Mar 17, 2011

Indika to launch US$300 mio bonds

PT Indika Energy Tbk (INDY), an integrated energy company controlled by Agus Lasmono Sudwikatmono and Wiwoho Basuki Tjokronegoro, will issue US$300 million bonds next month to refinance the maturing bonds in 2012.
Two executives familiar with the information said that Indika has appointed four managers to handle the issuance, namely Citi, Goldman Sachs, Standard Chartered Bank, and UBS Securities.
“Besides refinancing dollar-nominated bonds maturing next year, the bonds proceeds will be used to acquire 51% shares of PT Mitrabahtera Segara Sejati Tbk,” the executives told Bisnis yesterday.
Being asked for confirmation, President Director Indika M. Arsjatd Rasjid PM said that he has not received the report from Director of Finance Azis Armand. “If it’s about finance, please ask director of finance,” he said.
However, when Azis Armand was asked about the dollar-nominated bonds, he disproved the information.
Earlier, 73.11% shares of Indika Energy belonged to PT Indika Mitra Energi. Then, in the middle of November last year, Indika Mitra sold the shares of Indika Energy and generated Rp1.9 trillion cash.
After the divestment, Indika Mitra owned 63.11% shares of Indika Energy. The controlling shareholders of Indika Mitra are Wiwoho Basuki Tjokronegoro and Agus Lasmono Sudwikatmono, son of the late businessman Sudwikatmono.
Agung Lasmono was in Forbes’s wealthiest people list in Indonesia in 2010. Agus, 39, had the fortune of US$845 million, or Rp7.6 trillion, from coal mining business.
Indika Energy, through its subsidiary PT Indika Inti Corpindo, has 46% shares of coal producer PT Kideco Jaya Agung.
Disclosure: No position at the stock mentioned above.
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