State-owned toll road operator Jasa Marga (JSMR) has obtained loan facility of Rp7.73 trillion from seven banks and one financing firm for infrastructure. This loan will be used to fund construction of Batang-Semarang toll road (75 km) which costs for Rp11.04 trillion. The said loan has a tenor of 15 years, carrying interest rates of 9.08%.

That seven banks providing loan facility are Bank Mandiri (Rp2.5 trillion), Bank Central Asia (Rp2 trillion), Bank CIMB Niaga Tbk (Rp1.1 trillion), PT SMI (Rp850 billion), KEB Hana Bank (Rp550 billion), Panin Bank (Rp450 billion), and Bank Jateng (Rp331 billion). The construction of Batang-Semarang toll road is targeted to complete in September this year.

Property firm PP Properti (PPRO) plans to offer bonds worth Rp2 trillion, first phase in July this year. In 2017, the Company issued bonds worth Rp600 billion. PPRO also plans to issue medium term notes (MTN) worth Rp600 billion this year. The funds will be used for its capital expenditure (capex) of Rp1.8 trillion for this year. PPRO will also refinance its MTN and bank loan worth Rp350 billion this year.

PPRO booked marketing sales of Rp703 billion in the first quarter (Q1) this year, a 12% growth year on year (y/y). It booked a net profit of Rp95 billion in Q1, a 19% rise. PPRO targets to book a net profit of Rp528 billion this year, sales of Rp3.2 trillion, and marketing sales of Rp3.8 trillion.

Property developer Mega Manunggal Property (MMLP) plans to issue 765 million new shares, representing 10% of its enlarged capital, offered to strategic buyers (private placement). The Company expects to raise Rp448 billion from this action, as placement of shares would be set at Rp584.8 per share. MNC Kapital Indonesia (BCAP) has on April 13, 2018 launched private placement for 15.82 million new shares, priced at Rp1580 per share, offered to Bhakti Investama International Ltd.

Bank Nationalnobu also plans to launch private placement, issuing 443.79 million new shares, representing 10% of its enlarged capital. The Bank booked a net profit of Rp60 billion last year on net interest income of Rp347.5 billion. Its assets reached Rp11 trillion, while liability amounted to Rp9.6 trillion.

For complying with free float regulation, Golden Energy Mines (GEMS) plans to launch rights issue, offering 10% new shares. Currently, GEMS shares in public amount 3%, lower than minimum free float of 7.5%. GEMS allocates capex of US$30 million for this year. It targets 26-27% growth in revenue this year.

State-owned construction firm Pembangunan Perumahan (PTPP) plans to issue perpetual bond worth Rp1 trillion. This bond offers annual coupon rates at 9.65%. This fund will be used for coal-fired power plant project (2×200 megawatts capacity located in Meulaboh, Aceh.

Astra Otoparts (AUTO), automotive components distributor, allocates capex of Rp500-800 billion for this year, used to funding business expansion and acquisition. Totalindo Eka Persada (TOPS) plans to develop property investment starting with transit oriented development (TOD) project in Lebak Bulus. TOPS will cooperate with regional firm Perusahaan Daerah (PD) Pembangunan Sarana Jaya for constructing commercial building and its supporting facilities called as TOD.

IPO

PT Krakatau Bandar Samudera (KBS), subsidiary of state-owned steel producer Krakatau Steel (KRAS), has gained approval from shareholders for launching initial public offering (IPO) in November this year. KBS intends to offer 20-30% shares to public. KBS plans to acquire PT Wahana Sentana Baja and Perusahaan Bongkar Muat Multi Sentana Baja. Both companies are held by Krakatau foundation, Yayasan Badan Pengelola Kesejahteraan Krakatau. KBS now manages and operates Cigading port in Banten with 25 million tons capacity.

Hospital operator PT Medikaloka Hermina (RSIA Hermina) this morning kicked off its IPO for 351.38 million shares, representing 11.82% of its total issued and paid-up capital, downsized from 15% planned initially. Alongwith, Hermina Hospital will convert mandatory convertible note (MCN Apollo) worth Rp150 billion with 77 million IPO shares. It will also convert Rp14.6 billion MCN Andira with 7.5 million IPO shares, and convert Rp20 billion bonds of PT Sentul Cycling Klub (SCK) with 10 million IPO shares.

Hermina Hospital now operates 28 hospital units. Hermina has obtained US$45 million (equivalent Rp600 billion) from Creador, a private equity. It targets to build 3 hospitals this year in Samarinda, Padang, and Palembang, with cost of Rp80-90 billion each. Hermina Group has 25 hospitals mostly operating in Java. The hospital group of RS Ibu dan Anak Hermina recently built its hospital in Balikpapan city, Kalimantan. Hermina targets to have 45 hospitals by 2020.

Hermina Hospital booked a net profit of Rp198.83 billion in 2017, jumped 134% from Rp85 billion in 2016. Revenues rose 19.87% to Rp2.68 trillion from previous Rp2.23 trillion. Its assets reached Rp3.34 trillion, while liability amounted to Rp2.39 trillion.

DISCLAIMER: AUTHOR HAS NO POSITION IN STOCKS MENTIONED

By Yohannes Obor

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