BNI provides Chandra Asri US$15 M
State-owned Bank Negara Indonesia (BNI) has signed L/C facility of US$15 million with PT Chandra Asri Petrochemical Center (CAPC), a subsidiary of PT Barito Pacific (BRPT) Tbk controlled by Prajogo Pangestu.
Barito Pacific agreed to provide corporate guarantee for the facility which covers a maximum 70% of the facility's requirement. BRPT stock surged from its low at Rp450 in January 2009 to Rp1710 in August 26, 2009, but then retreated to Rp1260 recently. Still, that would give a 180% gain this year.
At Rp1260, BRPT has market capitalization of US$930 million. BRPT has total asset of Rp17.58 trillion or about US$1.85 billion as of June 30, 2009. BRPT reported net profit of Rp383.7 billion in H1 2009 against net loss of Rp372 billion in the same period last year on improved operating margin.