JAKARTA: PT Pertamina (Persero) expects its subsidiary PT Tugu Pratama Indonesia to bag IDR750 billion in the upcoming IPO.
Finance Director of Pertamina Mohamad Afdal Bahaudin yesterday officially informed the corporate action plan, citing from Bloomberg News. The insurance company, Tugu Pratama since 3 years ago has set up a plan to go public but it never been realized until now.Pertamina is the major shareholder in Tugu Pratama by acquiring 65% shares, while PT Sakti Laksana Prima has 17.60%, Siti Taskiyah owns 12.15% and the remaining of 5.25% controls by Mohamad Satya Permadi. According to the general meeting of shareholder in June 2010, the IPO will be realized in the first quarter of 2011.However, Marketing Director of Tugu Pratama M. Jusuf Adi said that the company is likely to hold the IPO in the second quarter of 2011In the beginning of this year there are several problem should be resolved such as the business plan of the company. Consequently, the IPO should be postponed until the second quarter of 2011. He said to Bisnis, yesterday.Adi can not give any details on the number of shares to be released by the company. Certainly, the IPO proceeds will be use to develop the company business in regional level, particularly in Asean countries.Besides Tugu Pratama, Pertamina also prepares PT Pertamina Hulu Energi (PHE) and PT Pertamina Eksplorasi dan Produksi (EP) to hold IPO with an estimated shares to be released within a range of 20%-30%.This year, the state-owned oil and gas company canceled the plan to globally issue bonds worth US$1.5 billion in the business plan and the company budget, although it had appointed three financial advisers.Meanwhile, Pertaminas plan to change their status into non-listed public company (NPLC) is getting unclear. Since, Ministry of State Owned Enterprises (SOEs) is still waiting the legal basis of the status.Indo Asia ReseorcesIn the other hand, PT Ratu Prabu Tbk will issue the stocks of its subsidiary engaged in mining, namely PT Indo Asia Resources.However, the company has taken over Indo Asia Resources subsidiaries which focused on gold and coal mining. They are PT Golden Arrow Resources and PT Pasifik Masao Mineral.The management does not allow any conflict of interest between Indo Asia Resources and other subsidiaries which engaged in the same field, said Corporate Secretary of Ratu Prabu Martini UD Suarsa in the information disclosure.In the financial statement as of Januari-September 2010, it is known that the company has acquired 75% shares of Indo Asia Resources, the company which established in 2004, through PT Lekom Maras. The transaction accomplished in 2009.Ratu Prabu controls 99.99% shares of Lekom Maras, a service provider of oil and natural gas.Ratu Prabu through Lekom Maras also masters Lekom Pengabuan Inc. domiciled in the United States with full ownership of 100% and PT Bangadua Petroleum by 45% located in Jakarta, which also a service provider in the fields of oil and natural gas.Ratu Prabu originally known as PT Arona Bina Sejati PT, focused on furniture business. The company changed direction into the energy business after pocketing the approval of shareholders in general meeting of shareholders held in June 2008.The company allocated US$127 million as initial capital to start the energy business. The funds were obtained from this bank loans used to buy the old oil and gas (oil) fields which are still potential.During the first nine months in 2010, Ratu Prabus revenues dropped 29% to IDR257.62 billion compared to the same period in 2009 which was IDR362.83 billion.The companys profits also eroded as much as 45.22% to IDR43.34 billion compared to IDR79.11 billion in 2009.Net income of Ratu Prabu drastically dropped by 55.37% to IDR10.31 billion compared with IDR23.09 in 2009.Ratu Prabu (ARTI-coded stock) in yesterdays trading was stagnant in the level of IDR280, thus it only managed to reap market cap of IDR439 billion.(wiw/t03)
