Apr 6, 2012

Benakat secures Rp300 bio from Raja Dana

Oil and gas producer PT Benakat Petroleum Energy Tbk (BIPI) reported that the company secured a Rp300 billion loan facility from PT Raja Dana Indonesia on February 13 2012.
To secure the 1-year facility, that will charge a 20% annual interest rate, Benakat has pledged shares of PT Elnusa Tbk (ELSA) and additional of its shares owned by PT Indotambang Perkasa.
Indotambang Perkasa controls 41.28% stake in Benakat Petroleum, Inventures Capital Pte Ltd owns 15.67%, and public shareholders with 43.05%.
In December 2010, Indotambang owned 47.74% stake in Benakat, PT Danatama Makmur with 7.21% stake, PT Inti Permata Nusantara with 6.20%, Standard Bank Plc with 5.45%, and public shareholders with 33.38%.       
Benakat suffered a Rp61.32 billion net loss last year, narrowed from Rp96.38 billion in the previous year. The company posted Rp24.77 billion operating profit from Rp23.19 billion operating loss.
Revenue increased to Rp340.03 billion from Rp231.90 billion.
Who is Raja Dana Indonesia?
There is clear information about who is behind Raja Dana Indonesia. But, the company's address is at Jl. Kapuk Raya No.62, Kapuk Muara, Jakarta.
But, something is interesting here. Raja Dana is registered as warrants holder of property developer PT Bakrieland Development Tbk (ELTY).
Raja Dana Indonesia was recorded a holder of 1,5 million warants of Bakrieland. Besides Raja Dana, PT Bakrie Capital also held 1.61 billion warrants of Bakrieland. 
PT Goldsachs Capital Investment, which is addressed at Pluit Selatan Raya No. 63 Penjaringan, North Jakarta, held 812,500 warrants, and Lombard Odier Darier Hentsch & Cie with 358,75 million warrants.

Disclosure: No position at the stock mentioned above. 

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