JAKARTA -
Indonesia's state oil and gas firm Pertamina signed on Friday syndicated loans worth $400 million and 3 trillion rupiah ($302.6 million) with local and foreign banks to fund upstream and downstream projects.
The dollar loan involves 16 banks, including Citigroup (C.N) unit Citibank NA, Bank of Tokyo-Mitsubishi UFJ (8306.T) and Sumitono Mitsui Banking Corporation (8316.T), a statement from local lender PT Bank Mandiri (BMRI.JK) said.
Citigroup is lead arranger for the loan.
"We believe this loan facility can speed up Pertamina's expansions and business developments in the future, in line with the strategic target set by the company," Karen Agustiawan, Pertamina's president director, said in a statement.
The $400 million loan has a maturity of three years and would pay 338 basis points above the London inter-bank offered rate (LIBOR), Pertamina Finance Director Ferederick Siahaan said.
Mandiri is lead arranger for the rupiah loan and will lend 1.25 trillion rupiah, while 750 billion comes from PT Bank Negara Indonesia (BBNI.JK), 500 billion rupiah from PT Bank Rakyat Indonesia (BBRI.JK) and 500 billion from PT Bank Central Asia (BBCA.JK).
Siahaan told reporters Pertamina planned to spend 22 trillion rupiah on capital expenditure in 2009, with 65 percent allocated for upstream activities and 35 percent for downstream. The firm is estimated to have invested 17 trillion rupiah in 2008.
"There are many Pertamina projects that need to be financed, including upstream and downstream. Upstream projects include Cepu and the offshore North West Java block," he said.
Pertamina has a 45 percent stake in the Cepu block in East Java, which will become one of Indonesia biggest oil projects with reserves of around 600 million barrels.
Exxon Mobil (XOM.N) has another 45 percent and regional governments hold the remaining 10 percent in Cepu.
Siahaan also said funds were needed to pay for preparations for a new refinery in West Java. Pertamina has said it plans to build a new refinery with a capacity of 150,000 barrels per day (bpd) in a join venture with Iran and Malaysia in West Java. Construction is expected to start next year.
Siahaan also said Pertamina was considering issuing bonds in 2010 as part of its financing plans, but he gave no details.
The state oil firm, which is under political pressure to help boost the country's flagging oil production, has said it aims to lift its oil output by about 10 percent to 171,000 barrels per day this year, up from 156,000 bpd in 2008.
Pertamina also has a long-term target of boosting refining capacity by 700,000 bpd from the current 1 million bpd at its nine refineries. The state oil firm's nine refineries have a combined capacity of around 1 million barrels per day (bpd). But they only supply 70 percent of domestic oil product consumption, and 30 percent comes from imports.
Efforts to build new refineries have stalled in recent years, with potential investors saying the returns are not favourable enough.
Friday, July 31, 2009
Indonesia Hot Stocks-Bumi shares up following convertible bond
JAKARTA -
Shares in Indonesia's biggest coal producer, PT Bumi Resources Tbk (BUMI.JK), jumped by as much as 18.6 percent on Friday, after a special purpose vehicle owned by the firm raised $375 million in a convertible bond offering.
Evercoal Resources has raised almost double the original target of $200 million from the sale of the five-year bonds which are guaranteed and transferable to Bumi. The bonds have a coupon of 9.25 percent.
Shares in Bumi ended up 12.37 percent at the close of the first session, outperforming the broader market .JKSE which ended up 0.89 percent.
A trader in Jakarta, who declined to be identified by name, said the increase in the size of the bond issue reflected increasing risk appetite, at a time when interest in Indonesia has picked up.
Bumi's share price has almost trebled so far this year, while Indonesia Composite Index has risen about 71 percent. (31 July 2009)
Shares in Indonesia's biggest coal producer, PT Bumi Resources Tbk (BUMI.JK), jumped by as much as 18.6 percent on Friday, after a special purpose vehicle owned by the firm raised $375 million in a convertible bond offering.
Evercoal Resources has raised almost double the original target of $200 million from the sale of the five-year bonds which are guaranteed and transferable to Bumi. The bonds have a coupon of 9.25 percent.
Shares in Bumi ended up 12.37 percent at the close of the first session, outperforming the broader market .JKSE which ended up 0.89 percent.
A trader in Jakarta, who declined to be identified by name, said the increase in the size of the bond issue reflected increasing risk appetite, at a time when interest in Indonesia has picked up.
Bumi's share price has almost trebled so far this year, while Indonesia Composite Index has risen about 71 percent. (31 July 2009)
Monday, July 27, 2009
BANK RAKYAT INDONESIA SET TO ACQUIRE BANK BUKOPIN
JAKARTA-
PT Bank Rakyat Indonesia (BRI) (JSX:BBRI) said it was eyeing several banks including PT Bank Bukopin (JSX:BBKP) to support its plans to consolidate its business in Indonesia's retail sector.
Sofyan Basir, the president of the state lender, said the bank has enough cash to buy a mid-sized bank with strong credit market in small and medium enterprise and consumer business sector.
Discussion is in progress on acquisition of Bank Bkopin, which is partly owned by the government, Basir was quoted as saying by the newspaper Jakarta Globe.
