Mar 21, 2011

Spinnaker sells Agri Resources to UNSP

PT Bakrie Sumatera Plantations Tbk (UNSP), crude palm oil and rubber producer, enlarges the ownership in its subsidiary, i.e. Agri International Resources Pte Ltd.
In Bakrie Plantations’ financial report recently submitted to Indonesia Stock Exchange mentioned that the company has purchased 75 shares from Agri Resources worth US$17.86 million by purchasing the shares three times from Spinnaker Glonal Emerging Markets Fund Limited in January to March 2011.
On January 24, Bakrie Plantations purchased 17 shares, 18 shares, and 40 shares of Agri Resources on February 8 and March 1 respectively.
The company is currently controlling 780 shares in Agri Resources or equivalent with 85.34% shares.
In mid-March this year, Spinnaker as one of investment companies together with Lim Asia Multi-Strategy Fund Inc, Highview Point Master Fund Ltd and Millenium Global High Yield Fund Limited participated US$77.34 million equity-linked notes issued by Bakrie Plantations.
Bakrie Plantations used the proceeds to enlarge its shares in Agri Resources, a Singapore-based company which was established in 1997. Currently, Bakrie Plantations’ ownership increases to 58.86% from 36.54%.
Meanwhile, the subsidiary of Bakrie Plantations namely PT Grahadura Leidong Prima also extends the loan tenor of US$15 million toward Raiffeisen Bank International AG to August 12, 2011.
Bakrie Plantations is controlled by Bakrie family.
Grahadura also gained an increase of loan limits up to US$20 million.
At the end of 2010, Bakrie Plantations posted 218.71% net income due to the increase of net sales and income from the write-off of debt interest. The company’s net income reached Rp805.63 billion in 2010 compared to Rp252.78 billion in 2009.
The income from interest write-off reached Rp525.98 billion. Bakrie Plantations’ operating income soared 80.72% to Rp479.32 billion from Rp847.97 billion.
The company’s net sales increased by 29.20% to Rp3 trillion from Rp2,33 trillion. The net sales biggest contributor was palm oil and derivates as much as Rp2.69 trillion and also from rubber with Rp979.75 billion.

Disclosure: No position at the stock mentioned above.

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