Harry Tanoe's maneuver at CMNP

Harry Tanoesoedibjo's PT Bhakti Investama Tbk bought 180.3 million shares (9.01%) of turnpike operator PT Citra Marga Nusaphala (CMNP) Tbk on the last trading day of 2006 at Rp1345/share, days after PT Jasa Marga announced its plan to offload almost 270 million shares of CMNP. On Dec 26, I posted the news about Jasa Marga's divestment. Initially I thought it's Tutut (Soeharto's daughter). "No, it's Harry Tanoe and Robby Sumampouw," a friend said. Robby's son Ievan Danar Sumampouw owned 5.13% shares as of Dec 31.

CMNP reported to JSX last week that as of Dec 31, Jasa Marga owns 17.78% shares, followed by UBS (7.2%), Redmington (5.23%), and Ievan Sumampouw (5.13%). On Jan 11, CMNP told JSX that as of Jan 3rd, Jasa Marga ownership reduced from 355.76 million shares to 352.56 million, and further declined to 84.57 million (4.23%) as of Jan 5. Jasa Marga divested the shares through bookbuilding, limited to less than 100 investors on Dec 26-27. No information available who bought the shares. Today its price jumped to Rp1580.

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Jasa Marga divests CMNP, Tutut's comeback ?

State-owned toll road operator PT Jasa Marga is leaving another toll road operator once controlled by Soeharto family, PT Citra Marga Nusaphala (CMNP) Tbk. The company is divesting its 17.79% shares (355 million units). Who is the buyer?

Jasa Marga is the single largest shareholder at CMNP followed by UBS AG (7.2%), Remington Gold Ltd (5.23%), and Mr Ievan Daniar Sumampouw (5.15%).
Early this month, Jasa Marga also divested 10% its shares in PT Citra Margatama Surabaya (CMS) to CMNP. CMS is building Surabaya Eastern Ring Road (SERR), a 12.7 km toll road with 35-year concession and investment of Rp1.39 trillion. CMNP controls 95% shares in the toll road to be commercially operated mid-2007.
The question, who is behind the buyer of Jasa Marga shares at CMNP?
Early this year, some newspapers disclosed a plan of Mrs Siti Hardiyanti Rukmana, eldest daughter of former president Soeharto, to regain control up to 55% shares of CMNP through a company named Crown Capital Global (CCG) with UBS' full support.
Under the scenario, CCG would collect up to 38% shares of various investors and then Jasa Marga's 17.79%.
In a letter to UBS AG dated December 19, 2005, Almington Assets Ltd (owned by Tutut's family) had pledged 11% shares of PT Bimantara Citra. And according to the latest list of Bimantara shareholders, UBS/Almington owns 10.85% shares but is not listed as controlling shareholder of Bimantara anymore.
Total value of Jasa Marga shares in CMNP is around Rp518.3 billion, while total value of UBS/Almington shares at Bimantara is around Rp1 trillion.
BTW, who is Ievan Daniar Sumampouw?

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Indonesia Corporations 2005 results

Indonesia's beer and cigarette producers make good money in 2005, positive growth from 2004. Manufacturers had bad year. Food and consumer goods recorded reduction of profit, except the milk producers. Energy companies and related services companies, shipping, and plantations were doing well. But the banks, while still profitable, feel the heat of increasing interest rate last year. TV made good money, but not my favourite newspaper and magazine Tempo.

Below are 2005 financial result of some Indonesian companies listed at Jakarta Stock Exchange (against 2004 in the brackets):
- PT Indofood Sukses Makmur Tbk, food: Profit Rp124bn (negative)
- PT Unilever Indonesia Tbk, consumer goods: Rp1.44 trillion (-)
- PT Energi Mega Persada Tbk, oil and gas: Profit Rp195bn (positive)
- PT Tambang Batubara Bukit Asam Tbk, coal produer: Profit Rp467 billion (positive growth)
- PT Bank Panin Tbk, bank: Profit Rp505 billion (negative)
- PT Bank Permata Tbk, bank: Profit Rp295bn (negative)

- PT Bank Negara Indonesia Tbk, bank: Profit Rp1.4 trillion (negative)

