Two weeks ago, anti-corruption court sentenced Martias (Pung Kian Hwa)—owner and founder of Surya Dumai forestry and plantation group, 1.5 years in prison. He’s implicated in the corruption case of former East Kalimantan governor. But that may not able to prevent PT Ciliandra Perkasa’s plan to launch IPO this year. Ciliandra is controlled by Martias and his family.
“We heard that Citigroup has been mandated for Ciliandra’s IPO,” an investment banker said yesterday.
Dec 2006, Ciliandra Perkasa Finance Co Ltd issued US$165 million bond overseas for refinancing (US$79 million) and bio-diesel project (US$30 million). With around 80,000 hectares of plantation, of which at least 60,000 hectares palm oil, PT Ciliandra Perkasa’s IPO would attract investors.
PT Fagiono Perkasa Sejati (FPS) owns Ciliandra, named after Martias son Ciliandra Fangiono who is currently the CEO of the group. Martias’ daughters (Wirastuty and Wirasneny) are also in the management of the group’s companies.
Ciliandra has several subsidiaries:
1) PT Perdana Intisawit Perkasa (92.5%)
2) PT Pria Tama Riau (80%)
3) PT Surya Intisari Raya (80%)
4) PT Pancasurya Agrindo (55%): License = 10,500 hectares, but planted in excess of 2,800 hectares (currently under legal battle)
5) PT Meridian Sejati Surya Plantation
Meanwhile Surya Dumai Group has been awarded hundreds of thousand hectares of palm oil plantation concession and were subject of investigation on Martias-East Kalimantan governor. But it’s not clear whether the concessions have been cleared off charges.
The companies are as follows: (in hectares)
1) PT Tirta Madu Sawit Perkasa: 9,900
2) PT Marsan Citra Adi Perkasa: 20,000
3) PT Bulungan Hijau Perkasa: 6,000
4) PT Berau Perkasa Mandiri: 18,000
5) PT Bumi Simanggari: 20,000
6) PT Bulungan Agri Jaya: 17,700
7) PT Kaltim Bhakti Sejahtera: 30,000
8) PT Repenas Bhakti Utama: 20,000
9) PT Bumi Sawit Perkasa: 19,250
10) PT Borneo Bhakti Sejahtera: 20,000
11) PT Sebuku Sawit Perkasa: 20,000