JAKARTA (TheInsiderStories) - PT Panca Amara Utama, unit of liquid petroleum gas (LPG) producer, PT Surya Esa Perkasa Tbk (IDX: ESSA), has plans to issue global bonds around US$650 million, the company announced yesterday. The proceeds will be used to refinance the company’ debts to the International Finance Corporation.
Right now, the chemical producer has total outstanding debt $436.68 million to the unit of World Bank Group. The company lead by Garibaldi Thohir estimates that the global bond coupon maximum 7.5 percent per annum with maturity period up to seven years.
The parent directly owned 0.58 percent and indirectly 59.41 percent through PT SEPCHEM, which is 99.99 percent owned by the issuer. In this year, Surya Esa Perkasa targets the production of ammonia and LPG to remain stable with production of 15 percent above installed capacity, although the commodity prices are projected to remain low in this year.
On a consolidated basis, ammonia products from subsidiaries will become a revenue contributors that can significantly improve the manufacturer’ financial performance. The publicly listed firm has planned to issue a maximum of 1.43 billion shares with a nominal value of Rp10 a share through a rights issue scheme.
This amount is equivalent to 10 percent of the total issued and fully paid-up capital of Surya Eka Perkasa. The private placement plan will provide a dilution effect about 9.09 percent before the private placement.
“As much as 90 percent of the additional capital will be distributes to Panca Amara Utama,” wrote the management by adding, the issuer will asks the shareholders’ blessing on Nov. 25.
Currently, the issuer majority share owned by PT Trinugraha Akraya Sejahtera (25.3 percent), followed by PT Ramaduta Teltaka (15.38 percent, Chander Vinod Laroya (13.65 percent, Sugito Waluyo (5.39 percent), and public at 31.36 percent.
A number of conglomerates are listed as the shareholders of ESSA, including TP Rachmat who also serves as deputy president commissioner (4.44 percent, Thohir who as the commissioner (3 percent), and Rahul Puri also the commissioner (0.66 percent). Thohir is the boss of coal miner, PT Adaro Energy Tbk (IDX: ADRO), while Rachmat is the founder of the Triputra Group.
In addition, the directors, namely Isenta, Kanishk Laroya, and Mukesh Agrawal, also squeezed the company’ share ownership of 0.39 percent, 0.31 percent, and 0.12 percent, respectively.
US$1: Rp14,700
Written by Editorial Staff, Email: theinsiderstories@gmail.com
