Mitrabahtera placement & Patin Resources
Prasatya family has offered 200 million shares with upsize option of 88 million shares or in total representing 16.5% of the issued capital in coal tug boat and barges provider PT Mitrabahtera Segara Sejati Tbk (MBSS) at Rp1,560-Rp1,630 a share.
In the offering structure obtained by The Insider Stories yesterday, PT Patin Resources, owned by Ingrid Ade Sundari Prasatya and Patricia Pratiwi Suwati Prasatya, offered those shares at 6.3%-10.3% discount to the closing level yesterday at Rp1,740 a share.
Patin Resources has mandated CLSA the sole bookrunner for the placement. Those shares will be locked until 6 months.
Trading and settlement dates are expected on May 4 and May 9 2012.
By the end of 2011, Prasatya family controlled 36.50% stake in Mitrabahtera, while PT Indika Ennergy Infrastructure, a subsidary of PT Indika Energy Tbk owned 51%, while public shareholders held 12.40%.
Founders
MBSS enrolled Indonesian logistics markets as a family company led by Francesca Hadinata and Bing Prasatya in 1993.
As of September 30 2010, MBSS owned 51 tug boats, 47 barges, and 4 floating cranes. The company was underway to construct a new floating crane scheduled to be commercially operated in February this year.
Patricia Prasatya, with support of Jon Vassella, was in charge of the day-to-day running of the company and business development.
On June 14 2010, MBSS entered into an investment agreement with Accion Capital Management Pte Ltd (ACM) for convertible loan with principal amount of US$5 million in which ACM acts as investor agent and Accion Asia Growth Fund as newly investor.
Under the agreement, when MBSS had listed shares at IDX, each investor must convert the loan into new shares of MBSS with condition the market capitalization was above US$300 million or Rp2.66 trillion (assuming US$1 equals Rp8,865).
If MBSS’s market capitalization was below US$300 million, investors would not obliged to convert the loan into new shares until July 8 2013. With US$300 million capitalization, MBSS’s per share equals Rp1,485.
By selling 12.5% new shares via IPO, MBSS was targeting about Rp327 billion cash.
Patin Resources, Ingrid Prasatya, and Patricia Prasatya, acting as sellers, entered into an option agreement with PT Indika Energy Tbk (INDY), controlled by Indonesian billionaire Agus Lasmono Sudwikatmono, son of Indonesian tycoon Sudwikatmono who just passed away, and Wiwoho Basuki
Tjokronegoro, on November 26 2010.
Pursuant to the agreement, Indika and its affiliates had option to acquire 51% shareholding in MBSS from the sellers after the IPO. The option agreement is valid until 180 days since MBSS lists shares at IDX scheduled on April 4 2011.
Post IPO, exercising of convertible loan and option agreements, Ingrid Prasatya and Patricia Prasatya would be no longer shareholder in MBSS.
Patin Resources owned 34.5%, public shareholders holds 10.8%, employees and managements with 1.2%, convertible loan holders with 2.4%, and Indika controls 51%.
Disclosure: No position at the stocks mentioned above.
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Info yg cepat dan akurat, makasih mau berbagi
sama pak Joe Lee