Following Avenue Capital Group ’s decision not to participate on ELTY ’s latest Rp3.2tn Right Issue transaction,Avenue ’s ownership on the company was diluted from 24.2%to 12.16%.It is said by Investor Daily this morning that Avenue has now more interest on ELTY ’s toll-road project,evidenced through its new loan commitment of US$55mn,an addition of earlier US$45mn.On the telephone discussion with ELTY ’s corporate secretary,it is confirmed that Avenue sees promising value on ELTY ’s infrastructure project,and likely to be involve in the ownership through IPO that be
conducted by Bakrie Toll Road sometime next year.Avenue has long experienced in the infrastructure project through past project financing the fund involved in Philippines,aside of Edgar Bautista,ELTY ’s commissioner, who also had experiences in infrastructure companies in the past.
However,on the flip side,it leaves us question whether Avenue did not subscribe over ELTY ’s latest Right Issue which offered at Rp160/share,yet on earlier corporate actions,Avenue have always participated even when the share price (ie rights issue,etc)were at least Rp200/share.We are still reviewing forecast on ELTY,however the company currently trades at 74% discount to NAV10 and PER10F 63.2x.
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