Jun 4, 2012

Tunas Baru Lampung to sell Rp750 billion bonds

CPO producer PT Tunas Baru Lampung Tbk (TBLA) plans to sell Rp750 billion fixed rate bonds in July this year. In a prospectus published today, Tunas Baru's 5-year bonds have been assigned idA by PT Pemeringkat Efek Indonesia.
The company also mandated PT CIMB Securities Indonesia and PT Mandiri Sekuritas as the lead underwriters. However, the prospectus does not provide sufficient information about the proceed usage.
As of December 2011, Tunas Baru, that is controlled by PT Sungai Budi with 28.66% stake and PT Budi Delta Swakarsa with 25.09% stake, recorded short term bank loans of Rp750.29 billion. Tunas Baru is led by President Director Widarto and President Commissioner Santoso Winata, while Sungapi Budi is led by Director Widarto and Commissioner Santoso Winata. 
Operational performance
Tunas Baru managed and owned 54,392 hectares of palm oil plantations consisting of 40,333 hectares of mature areas and 14,059 hectares of imature plantations. Those plantations are located at Terbanggi Besar, Padang Ratu, Menggala, Pakuan Ratu, Bawang Sakti, Sungai Sidang, Labuan Batin, Talang Gunung, Wiralaga Pontianak, and Bayuasin.
Manufacturing segment contributed 97% to the company's consolidated revenue and the remaining came from plantation segment.
About 70% of Tunas Baru's total sales was contributed by export markets and the domestic market made the remaining.

Disclosure: No position at the stock mentioned above.

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