Wednesday, January 24, 2007

Corporate actions update

PT Pakuwon Jati Tbk will inject USD80 million into PT Artisan Wahyu using proceeds of USD110 million issued by Pakuwon Jati Finance BV to finance Superblok Gandaria project.

Pakuwon raised USD110 million from international bond issued in November 2006 with maturity in 2011 and yield 12%/year. Gandaria project is consisted of shopping center (232,484 m2), office space (99,642 m2), four-star hotel (39,154 m2), and two condo towers with 72,765 m2. Construction to start this year and completion by fourth quarter 2009. No worries about oversupply?
Meanwhile, PT Medco Energi Internasional Tbk through its wholly owned subsidiary, Medco Far East Limited/PT Medco E&P Malaka, and its partners, Premier Oil Sumatra (North) BV, have signed a Share Sale and Purchase Agreement with ConocoPhillips to acquire Conoco's 50% working interests (through CPAL, 100% owned by Conoco) in Block A Production Sharing Contract located in Aceh province for USD72 million. Medco & Premier will equally own 50% of CPAL.
In April 2006, Medco and its partners, Premier, and Japex Block A Ltd, a subsidiary of Japan Pertroleum Exploration Co Ltd, have acquired 100% shares of Mobil Block A Limited from ExxonMobil Block A Investment Limited, which was also the holder of 50% working interest of Block A PSC. Such acquisition provided Medco, Premier, and Japex working interests of Block A PSC to the amount of 16.67%, 16.66%, and 16.67%, respectively.
Acquisition of CPAL raised Medco's ownership in Block A to 41.67%, similar to Premier's.
Meanwhile, PT Budi Acid Jaya Tbk will build a 5.7 MW biogas power plant with USD7 million investment in Lampung, Sumatra.
PT Bank Negara Indonesia (BNI) Tbk estimated 35% growth in profit after tax to Rp1.9 trillion for the year 2006 on 6% loan growth.

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