May 25, 2010

Bakrie has to repay Rp600 b debt in May

Stocks prices of seven publicly listed companies (The Bakrie) controlled by Bakrie family are under pressure.
PT Bumi Resources Tbk (BUMI) now falls 2.24% to Rp1,640, PT Bakrieland Development Tbk (ELTY) drops 7.75% to Rp114, and PT Energi Mega Persada Tbk (ENRG) tumbles 17.71% to Rp70.
Stocks prices of PT Bakrie Sumatera Plantations Tbk (UNSP) plunges 16.42% to Rp245, PT Darma Henwa Tbk (DEWA) plummets 11.43% to Rp58, PT Bakrie Telecom Tbk (BTEL) decreases 6.48% to Rp120, and their parent PT Bakrie & Brothers Tbk (BNBR) retreats 3.70% to Rp52.    
Besides a market rumor of Bumi's rights issue at Rp1,400 per share, it is better for me to remind investors how many shares of those subsidiaries have been pledged by Bakrie & Brothers to snap up debt of US$278.86 million just in the first 2 months this year.      
Parent company of Bakrie family PT Bakrie & Brothers Tbk (BNBR) just in the first 2 months this year obtained US$278.86 million of short term debts using subsidiaries' shares as pledges.
In May, Bakrie & Brothers is scheduled to repay debt of Rp600 billion to Ascention Ltd, Seychelles worth Rp200 billion and another Rp400 billon to Ace Business Ltd.
How much debts have been secured by Bakrie & Brothers to both creditors? 
In February 2010, Bakrie & Brothers  secured US$42.1 million of 6 months loan or equals to Rp400 billion, bearing 15% of interest, from Ascention Ltd. Still, the company has pledged 761.90 million of UNSP shares and 50.79 million of UNSP warrants. In May, Bakrie has to pay Rp200 billion and the remaining will be paid in August 2010.
During the same month, Bakrie & Brothers bagged US$105.26 million of loan or equals to Rp1 trillion from Ace Business Ltd. About 1.90 billion of UNSP shares and 126.98 million of UNSP warants have been pledged. The first payment will due in May of Rp400 billion, in June worth Rp290 billion, and Rp310 billion in August. 
In addition, Bakrie issued zero coupon bond of US$128 million to Ascenton Ltd, enabling it to convert the bond into BNBR shares. The bond will mature on March 30 2012. The company uses the proceed to support investment.
Bakrie & Brothets, on January 21 2010, secured a 12 months loan of US$3.5 million from PT Trust Indonesia by pledging shares of PT Bakrieland Development Tbk (ELTY), PT Bakrie Sumatera Plantations Tbk (UNSP), and PT Bumi Resources Tbk (BUMI).
From January 12- March 23 2010, the loan was pledged by 253.24 million of ELTY shares and 12.42 million of UNSP shares. Starting from March 24- December 21 2010, Bakrie has been using BUMI shares worth Rp64.57 billion as collateral. Bakrie & Brothers is obliged to maintain collateral value is 200% higher than the loan.
As of December 2009, Bakrie posted Rp2.64 trillion of short term loan and Rp6.43 trillion of long term loan from a year before of Rp1.65 trillion. Bakrie also booked Rp2.10 trillion of bonds.

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