Dec 2, 2010

Foreign sets Rp1 trio Astra placement

A foreign fund is initiating to hold a private placement on PT Astra International Tbk (ASII) shares with a target of Rp1.02 trillion proceed.
Two fund managers said there is no clear identity who is the seller in the placement. But, Macquarie Securities is now working to open a book building to gather demand from investors.
"The seller intends to dispose 20 million shares or 0.5% holding in Astra International with a maximum discount of 5% from the closing price today," the fund managers said.
Auto maker Astra International today advanced 3.05% to IDR54,050 per share. Regarding to the discount, the seller has set the price range of Rp54,050-Rp51,350 per share.
Astra has secured US$200 million and Rp1.5 trillion revolving facility agreement for generak purposes. The company has signed the 36 month loan agreement with 22 banks on November 29 2010 in Singapore.
The lenders are Overseas-Chinese Banking Corporation Limited, PT Bank OCBC NISP Tbk, PT Bank Mandiri Tbk, PT Bank Mandiri Tbk, Singapore branch, Citibank N.A. Jakarta, DBS bank Ltd.
PT bank DBS Indonesia, United Overseas Bank Limited, PT bank UOB Buana, PT Bank of Tokyo-Mitsubishi UFJ Ltd, jakarta branch, PT ANZ Panin Bank, Mizuho Corporate Bank Ltd, Singapore branch, and PT Bank Mizuho Indonesia also join the syndication.
Sumitomo Mitsui Banking Corporation, PT Bank Sumitomo Mitsui Indonesia, PT Bank Central Asia Tbk, HSBC Jakarta, BNP Paribas, Singapore, PT Bank Danamon Indonesia Tbk, PT Bank Rabobank International Indonesia, Standard Chartered Bank, Singapore, and Natixis Singapore involve to provide loan facility.   

Disclosure: No position at the stock mentioned above.

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