PADI - The acquisition plan of 51% stake in Bank Muamalat
PT Minna Padi Investama Sekuritas (PADI) will control 51% stake in PT Bank Muamalat Indonesia with transaction value estimated to reach Rp 4.5 Trillion. PADI will become standby buyer in addition to Bank Muamalat's capital through rights issue mechanism. PADI has signed a share purchase agreement of Bank Muamalat. Therefore, PADI will hold an EGMS on October 28, 2017. In the agenda of the EGM, in addition to requesting shareholder's permission will also discuss the funding scheme of the action. PADI has not filed a formal permit to the Financial Services Authority (OJK) because it is still a potential investor. PADI acquired Bank Muamalat because it wanted to develop a financial business other than Securities.
RIGS - Projected 2017 performance
The management of PT Rig Tenders (RIGS) expects this year's revenue to drop 28% Yoy to US $ 21.35 Million Vs achievement of US $ 30 Million last year. The projected decline in performance is due to lower demand for services offered by RIGS. Many RIGS customers cut back on production activities and delayed development plans. Management estimates that RIGS posted a net loss of US $ 13 million this year, deeper than the net loss of US $ 12 million recorded in 2016. Since the beginning of the year RIGS has sold 4 units of vessels and delisted 1 unit of vessels so that the current fleet is recorded at 71 vessels compared to 76 units at the end of last year. The sale of the ship is done because the ship's utility level is low due to the age of the old ship. RIGS fleet consists of 2 accomodation work barges, 1 anchor handling tug supply vessel (AHTS), 7 supply discharging barges, 22 barges, and 44 tug boats.
TRAM - Rights issue plan
PT Trada Maritime (TRAM) plans to issue 40 billion new shares (80.43% of issued and fully paid capital) through the rights issue process. The large number of shares to be issued increases the dilution effect of ownership up to 80.4% for shareholders who do not exercise their rights. All rights issue funds are allocated to support business development through the acquisition of companies other than to support working capital. TRAM plans to buy 99.99% shares of PT Semeru Infra Energy (SIE) worth Rp 505 billion and 99.99% shares of PT Black Diamond Energy (BDE) worth Rp 100 billion. TRAM will then deposit Rp 1.5 trillion of capital to SIE and Rp 375 billion to BDE which will be used for debt payments to Heru Hidayat, PT Graha Resources, and other third party debt. Heru Hidayat and PT Graha Resources are shareholders of SIE.