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Ancora prepares IDR135 billion to acquire Raja Kutai

JAKARTA: Indonesias oil and gas producer established by investment banker now acting as the Head of Indonesias Investing Board (BKPM) Gita Wirjawan, PT Ancora Indonesia Resources shall hold US$15 million or IDR135 billion rights issue.Ancoras President
Wandrik Panca Adiguna
Wandrik Panca Adiguna - Bisnis.com 28 Januari 2011  |  00:54 WIB

JAKARTA: Indonesias oil and gas producer established by investment banker now acting as the Head of Indonesias Investing Board (BKPM) Gita Wirjawan, PT Ancora Indonesia Resources shall hold US$15 million or IDR135 billion rights issue.Ancoras President Director, Dharma Djojonegoro said that such corporate action will take place in the middle of this year.The proceed derived from the rights issue will be utilized to finance the acquisition over PT Raja Kutai Baru Makmur, valuing US$12 million while the remaining US$3 million will be used to bolster its working capital.We appointed PT Sucorinvest as the underwriter and PT Ancora Resources, our main shareholder will act as the standby buyer. As we are penetrating Raja Kutai, we shall control 58% of their share, he said in Jakarta yesterday.Dharma further added the company shall ask the approval from its shareholders through the extraordinary meeting of shareholders regarding the plan to hold rights issue and Raja Kutais acquisition. As a matter of fact, Raja Kutai belongs to Ancora Resources.We will first undertake independent appraisal in Raja Kutais acquisition since such transaction is categorized as material transaction and conflict of interest does take place, Dharma added.Last year, Raja Kutai produced 5,500-calory coal as much as 75,000 ton per month or 450,000 ton until the end of December. This year, the company located in the East Borneo seeks to record 1.2 million ton of production.Working CapitalSeparately, Ancora Indonesias Finance Director, Aulia Oemar said that the company allocated US$20 million for working capital this year. Most of such funds will be used to construct ammonium nitrate plant through its subsidiary, PT Multi Nitrotama Kimia.Half of the funds will be derived from banking loan while the remaining generated from internal cash. From the total loan of US$37 million, we still have US$12 million loan facility that has not yet been exercised from Bank Permata. We also still pose working capital facility from the bank, amounting US$13 million, he said.Aulia added, Ancora Indonesia booked IDR1.3 trillion revenue (unaudited) and IDR165 billion earnings before interest, tax, depreciation and amortization until the end of 2010.The company recorded a jump over its revenue and EBITDA by 7.9% and 13.79% respectively. In 2009, Ancora packed IDR1.2 trillion revenue and IDR147 billion of EBITDA. This year, the management seeks to record IDR1.7 trillion revenue and IDR300 billion EBITDA. (t02/wiw)


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