Surya Semesta Decreases Debt by US$37.8 Bisnis Indonesia, page B2, 2005-11-18
PT Surya Semesta Internusa Tbk has signed a restructure agreement that decreased their debt by US$37.8 million, with Asmic Capital and Meridien Asset Limited as the company’s creditor representative. The debt decrease was done through the settlement of US$5.8 million worth of 38.6 hectares of land in the industrial sector, and US$32 million traded in for 209 million new notes for the company at Rp1,300 per share. Therefore, Surya Semesta’s shares in the market will increase from 739.6 million notes to 948.6 million notes. The debt restructure has also decreased the risk of foreign exchange deficit. The company’s foreign exchange deficit by September 2005 was only US$23.1 billion compared to last year’s US$44.5 billion. Until September, Surya Semesta has booked a net profit of Rp22.4 billion. After the issuance of new shares, the percentage of shareholder’s shares has changed. PT Union Sampoerna now holds 14.7 percent of the company’s shares, Meridien Asset 13.8 percent, and Arman Investment Utama 11 percent.
Surya Semesta Restructure Done Before 2005 Bisnis Indonesia, page B1, 2005-09-05
PT Surya Semesta Internusa Tbk has targeted the documentation process of the legal restructure of loans to be done before the end of the year so they will only owe US$17 million from US$54 million. If it is not done by the end of the year, the company could suffer a severe loss in exchange rate. The company will restructure their debts by releasing 209 new shares with a price of Rp.1, 300 per share. This will result in the decrease of the company’s debt from Rp.583 billion to Rp.300 billion. The equity value of Surya Semesta is predicted to rise from Rp.350 billion to Rp.600 billion, and the ratio of debt to capital has become 0.5:1. Surya Semesta’s income is predicted to reach Rp.1.1 trillion with a large contribution from their subsidiary PT Nusa Raya Cipta. The profit depends on the fluctuating value of the currency.
