia's state-owned home lender PT Bank Tabungan Negara expects to sell up to a 30 percent stake, worth around $191 million, late this year or in early 2010, to strengthen its capital, an executive said on Monday.
An IPO had been put in doubt after the stock market fell sharply late last year, but recent share gains, spurred by better-than-expected company earnings, have made it attractive for the state to sell shares in BTN, one of the country's top-10 banks by assets, said Evi Firmansyah, vice president director.
Firmansyah said the loan market for landed houses was strong, in line with some sectors in the economy that remain resilient due to large domestic demand.
Central Bank Governor Boediono told Reuters on Sunday that boosting demand in the large domestic market would be key to a quick recovery in Southeast Asia's biggest economy. His comments came ahead of a policy meeting on Tuesday.
BTN is a leading home lender in Indonesia, with a particularly strong presence in the loan market for first time home buyers from the low and middle income segments.
The unlisted lender had outstanding loans of 30.8 trillion rupiah at end-2008, 97 percent of which are mortgage loans. It posted 2008 net profit of 430.5 billion rupiah, up 7 percent.
"We have submitted the names of the proposed underwriters to the government," Firmansyah told Reuters on the sidelines of the annual meeting of the Asian Development Bank in Bali.
"We expect it in the fourth quarter, if that's not possible then it would be in the first quarter of 2010." he said, referring to the IPO.
He declined to name the proposed underwriters.
"There will be up to a 30 percent stake for sale during the IPO," he said. "All the proceeds from the sale of the new shares will go to the bank to strengthen its capital."
Firmansyah said the move would give BTN more room to boost lending. The bank has said it aims to increase lending by 14 percent this year. "It's very crucial now to increase capital. This is also in order to allow for credit expansion," he said.
BTN has said it expected to boost lending by 14 percent this year.
Firmansyah said he expected healthy demand for BTN's 1.5 trillion rupiah ($142 million) bond issue currently being offered to investors, due to expectations of falling interest rates.
The central bank cut its key interest rate by 25 basis points to 7.5 percent last month, bringing total cuts to 200 bps since December to support economic growth.
BTN planned to price the bond issue to yield 150-250 bps above comparable government bonds, one underwriter said in April. Marciano Herman, head of investment banking at PT Danareksa Sekuritas, has said the yield would be decided at the end of the book building on May 26.
Danareksa, PT Mandiri Sekuritas and PT Trimegah Securities have been appointed underwriters. ($1=10,590 rupiah). From Reuters.
* Up to 30 pct stake sale via IPO in Q4 or early next year
* IPO may raise around 2 trln rupiah ($191 million) * To use IPO proceeds to strengthen capital
* Sees healthy demand for $142 million bond on offer
NUSA DUA, Indonesia -
Indonesia's state-owned home lender PT Bank Tabungan Negara expects to sell up to a 30 percent stake, worth around $191 million, late this year or in early 2010, to strengthen its capital, an executive said on Monday.
An IPO had been put in doubt after the stock market fell sharply late last year, but recent share gains, spurred by better-than-expected company earnings, have made it attractive for the state to sell shares in BTN, one of the country's top-10 banks by assets, said Evi Firmansyah, vice president director.
Firmansyah said the loan market for landed houses was strong, in line with some sectors in the economy that remain resilient due to large domestic demand.
Central Bank Governor Boediono told Reuters on Sunday that boosting demand in the large domestic market would be key to a quick recovery in Southeast Asia's biggest economy. His comments came ahead of a policy meeting on Tuesday.
BTN is a leading home lender in Indonesia, with a particularly strong presence in the loan market for first time home buyers from the low and middle income segments.
The unlisted lender had outstanding loans of 30.8 trillion rupiah at end-2008, 97 percent of which are mortgage loans. It posted 2008 net profit of 430.5 billion rupiah, up 7 percent.
"We have submitted the names of the proposed underwriters to the government," Firmansyah told Reuters on the sidelines of the annual meeting of the Asian Development Bank in Bali.
"We expect it in the fourth quarter, if that's not possible then it would be in the first quarter of 2010." he said, referring to the IPO.
He declined to name the proposed underwriters.
"There will be up to a 30 percent stake for sale during the IPO," he said. "All the proceeds from the sale of the new shares will go to the bank to strengthen its capital."
Firmansyah said the move would give BTN more room to boost lending. The bank has said it aims to increase lending by 14 percent this year. "It's very crucial now to increase capital. This is also in order to allow for credit expansion," he said.
BTN has said it expected to boost lending by 14 percent this year.
Firmansyah said he expected healthy demand for BTN's 1.5 trillion rupiah ($142 million) bond issue currently being offered to investors, due to expectations of falling interest rates.
The central bank cut its key interest rate by 25 basis points to 7.5 percent last month, bringing total cuts to 200 bps since December to support economic growth.
BTN planned to price the bond issue to yield 150-250 bps above comparable government bonds, one underwriter said in April. Marciano Herman, head of investment banking at PT Danareksa Sekuritas, has said the yield would be decided at the end of the book building on May 26.
Danareksa, PT Mandiri Sekuritas and PT Trimegah Securities
Subscribe to:
Posts (Atom)
