Widodo family & BW Plantation placement
Two controlling shareholders of CPO producer PT BW Plantation Tbk (BWPT), that is controlled by Budiono Widodo, and foreign private equity Fendalton is underway to hold private placement of 7% stake to institutional investors.
According to two sources familiar with the matter, those shareholders, which are also founder of BW Plantation, has mandated Morgan Stanley to place 7% stake or 290 million shares with the price range of 1,585-1,615 per share, representing discount range of 5%-6.76% of the closing price yesterday (April 25) at Rp1,700 a share.
During the shares placement, the founders have set a proceed target of US$50 million. The closing is expected this morning.
BW Plantation is controlled by Budiono Widodo’s sons and daughter via PT BW Investindo with 38.85% stake, PT Wahana Platinum Indonesia with 3.88%, and PT Mitra Energi Global with 2.39%.
“It seems the founders who plan to place BW Plantation are Wahana Platinum and Mitra Global and also PT Fendalton Investment are selling those shares,” the sources told The Insider Stories tonight.
Not too shiny performance
The company reported not too shiny performance. In fact, its made a 52% increase in net profit for the first quarter of this year as revenue rose.
BW Plantation posted Rp82.26 billion net profit in 1Q 2012 from Rp54.11 billion in 1Q 2011. EBITDA rose 39.6% to Rp102.05 billion from Rp142.41 billion, while its margin fell to 53.2% from 59.1%.
Operating profit increased 30.2% to Rp119.82 billion from Rp92.02 billion. However, operating margin steeply dropped to 44.8% from 53.3%. Gross profit increased 31.2% to Rp163.18 billion from Rp124.34 billion, however its gross margin fell to 61% from 72%.
Operating profit increased 55.1% to Rp267.65 billion from Rp172.54 billion.
Operational performance
CPO production increased 8.2% to 27,426 tons from 25,347 tons, while fresh fruit bunch slightly increased 3.6% to 111,215 tons from 107,309 tons.
CPO sales volume soared 75.8% to 31,011 tons from 17,637 tons. BWPT’s planted area was 62,699 hectares with mature and immature of 27,627 hectares and 35,072 hectares respectively.
Loan
The company, that is run by sons and daughter of Budiono Widodo via PT BW Investindo, PT Wahana Platinum Indonesia, and PT Mitra Energi Global, has secured Rp1.3 trillion loan
facility from Bank Rakyat Indonesia and Rp230 billion from Bank Negara Indonesia.
BW Investindo, that was previously dubbed PT Citra Prima Global, is owned by Tjipto Widodo, Phoebe Widodo, Sardjono Widodo, Hartono Widodo, and Tjong Njoek Fa.
BW Plantation owns seven operating subsidiaries dubbed PT Bumilanggeng Perdanatrada (BLP), PT Bumihutani Lestari (BHL), PT Adhiyaksa Darmasatya (ADS), PT Wana Catur Jaya Utama (WCJU), PT Sawit Sukses Sejahtera (SSS), PT Agrolestari Kencana Makmur (AKM), and PT Satria Manunggal Sejahtera (SMS).
Disclosure: No position at the stock mentioned above.
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news sharing ya mas
iyaa…terima kasih berkunjung ke blog kami…
salam