Stock Authorities to See Bakrie's Solution
VIVAnews - The Indonesian Stock Exchange (IDX) welcomes PT Bakrie and Brothers' public disclosure plan that will take place on Wednesday, Dec 24, with regard to the group's debts settlement.
The capital market authorities will see the impact of the public disclosure over capital market and domestic capital market industry.
"The impact cannot be predicted," IDX President Director Erry Firmansyah told VIVAnews on Tuesday, Dec 23. "We will wait and see the result from the public disclosure."
Firmansyah also acknowledged that he does not know anything about the information that the Bakrie group will announce. Clearly speaking, he said, it is an obligation for all shares issuers to hold a public disclosure due to the rules regarding company's disclosure. "The IDX will see the result," Firmansyah said.
Director of Bakrie Brothers Dileep Srivastava had previously revealed that he will hold a public disclosure by Dec 24 to announce the debts settlement.
Srivasta stated that the discussion on Bakrie's debt restructuring is entering a final phase. The company will satisfy all liabilities to its creditor. Bakrie group has been benefited by hedging policy at Rp 9,200 against the US dollar. For the time being, the rupiah exchange rate is about Rp 11,000 against the US dollar.
With the hedging policy, the total company's debts is at US$1.005 million from the previous US$1.335 million. The debts to Oddickson decreased to US$742 million from the previous US$968 million; to JP Morgan, US$72 million from the previous US$150 million; ICICI US$105 million from the previous US$150 million. In addition, the repurchase agreement amounts to US$81.5 million.
According to Srivastava, with regard to debts settlement agreement, the loans from Oddickson Finance will be taken over by Northstar Pacific Limited. In addition, the loans to JP Morgan and ICICI will soon be repaid. While the debts to PNM Investment amounting to Rp 231.81 billion will be due in January-February 2009.
Translated by: Bonardo Maulana Wahono
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