• Bank Mandiri has questioned the follow up to Bakrie Sumatera’s acquisition of Domba Mas’ assets. Previously Bakrie Sumatera has vowed to complete the process between February-March 2010, however the process has stalled.
• Bank Mandiri as one of Domba Mas’ main creditors. It was reported that the acquisition has been agreed by the company’s creditors, Mandiri, Credit Suisse, and P&G, as Bakrie Sumatera had submitted a proposal to restructure Domba Mas’ principal debt payment. Domba Mas currently owes a total of US$269mn to its three creditors.
• Bakrie Sumatera itself said there were no problems with the acquisition and still ongoing with financing from proceeds of UNSP’s recent rights issue. However until now, UNSP management has not disclosed any explanation to shareholders on the utilization of the funds.
• UNSP is trading at 2010F consensus PER of 8.7x and EV/EBITDA of 9.8x.
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