Jun 25, 2011

META eyeing ports acquisition

Toll road operator PT Nusantara Infrastructure Tbk (META), that is controlled by Rajawali Group's Peter Sondakh, is aiming ti develop port infrastructure business. To realize the target, Nusantara is scouting several ports for possible acquisition.
The company is now eyeing several ports in Sumatra and Sulawesi. However, Nusantara hasn't yet disclosed the port's identity. 
"If Nusantara could buy the ports, such acquisitions would positively contribute to the company's revenue. It might contribute 20% of the revenue," said Danni Hasan, Nusantara's Director, as quoted by Kontan today.
META plans to spend US$200 million-US$250 million this year to develop transportation and port business.
Nusantara recorded  Rp750 billion bank loan facilities and its equity was Rp975.95 billion, reflecting 0.7x of debt to equity ratio.
The company obtained a 13% loan facility worth Rp816.27 billion from PT Bank Mega Tbk. It is considering to seek reduce the interest to 9%-10%. "We are in talks with Bank Mega regarding to decrease the interest rate."

Disclosure: No position at the stock mentioned above.

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