Pak Cumi, kira2 portfolio si Leman tsb bakal diobral atau diangkat dulu? Terus, apa resiko untuk masing2. Misalnya jika dibuang/ diboral dulu, apa ada jaminan bakal naik, atua malah terus nyngsep?
On Thu, Sep 25, 2008 at 10:27 AM, Juragan Cumi <[EMAIL PROTECTED]> wrote: > Kapan yah barang-barang ini bakal dilepas murah ke pasar? > > Salam, > Cumi, Cuma Mimpi > > > ---------- Forwarded message ---------- > > > Lehman's portfolios in Indonesia, > > Lehman Brothers was among foreign creditors for PT Bakrie & Brothers (BNBR) > Tbk when Bakrie family were struggling to regain control over the company. > In fact, Lehman once owned 1.74% shares in BNBR back in 2003. After a brief > period of relatively quiet, Lehman returned to major corporate actions in > the last few years with Bhakti Group as the main partner. > > Lehman was also active in Gajah Tunggal Group, Davomas, and Jakarta > Setiabudi, and Intikeramik Group. Let's start with Bhakti. > > On Dec 18, 2007, Lehman Brothers Commercial Corp Asia Ltd provided US$75 > million facility to PT MNC Sky Vision (MNCSV) where Global Mediacom (BMTR) > controls 51% shares. The 44-month facility carries LIBOR +2% interest, used > by MNCSV to expand Indovision's Pay TV business. > > Collaterals of the facility are: > 1) 2.27 billion shares of MNCSV at nominal value of Rp227 billion. > > 2) Shares in PT Media Citra Indostar owned by PT Datakom Asia at nominal > value of Rp68 billion, and > > 3) 893 million shares of BMTR at nominal value of Rp89 billion; The value of > these shares is Rp406 billion at the current price of BMTR (Rp455). > It is not clear yet on who will takeover the facility and the collaterals > from Lehman Brothers. But some local groups are keen to takeover the assets. > Bhakti's subsidiary PT Mobile-8 Telecom (FREN) once invested US$45 million > in Lehman Liquidity Fund but according to FREN's first half 2008 report, the > facility has been fully recovered. > > Lehman also provided US$70 million facility to FREN in 2006 but FREN had > fully repaid the facility plus interest of US$1.6 million in August 2007. > On January 25, 2008, FREN and Lehman Brothers Opportunity Ltd (LBOL) amended > the warrant agreement dated Nov 29, 2006 in relation to the extension of the > exercise period until July 29, 2008. On the same date, FREN issued 20 > warrant certificates to LBOL where each certificate is exchangeable for > 111.368 million shares of FREN or around 2.227 billion shares. At the > current market price, the value of the shares is around Rp177 billion. > > On August 8, 2007, FREN entered into a swap agreement with Lehman Brothers > Special Financing until March 1, 2013 with a notional amount of US$100 > million where FREN agreed to pay fixed interest rate of 10.45%. As of Dec > 2007, the fair value of the derivative financial instrument amounted to > US$299,212 or Rp2.8 billion. > > Unfortunately, FREN has yet to issue its first half financial results to get > better view on Lehman-related issues. But some said Bhakti would likely get > significant discount on the facilities due to the bankruptcy filing. > > DAVOmas > In May 2006, Davomas entered into an interest rate swap contract with Lehman > with a notional amount of US$50 million where Davomas agreed to pay a fixed > rate 9.28% in semi-annual intervals up to 2011. As of August 31, 2008, > Lehman controls 1.377 billion shares of DAVO, increased sharply from 6.37% > (789 million shares) in June 2007. At the moment, the value of Lehman shares > in DAVO is around Rp168 billion. It's not clear whether Lehman has divested > the shares. > > Intikeramik > Ceramic producer PT Intikeramik Alam Asri Industri (IKAI) Tbk initially > planned to take US$22 million facility from Lehman, but cancelled due to > disagreement on warrant deal. Intikeramik then moved to PT Al Ijarah > Indonesia Finance (ALIF). > > Gajah Tunggal > Lehman involved in the issuance of US$325 million bonds for Gajah Tunggal. > Other than that, Lehman and Citicorp agreed to restructure two notes issued > by Polychem Indonesia, an affiliate of Gajah Tunggal Group, with combined > outstanding of US$102 million late last year.