Mar 12, 2012

Apexindo to put cash into affiliated parties

Nonlisted drilling operator PT Apexindo Pratama Duta Tbk is seeking approval from its shareholders to put its cash as short term investment to affiliated parties.
Director Erwin Sutanto at Apexindo said the operator is also planning to change the structure of its board of director. An extraordinary general meeting of shareholder (EGM) is scheduled on March 30 2012.
Referring to September's financial statement, Apexindo recorded a US$201.50 million short term investment into Aeric.
On February 2011, Apexindo as a note holder entered into notes purchase agreement with Aeric.
The notes, bearing a 8.5% coupon annually, will mature within 12 months. The coupon will be paid at the maturity. Apexindo should gain US$17.12 million.
New owner
Apexindo is now controlled by Tuscany Investment, which is under a group of Assera Capital Partner.
Assera Capital is established by three businessmen such as Abidin Siregar, former Head of Global Markets at Bank of America-Merrill Lynch, and Erwin Sutanto, former President Director of PT Central Proteinaprima Tbk (CPRO). 

Disclosure: No position at the stock mentioned above.

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