Electric Stanley acquires 13 Ha for Rp65 Bn

PT Electric Stanley Indonesia, automotive parts supplier for Honda and Suzuki motorcycles, purchased a parcel of land in Millennium Industrial Estate from PT Bumi Citra Permai Tbk for Rp65 billion. What Bumi Citra will do with the proceeds?

Bumi Citra told IDX that the proceeds will be used to finance its industrial estate project in Bojonegara, Banten province where the company will build a coal terminal.

"Other than that, we're looking into investment partnership with Chinese investors to build a 125 MW power plant in Millennium industrial estate," Rudi Wijaya, operational director of Bumi Citra Permai said.

Bumi Citra, an industrial estate developer, has achieved 60% of its sales target this year (Rp100 billion). The company is also in talks with Taiwan investor for 15 hectares of land in the industrial estate, which will be used to build Nike shoes factory.

Bumi Citra's stock gained 5% this morning to reach Rp315. The stock has doubled since its IPO late last year.

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Metax establishes Indonesia subsidiary

Metax Engineering Corporation Limited, listed in SGX, has taken steps to incorporate a subsidiary in Indonesia, PT Bali Environmental Persada. 

PT Bali Environmental will have a paid-up capital of Rp1.82 billion, where Metax will control 60%, while the remaining equity interest of 40% will be held by PT Pulau Mas International, a company which is part of a conglomerate involved in the trading of various building products, civil construction, and property development.

The new subsidiary will conduct its business in import and trading of water treatment equipment, mechanical and engineering equipment, and spare parts such as water pump, water filter, and compressor, and business management consultancy.

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Wicaksana sells land for debts

Distribution company PT Wicaksana Overseas International Tbk sells a parcel of land (62,415 m2) in Bekasi, West Java to PT Wira Logitama Saksama for Rp50 billion. The company will use 50% of the proceeds to finance its debts.

Wicaksana, controlled by Djaja family, will use Rp25 billion of the proceeds to pay its debts to Coastlines Global Ltd, while the remaining will be used for working capital. Wicaksana has outstanding debt of US$7.38 million to Coastlines.

In Dec 2006, Wicaksana entered into debt restructuring agreement for US$64.57 million debts where US$54 million was converted into equity, while US$2.9 million was settled with transfer of Wicaksana's shareholding in PT Wira Logitama Saksama to Assetia Capital Management Ltd, and US$7.5 million was kept as sustainable debt due 2016.

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BAT acquires Bentoel

BAT acquires 56.96% shares of Bentoel International from Rajawali Corporation for Rp3.35 trillion or Rp873 per share, reflecting a premium of 20% on market price. BAT also acquired about 18% shares from other investors to make a total acquisition of US$494 million. BAT will have to tender offer the remaining 15% shares.

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