- PT Bank Artha Graha Tbk, bank: Profit Rp22bn (-)
- PT Sari Husada Tbk, milk producer: Profit Rp289 billion (positive growth)
- PT Humpuss Intermoda, shipping: Profit Rp 143 billion (negative growth)
- PT Malindo Feedmill Tbk, feed mill: Profit Rp47 billion (positive)
- PT Bakrie Sumatra Plantation Tbk, plantation: Profit Rp115 billion (positive)
- PT Bakrie & Brothers Tbk, holding company: Profit Rp292bn (positive)
- PT Asahimas Flat Glass Tbk, glass producer: Profit Rp212 billion (positive)
- PT Bhakti Capital Indonesia Tbk, brokerage firm: Profit Rp22 billion (positive)
- PT Indofarma Tbk, pharmaceutical: Profit Rp9bn (positive)
- PT Andhi Chandra Tbk, automotive: Profit Rp16bn (negative)
- PT Charoen Pokphand Indonesia Tbk, agriculture: Profit Rp41bn (positive)
- PT Pelayaran Tempura Mas Tbk, shipping: Profit Rp126bn (positive)
- PT Jembo Cable Company Tbk, cable manufacturer: Loss Rp2bn (negative)
- PT Sepatu Bata Tbk, shoes manufacturer: Profit Rp25bn (negative)
- PT Gudang Garam Tbk, cigarette: Profit Rp1.89 trillion (positive)
- PT Bentoel International Tbk, cigarette: Profit Rp108 billion (positive)
- PT Lion Metal Works Tbk, metal: Profit Rp19bn (negative)
- PT Surya Citra Media Tbk, media: Profit Rp65bn (positive)

- PT Tempo Inti Media Tbk, media: Loss Rp8bn (negative)
- PT Pan Brothers Tbk, textile: Profit Rp10bn (positive)
- PT Selamat Sempurna Tbk, component: Profit Rp60bn (positive)
- PT Siantar Top Tbk, food: Profit Rp10bn (negative)
- PT Toba Pulp Lestari Tbk, pulp: Loss Rp24bn (positive)
- PT Bank ANK Tbk, bank: Profit Rp11bn (positive)
- PT Voksel Electric Tbk, cable manufacturer: Profit Rp27bn (positive)
- PT Metrodata Electronics Tbk, electronic: Profit Rp16bn (positive)
- PT Bank Swadesi Tbk, bank: Profit Rp11bn (positive)
- PT Tigaraksa Satria Tbk, distribution: Profit Rp19.5bn (positive)
- PT Panin Sekuritas Tbk, brokerage firm: Profit Rp31bn (positive)
- PT Petrosea Tbk, oil & gas: Profit Rp83bn (+)
- PT Sucaco Tbk, cable manufacturer: Profit Rp56bn (+)
- PT Ultrajaya Milk Industry Tbk, milk: Profit Rp4bn (+)
- PT Pembangunan Perumahan Tbk, construction: Profit Rp66bn (+)
- PT Citra Marga Nusaphala Persada Tbk, toll road operator: Profit Rp81bn (-)
- PT Multi Bintang Indonesia Tbk, beer producer: Profit Rp87bn (-)
- PT Delta Djakarta Tbk, beer producer: Profit Rp56bn (+)
- PT Duta Pertiwi Nusantara Tbk, chemical: Profit Rp4bn (-)
- PT Ekadharma Tape Industries Tbk, plastic: Profit Rp5bn (+)
- PT Cipendawa Agroindustri Tbk, animal husbandry: Profit Rp0.9bn (-)
- PT Wahana Phonix Mandiri Tbk, textile: Profit Rp2bn (+)
- PT Siwani Trimitra Tbk: Loss Rp7bn (+)
- PT Pudjiadi and Sons Tbk, property: Profit Rp2bn (-)
- PT Asiaplast Industries Tbk, plastic: Loss Rp4bn (+)
- PT Kresna Graha Sekurindo Tbk, brokerage firm: Profit Rp6bn (-)
- PT Gema Grahasarana Tbk, interior & manufacturing: Profit Rp4bn (+)
- PT Intraco Penta Tbk, heavy equipments: Profit Rp18bn (+)

- PT Duta Anggada Realty Tbk, property: Profit Rp197bn (+)

- PT Fatrapolindo Nusa Industri Tbk, plastic: Profit Rp57bn (+)

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Bimantara takeover, how serious?

