JAKARTA (TheInsiderStories) – JPMorgan Singapore and UOB Kay Hian Pte. Ltd., become the new shareholders of publicly listed firm, PT Surya Esa Perkasa Tbk (IDX: ESSA), through a private placement mechanism, it said today (11/25). JPMorgan will hold 4.04 percent of the company owned by TP Rachmat and Garibaldi ‘Boy’ Thohir and UOB will owned 0.51 percent.
The issuer engaged in the refining of natural gas and basic chemicals will issue up to 1.43 billion new shares or 10 percent of total issued and paid-up capital. With the current price at Rp174 a share, the transaction is estimating worth of Rp249 billion (US$17.66 million).
The management said, the proceed from the private placement will be used to increase our investment in PT Panca Amara Utama and for working capital. Currently, Surya Essa owns 60 percent of the unit’ shares, directly and indirectly through PT Sepchem.
The prospectus said, investors who will take part in the private placement are the existing shareholders, such as Boy Thohir, PT Ramaduta Teltaka, and Chander Vinod Laroya. In addition there are Patrick Sugito Walujo, Chandru Nebhraj T, Mukesh Agrawal, Deepak Khullar, Prakash Bumb, Miranda, JPMorgan, Bank Julius Baer, and UOB.
After private placement, said the management, the ownerships of PT Trinugraha Akraya Sejahtera will diluted from 25.30 percent to 23 percent, PT Ramaduta Teltaka 15.38 percent, Rachmat from 4.44 percent to 4.03 percent, Walujo diluted from 5.39 percent to 5.38 percent, JPMorgan 4.04 percent, UOB 0.51 percent, and public around 44 percent. However, Thohir‘ portion rose from 3 percent to 3.68 percent.
In addition, Panca Amara, will issues global bond with total values of $650 million. The amount more than 50 percent or 211 percent of the company’ equity values. The fund from the bond issuance will be used by the producer to refinances its debt and other interest costs including to the International Finance Corporation.
The unit of liquid petroleum gas producer (LPG) has total outstanding debt $436.68 million to the unit of World Bank Group. The the chemical producer 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, the issuer targeting the production of ammonia and LPG 15 percent above installed capacity, although the commodity prices are projected to remain low.
On a consolidated basis, ammonia products from subsidiaries will become a revenue contributors that can significantly improve Surya Essa’ financial performance.
Thohir is the boss of coal miner, PT Adaro Energy Tbk (IDX: ADRO), while Rachmat is the founder of the Triputra Group.
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