Jul 13, 2011

Alam Sutera to launch Rp1 trio bonds

Property Developer PT Alam Sutera Realty Tbk (ASRI), hat is controlled by Indonesian conglomerate The Nin King (Argo Manunggal Group), aims to raise Rp1 trillion bond by end of the third quarter of this year.
Alam Sutera is in the process to obtain ratings from Fitch Ratings and Standard & Poor's. "Debt to equity ratio of the company is still low as we never issue bonds," said President Director Tri Ramadi as quoted by Investor Daily today.
According to him, the bond proceed will be used by the company to acquire land bank. "We estimate the acquisition may reach Rp2 trillion."
Alam Sutera reported a steep jump in net profit of 151.66% during the first 3 months of this year, boosted by robust sales growth. 
Alam Sutera posted Rp158.47 billion net profit in 1Q 2011 or Rp8.88 per share from Rp62.97 billion or Rp3.52 per share in 1Q 2010. Sales rose 97.49% to Rp405.05 billion from Rp205.09 billion.
Argo Manunggal Group controls Alam Sutera via several firms such as PT Argo Manunggal Land Development that owns 3.97% stake, PT Tangerang Fajar Industrial Estate with 16.70% stake, PT Manunggal Prima Development with 11.42%, PT Selarsa Citamanunggal with 11.86%, and PT Bukit Asri Padang Golf with 5.94%. Public shareholders own 50.11% stake in Alam Sutera.
Alam Sutera's Commissioner Harjanto Tirtohadiguno is key person of Argo Manunggal Group, while the remaining executives in board of commissioner are professional. 

Disclosure: No position at the stock mentioned above.  

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