May 15, 2011

Arpeni sells Royal to Hyundai Marine

Indebted shipping company PT Arpeni Pratama Ocean Line Tbk (APOL) and Hyundai Merchant Marine Co Limited entered into a share purchase agreement and option term sheet on March 15 2011.
Under the agreement, Arpeni sold 50% shareholding in Royal Tanker Shipping S.A. to Hyundai Marine and financial guarantees provided by Arpeni for the loan obtained by Royal. Hyundai Marine also agreed to takeover Arpeni's loan to Royal of US$2.50 million.
Korea-based company Hyundai Marine bought the assets at US$1 with an option for Arpeni to buyback the assets under terms and conditions in the option term sheet. The sale and purchase agreement will be accomplished after all conditions in the agreement have been fulfilled. As of May 5, the agreement has not been effective. 
Widening net loss
Arpeni suffered a widened net loss of 143.99% last year as operating revenue dropped 19.19%. Arpeni posted a Rp1.64 trillion net loss in 2010 frm Rp670.61 billion in the previous year, mainly caused by impairment loss on fixed assets and interest expenses.
However, at the operational line, the company suffered Rp649.27 billion operating loss from a Rp56.43 billion operating profit, reflecting a 1,250% plunge.
Gross profit was slashed more than half to Rp132.26 billion from Rp295.72 billion.Operating revenue dropped 19.19% to Rp1.39 trillion from Rp1.72 trillion.

Disclosure: No position at the stock mentioned above.  

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