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Publicly-listed investment firm PT Bhakti Investama plans to
raise US$340 million through new bond and share issuances, using the
proceeds to strengthen its holdings in media and toll road businesses.
The move follows previous intentions the firm had to spread its wings
into the airline industry.
Bhakti Investama, which has a majority share in media giant PT Global
Mediacom (formerly known as PT Bimantara Citra), will sell $170 million
in bonds, which will be convertible into stock, and another $170
million in shares, the company said in a statement.
Lehman Brothers Holdings Inc., the fourth-largest U.S. securities firm,
will participate in the plan, having agreed on April 5 to lend $100
million to the company at 6 percent interest, Bhakti Investama's
president Hary Djaja said.
Two other undisclosed investors have also agreed to provide similar
loans totaling another $100 million.
The loans will be converted into bonds and later switched to shares
when the stock price reaches Rp 1,650 (18 U.S. cents).
Bhakti's shares, which are traded as BHIT on the Jakarta Stock
Exchange, were unchanged at Rp 1,140 during last week's market closing.
Hary Djaja said the company will use the proceeds from the planned
issuances to boost its stakes in Global Mediacom -- which owns a
network of newspaper, television and radio stations as well as telco
firm Mobile-8 -- and toll-road operator PT Citra Marga Nusaphala
Persada.
Bhakti Investama currently owns a 41 percent stake in Global Mediacom,
whose BMTR shares rose slightly by 0.5 percent to Rp 4,975 last week,
and a 9 percent stake in Citra Marga, whose CMNP shares slipped 2.5
percent to Rp 1,950.
Other plans for the proceeds may include Bhakti Investama venturing
into the airline industry, with the company currently in talks to buy a
stake in PT Adam Skyconnection Airlines, planning to improve the
privately-owned carrier which has been plagued by two accidents this
year alone.
Bhakti Investama already owns publicly-listed chartered-carrier PT
Indonesia Air Transport, whose IATA shares slipped 0.6 percent to Rp
146 last week.
Adam Air may sell a stake of less than 50 percent to Bhakti Investama,
the airline's president director Adam Suherman had said.
Bhakti Investama's planned bond and share sale is still pending
approval through an extraordinary shareholders meeting, Hary Djaja
said. The company is also slated to hold its annual shareholders
meeting in June.
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