Attended JPMorgan Indonesia conference last week. Key take-aways: (1) Management targets US$1bn debt reduction by year-end 2010. One plan would be to issue non pre-emptive shares to non existing shareholders, amounting to 10pct of outstanding shares. (2) Conducting limited audit review on 1Q10 results (suggesting that the deal may occur within the next three months). (3) CIC debt repayment will start with US$600mn in 2013. Perhaps US$600mn minimum offer for the 10% new shares (implied share price of around Rp2800) would be a good starting point?
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