UBS is seeking to help finance the takeover of two Indonesian companies, PT Bimantara Citra Tbk, the conglomerate which owns four major television channels in Indonesia, and toll-road operator PT Citra Marga Nusaphala (CMNP) Tbk, according to individuals in Indonesia familiar with the transaction.

Global Crown Capital, a special purpose vehicle, owned by the Salim family, Peter Gontha (former shareholder and executive at Bimantara), and Indra Rukumana (former President Suharto’s son-in-law) is seeking to acquire controlling stakes in Bimantara and CMNP. In order to obtain the funding, the three parties have pledged shares they have in Bimantara and CMNP to UBS in order to obtain a loan of up to US$350m, said individuals in Indonesia.

Few details were available about the goings on, but Bimantara last week issued a denial stating that the conglomerate had not been approached by GCC to acquire the assets. Salim also denied the plan to acquire Bimantara and CMNP.

But Bimantara wrote to Jakarta Stock Exchange (JSX) authority on Friday that recently it recieved a proposal from one of its shareholders (Almington Assets Limited) which represents 5% shares of the company that it want to pledge the held shares to UBS AG Singapore Branch.

JSX suspended the trading of both Bimantara and CMNP shares on Friday. No information so far on when JSX will lift the suspension.

Individuals in Jakarta said there were definite signs that the consortium had already obtained funding from UBS in their attempt to take over the assets. Investor Daily on claimed on Friday that it got a document showing the financial support from UBS Bank to GCG to acquire Bimantara and CMNP. In exchange GCC will pledge to UBS some marketable securities, cash, and shares of Bimantara and CMNP. Under the loan proposal to UBS, GCC needs funding of US$250 million to US$350 million.

According to the document, before it acquires Bimantara and CMNP, GCC would takeover shares of PT Televisi Pendidikan Indonesia (TPI, a TV station under Bimantara) and CMNP Manila (toll road operator in Manila).Under the loan proposal to UBS, GCC needs funding of US$250 million to US$350 million.

Meanwhile, IFR Asia reported an official who acts as custodian of shares traded on the Jakarta Stock Exchange said UBS has recently requested that a large shareholding of Bimantara shares be blocked under the Swiss bank’s name.

“If that’s so, then that’s a sign that the GCC conglomerate has already pledged shares to UBS,” said one banker in Indonesia.

Investor Daily reported today that Almington Assets had pledged its 11% shares through GCC to UBS AG with the address at Temasek Boulevard 18-00 Suntec Tower Five, Singapore. GCC also planned to acquire 14% shares of CMNP owned by Heffernan International Limited, Delta Equity Assets Ltd, and Commonshare Investment Ltd, all are special purpose vehicle companies registered in British Virgin Island.

Another banker said to AFR Asia: “UBS private banking has been shopping the local market to finance the rupiah-denominated portion of the deal. One of the parties approached was Sinar Mas Securities, so we know something big is going on.”

The battle for the Bimantara assets will be a lively one, said investment bankers in Indonesia, given that Bhakti Investama, another Indonesia company, now holds a stake of around 40% in Bimantara and 10% indirectly.

“It therefore will be very difficult for GCC to gain a controlling stake in Bimantara,” said an investment banker to AFR Asia.

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Salim denies acquisition plan on Bimantara & CMNP

Salim Group strongly denied reports that it has intention to acquire two listed companies PT Bimantara Citra Tbk and PT Citra Marga Nusaphala (CMNP) Tbk.
In a letter to Jakarta Stock Exchange (JSX) authority today, Philip Phiong, executive of Salim Group, stated the group neither has the plan to do such acquisition.
Today Investor Daily stunned the market with its report that Salim Group will acquire Bimantara and CMNP through a company named Global Crown Capital with the financial support from UBS. The newspaper quoted Bimantara executive who confirmed the plan. JSX quickly suspended the trading of both Bimantara and CMNP shares in the early hours to prevent speculation and manipulation.
Bimantara wrote to JSX yesterday afternoon that it heard the information about certain parties which plan to acquire the company but it had not received formal documentation or reliable information.
But Bimantara notified JSX in the letter that recently it recieved a proposal from one of its shareholders (Almington Assets Limited) which represents 5% shares of the company that it want to pledge the held shares to UBS AG Singapore Branch.
Meanwhile CMNP simply said to JSX that it hadn't receive any formal proposal from certain parties which plan to acquire the company.

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