A source at the office of the state minister for state enterprises said BRI, Indonesia's second largest bank in assets, was set to finalize the acquisition of Bukopin by the end of this year.
PT Bank Rakyat Indonesia (BRI) (JSX:BBRI) said it was eyeing several banks including PT Bank Bukopin (JSX:BBKP) to support its plans to consolidate its business in Indonesia's retail sector.
Sofyan Basir, the president of the state lender, said the bank has enough cash to buy a mid-sized bank with strong credit market in small and medium enterprise and consumer business sector.
Discussion is in progress on acquisition of Bank Bkopin, which is partly owned by the government, Basir was quoted as saying by the newspaper Jakarta Globe.
A source at the office of the state minister for state enterprises said BRI, Indonesia's second largest bank in assets, was set to finalize the acquisition of Bukopin by the end of this year.
Thursday, July 16, 2009
BANK RAKYAT INDONESIA EYEING PT BANK BUKOPIN
JAKARTA-
The management of state bank, Bank Rakyat Indonesia (BRI), is eyeing PT Bank Bukopin (JSX:BBKP), a bank partly owned by the government.
There has been no official talk with Bukopin, but BRI is optimistic the process would go smoothly, BRI director Bambang Supeno said.
BRI failed in its attempt to acquire Bank Tabungan Negara (BTN), another state bank, as the plan was rejected by the House of Representatives.
A decision would be made after a new cabinet was formed following last week's presidential election, Bambang said.
BRI chief commissioner Bunasor Sanim said the bank management had proposed the plan to acquire Bukopin to the board of commissioners.
The management of state bank, Bank Rakyat Indonesia (BRI), is eyeing PT Bank Bukopin (JSX:BBKP), a bank partly owned by the government.
There has been no official talk with Bukopin, but BRI is optimistic the process would go smoothly, BRI director Bambang Supeno said.
BRI failed in its attempt to acquire Bank Tabungan Negara (BTN), another state bank, as the plan was rejected by the House of Representatives.
A decision would be made after a new cabinet was formed following last week's presidential election, Bambang said.
BRI chief commissioner Bunasor Sanim said the bank management had proposed the plan to acquire Bukopin to the board of commissioners.
DBS Bank Targets Local Indonesian Bank
One of Asian top banks, DBS, will expand in Indonesia, The largest Singapore-based bank will also acquire a local bank.
"Bank acquisition is possible as long as it provides us with more value," said Bank DBS Indonesia Commissioner Bernard Tan on Thursday, July 16.
The total assets of DBS Bank reach Sin$182.7 billion in 2008.
Bernard said Indonesia is an important and strategic market due to the high potential of the nation's economic growth.
DBS runs operation in 16 countries worldwide such as the United States, England, China, Japan, Hong Kong, India, South Korea, Malaysia, Philippines, Vietnam, and Taiwan.
"Bank acquisition is possible as long as it provides us with more value," said Bank DBS Indonesia Commissioner Bernard Tan on Thursday, July 16.
The total assets of DBS Bank reach Sin$182.7 billion in 2008.
Bernard said Indonesia is an important and strategic market due to the high potential of the nation's economic growth.
DBS runs operation in 16 countries worldwide such as the United States, England, China, Japan, Hong Kong, India, South Korea, Malaysia, Philippines, Vietnam, and Taiwan.
BRI SAYS MAY BUY STAKE IN BUKOPIN
JAKARTA-
Indonesia's second-largest lender, PT Bank Rakyat Indonesia Tbk (BBRI.JK), is considering buying a stake in lender PT Bank Bukopin, Compliance Director Bambang Supeno said.
Indonesia's second-largest lender, PT Bank Rakyat Indonesia Tbk (BBRI.JK), is considering buying a stake in lender PT Bank Bukopin, Compliance Director Bambang Supeno said.
Indonesia's Bank Danamon Q2 net profit down 20 pct
JAKARTA -
Indonesia's sixth-largest lender, PT Bank Danamon Tbk (BDMN.JK), on Thursday reported a 20 percent drop in second-quarter net profit. The lender, controlled by a consortium which includes Singapore's state investor Temasek Holdings [TEM.UL] and Deutsche Bank (DBKGn.DE), said net profit for April-June fell to 477 billion rupiah ($47.25 million) from 595.3 billion rupiah a year ago.
Analysts polled by Reuters Estimates had expected Danamon to post a net profit of 1.93 trillion rupiah in 2009, up from 1.53 trillion rupiah last year. ($1 = 10,095 rupiah)
Indonesia's sixth-largest lender, PT Bank Danamon Tbk (BDMN.JK), on Thursday reported a 20 percent drop in second-quarter net profit. The lender, controlled by a consortium which includes Singapore's state investor Temasek Holdings [TEM.UL] and Deutsche Bank (DBKGn.DE), said net profit for April-June fell to 477 billion rupiah ($47.25 million) from 595.3 billion rupiah a year ago.
Analysts polled by Reuters Estimates had expected Danamon to post a net profit of 1.93 trillion rupiah in 2009, up from 1.53 trillion rupiah last year. ($1 = 10,095 rupiah)
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