JAKARTA (TheInsiderStories) – After hold 72.14 percent shares of PT Barito Pacific Tbk (IDX: BRPT), the owner, Prajogo Pangestu, wants to buyback 2 percent shares of the integrated chemical firm shares again. To pursue his desires, the tycoon prepared funds up to Rp1 trillion (US$67.56 million).
Based on the announcement released today (09/30), the share buyback will be carried out from Sept. 29 to Dec. 29, 2020. Costs to carry out the buyback from the company’ internal cash, wrote the management management.
The parent of petrochemical producer, PT Chandra Asri Petrochemical Tbk (IDX: TPIA) has appointed PT Henan Putihrai as the broker. The company plans to hold the shares as treasury stocks with a period not more than three years.
The businessman who also serves as the company’ chairman has converted 3.69 billion shares of warrants for Rp1.38 trillion. The warrants were obtained from a limited public offering in mid-2018. The exercise price of the warrants has been set at Rp372.8 a share and Rp466 per unit, which will end on June 30, 2021.
In the first semester of this year, Barito posted revenues of $1.11 billion, or down 15.07 percent compared to the same period of last year at from $1.3 billion. The conglomeration firm recorded a net loss Rp129.64 billion, inversely proportional to the first semester of 2019, which posted a net profit of Rp159.29 billion.
Recently, the issuer postponed a series of business plans due to the COVID-19 outbreak, said the director. The delay made an adjustment to this year’ capital expenditure, from initially $525 million to $185 million.
Finance director, David Kosasih explained, the allocation for Chandra Asri cuts from $430 million to $135 million and power producer, Star Energy Group Holdings Pte. Ltd., to $50 million from initially $80 million. Chandra Asri projects postponed to 2022 from previous targets finished in 2021 and Star Energy to 2021.
in 2018, the company has acquired 66,67 percent of Star Energy share, the largest geothermal power producer in Indonesia, for Rp7.4 trillion ($528.57 million). The acquisition of Singapore based energy company demonstrates the commitment and seriousness of the company in developing its business in the renewable energy resources.
Currently, Star Energy operates three geothermal power plants in West Java, and owns other oil and gas businesses. Power plants in Wayang Windu, Derajat and Salak in West Java have a total capacity of 875 megawatts. The company also aimed to add two more geothermal assets in Lampung and Halmahera in North Maluku.
In the same year, Star Energy led a consortium with two other Southeast Asian firms, AC Energy —a unit of Philippine banking and property giant Ayala Group—and Thai’ Electricity Generating Public Company (EGCO) has acquired a 370-megawatt power plant on Mount Salak in Bogor, West Java, and the 240-megawatt Darajat power plant in Garut, West Java with worth $2.3 billion from global energy giant Chevron Pacific Ltd.
The unit holds a 68.3 percent stake in the consortium, AC Energy controls 19.8 percent and EGCO 11.9 percent. To finance Wayang Windu project, Star Energy Geothermal Ltd. (SEG) issued green bond worth $580 million with a coupon rate of 6.75 percent with a 15-year tenure
Aside from Star Energy, Barito Pacific‘ crown jewel and its most precious business asset is Chandra Asri, the country’ biggest petrochemical producer. Its unit produces chemicals and plastic raw materials, including butadiene and polythene, used in packaging of electronics, cosmetic products, food and beverages.
The holding company was established on April 14, 1979 under the name of PT Bumi Raya Pura Mas Kalimantan with core businesses are power generation and petrochemical products. The group owns industrial assets in renewable and resource oriented sectors.
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