Aug 11, 2010

Danamas Stabil & Kertas Basuki

Almost a month and two weeks, former Head of National Bank Restructuring Agency (BPPN) Glenn Yusuf Mohamad Surya officially leads publicly listed PT Kertas Basuki Rachmat Indonesia Tbk (KBRI), a paper producer.
As reported by today, along with the appointing of president director of Kertas Basuki during 25th June's general meeting of shareholders, former President Director of PT Barito Pacific Tbk Antonius Budi Setiawan Hudiana was also chosen as President Commissioner of KBRI.
Dated on 25 January 2010, Glenn Yusuf is also being a one of board of directors of CIMB Group. Which are shareholders that are represented by the two top executives? Until now, the puzzle remains unanswered.
Usually, the controlling shareholders having authority to put them as president director and president commissioner. Then, who is he?
For sure, Glenn Yusuf and Antonius Hudiana are given the positions by shareholders at Kertas Basuki, a company requiring a debt restructuring to turn around. Glenn Yusuf is also known as a wide experiences-having executive to handle a company's restructuring. 
Check it on CPO producer PT PP London Sumatra Indonesia Tbk (LSIP) now continuously grows after implementing debts restructuring led by Glenn's 'cold hands'.
Until June 2010, Kertas Basuki is still booking a decline of operating loss by IDR4.02 billion, compared to IDR16.47 billion in the end of June 2009.
The company's revenue reached IDR39.73 billion in the first half of 2010, compared to IDR35.41 billion last year.
However, KBRI booked a jump of net income by IDR59.15 billion at the end of June 2010, compared to IDR7.65 billion in the previous year.
The net income was contributed by other incomes as much as IDR71.58 billion coming mostly from subsidiary's disposal income by IDR49.29 billion and income on foreign exchange gain by IDR18.92 billion.
Business continuity
KBRI and its subsidiares remains in consolidated loss by IDR1.09 trillion. The company disposed all shares in its subsidiary, PT Kertas Blabak, to unaffiliated thirdly party to continue its business. In addition, it also sold unproductive diesel generators owned by its subsidiary, PT Kertas Basuki Rachmat, and land as well as it's SPBU#34.12706.
Besides, KBRI is still underway to accomplish the paper machine project (PM-2) in Kertas Basuki Rachmat and seeking loan facilities to national banks.
In the financial report, on 14 June 2010, Kertas basuki Rachmat obtained a national bank' loan indicative offer to bankroll investment plan worth US$40 million and its working capital by US$10 million.
The list shareholders of 30 June submitted by Securities Administration Bureau dubbed PT Buana Registrar to Indonesia Stock Exchange revealed that Adam Ariaji holds 27.23% of shares or 1.05 billion shares of KBRI, then PT Molindo Nusantara Cemerlang controls 370 million shares or 9.53% and Rennier AR Latief, a mining engineer graduated from Bandung Institute of Technology (ITB) and previously set business tie with Indra Bakrie in PT Energi Mega Persada Tbk (ENRG), notably owns 539.09 shares or 13.97%.
A coming month, in 30 July, the shareholders of Kertas Basuki reported to Indonesia Stoc kExchange are only Adam Ariaji for 1.05 billion or 27.23% and Reksa Dana Danamas Stabil for 450 million or 11.66%.
Corporate Secretary of Kertas basuki Tiur Simamora doesn't have idea on shareholders of Reksa Dana Danamas Stabil.
Who is fund manager for Danamas Stabil?
Based on Capital Market and Financial Institutions Supervisory Board (Bapepam-LK) data, Reksa Dana Danamas Stabil was managed by investment manager of PT Sinarmas Sekuritas.
As much as 99.99% of Sianrmas Sekuritas is owned by PT Sinar Mas Multiartha and the remaining of 0.01% is held by PT Asuransi Sinar Mas.
Danamas Stabil is a fixed-income mutual funds and the majority of its portfolio allocation are in fixed income securities, while at the shares is limited by a maximum 20% share of the management.
Director of Sinarmas Sekuritas Hermawan Hosein confirmed that Danamas Stabil is notably as a shareholder of Kertas Basuki.
In accordance with regulations, a maximum shares Danamas Stabil are about 20% for allocation as that doesn't violate the regulations. Funds managed by Danamas Stabil reaches IDR2 trillion, so the allocation in Kertas Basuki is small enough by IDR20 billion," he said.
According to him, Danamas Stabil acts temporally as KBRi's shareholders because of repurchase agreement (repo) transaction.
"I don't know who the third party in the repurchase agreement [repo] transaction is," Hermawan said. KBRI's shares now remains stagnant att IDR50 a share with the IDR193 billion market capitalization. The price of KBRI's shares touched the highest level at IDR295 a share. Repo is a debt by using shares as collateral.
Then, who is using the KBRI's shares to obtain a repo loan? Is there any connection with the entry of Danamas Stabil with the placement of Glenn Joseph and Anton Hudjana on Kertas Basuki's management?

Disclosure: No position at the stock mentioned above.

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