PT Mitra Rajasa Tbk (MIRA), holding company of PT Apexindo Pratama Duta Tbk (APEX), needs to pay US$1.45 million of debt due on May 9 2010 to prevent loosing of 10% stakes at Singapore-based company Sabre System International Pte Ltd (SSI).
According to Mitra Rajasa's September financial report, the company owns 93.35% stakes at SSI, a company providing services of offshore production facility.
MIRA had signed a loan agreement worth US$38.54 million with Heronswood Assets Management Ltd in September 2008. Mitra Rajasa used the proceed, which is charging an annual interest rate of Libor+2.5%, as part of financing for Apexindo.
On December 9 2008, MIRA and Heronswood agreed to restructure short term loan into noninterest debt with 17 months maturity since December 9 2008. In result, MIRA must fulfill a monthly payment of US$1 million from the first month to 16th month and US$1.45 million for 17th month. If MIRA fails to fulfill the installments at the end of period, Heronswood will seize 10% stakes at SSI.
Referring to cash and cash equivalent of the company, MIRA should be able to pay the debt, given its September 2009's cash position of Rp798.91 billion, a steep drop from a year before of Rp1.69 trillion.
Morgan Stanley & Co Int. Plc controls 19.17% and PT Intikencana Pranajati owns 13.60% stakes at Mitra Rajasa.