BWPT - Berita terkait suspensi dan rencana right issue

JAKARTA -- Indonesia Stock Exchange still puts PT BW Plantation Tbk (BWPT) suspended today after local daily newspaper wrote the size of BWPT's rights issue at US$900 million-US$1 billion.

Late last week, the management of BW Plantation, controlled by Budiono Widodo (BW) family, filed a disclosure information to Indonesia Stock Exchange. The company said it could not reveal more detail on the proposed preemptive rights. Market speculation said the aset injection from Rajawali Group to BW Plantation will be valued premium.

Several sources said BW Plantation has mandated six underwriters led by Credit Suisse and Danareksa Sekuritas. Both lead underwriters have worked with the remaining underwriters such as BNI Securities, Mandiri Sekuritas, Valbury Securities Indonesia, and CIMB Securities.

"The asset takeover is estimated at 15x price to earning ration, higher than the CPO industry at 12x," the sources said. However, the acquisition will make BW Plantation the third largest palm oil companies with market capitalization of Rp15 trillion-Rp16,3 trillion.

BW Plantation will have 147,280 hectares of planted area and 126,500 hectares of land bank with average age of 6.72 years.
- See more at: http://www.idnfinancials.com/n/8802/BW-Plantation-Rajawali-asset-injection#sthash.5oI6myTr.dpuf

BW Plantation is planning to conduct a Rp11.1 tn rights issue to fund the acquisition of Green Eagle
Group. BWPT will raise 27 bn new shares (1 : 6 ratio) at pricing range of Rp390/sh – Rp410/sh. The
acquisition will cost about Rp10.5 tn and the remaining fund will be used to add its working capital.
The existing shareholders will be diluted by 85.7% if this right issue fully absorbed. RUPSLB will be
conducted in 10 November 2014. As per 22 September 2014, the company signed CSPA with Green
Eagle Palm Limited, which directly own Louis Dreyfus Commodities Asia Pte Ltd. Green Eagle owns
66k ha of planted area under 324k ha of its total area in Kalimantan and Papua. Moreover, it
produced 85k MT CPO in 2013.

*Ciptadana Daily Research

JAKARTA - Palm planter PT BW Plantation Tbk (BWPT) booked net profit growth 67.28% to Rp141.22 billion in the first half this year compared to that of the earlier year period, with EPS reaching Rp31.35 per share.

According to a financial report released September 25, 2014, the company posted higher net profit because of rising revenue 36.35% to Rp744.93 billion in the first six months this year compared to that of the same period last year.

Cost of sales also rose 31.75% to Rp405.49 billion, making gross profit up 42.28% to Rp339.44 billion. At the same time, operating cost increased 27.17% to Rp114.64 billion. Operating profit was stated at Rp224.81 billion, rising 51.45% from earlier.

Total assets at end of June was stated at Rp6.55 trillion, compred to 6.20 trillion at one year earlier. Liabilities rose to RP4.20 trillion from Rp4.01 trillion.

BW Plantation is in the process of rights issue worth Rp11.1 trillion for acquiring a palm planter holding namely Green Eagle, a step allowing Rajawali Group controlled by tycoon Peter Sondakh to enter the capital market.