Thursday, October 27, 2011

PT Nusantara Infrastructure Tbk - 4th Port Acqutition To Be Settle This Year

Plan of PT Nusantara Infrastructure Tbk (META) to acquire coal port in South Sumatra retreated into the fourth quarter of this year. Initially targeting the acquisition of META is conducted in the third quarter.

The acquisition process can not be completed on time, because the due diligence process takes longer than expected. "We need more time to study the traffic and feasibility," said Bernard Djonoputro, Managing Director of META, Wednesday (26/10).

However META management still tight-lipped about the identity of the port that the target acquisitions. Clearly, the port has been categorized as an international port and does not not belong to national and local government.

META plans to build bunkers in the port facilities to be bought. Thus, these ports can also serve the oil shipments.
The acquisition of the port will take place in several stages. For the first stage, just after the META minority ownership below 50%. "When was the road, the company will increase the ownership of a majority," said Bernard.

Since only a minority owner, the income of these ports will not be consolidated in META performance this year. Bernard hopes, META could become the majority shareholder in the port next year.

For the first phase of acquisition, the company is set aside U.S. $ 50 million. The entire fund requirement be met from internal cash. Bernard refused to call the current cash position. As of late June 2011, the value of cash and cash equivalents amounting to Rp 103.12 billion META.

META also targeting Kalibaru container port, Jakarta. Currently the port tender process is ongoing. "All the participants except for IPCs, send a rebuttal to the submission of tender documents," he said.

Bernard mentions, at least take up to six months to prepare the tender documents. Thus, the announcement of the winner of new possibilities can be done in the third quarter of 2012. In this tender META compete with four other participants.

META formed a consortium with Mitsui & Co. Ltd., PT 4848 Global System and the Evergreen Group. This consortium will meet about 70% of the loan funding this project and 30% of the equity. "META Shuah there is a commitment from the banks of Rp 6.6 trillion," added Bernard.

While financing with equity will be divided among the shareholders in the consortium. META plans to become the majority shareholder with a share of 51%.

However META still need to find funding to increase its equity. One option being considered is to hold a rights issue.

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