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Selasa, 10 Mei 2011

Indofood Agri Resources (IFAR SP): IPO of 90% owned subsidiary PT SIMP - CLSA

SUMMARY

PT Salim Ivomas Pratama (SIMP) will issue up to 20% new shares via IDX listing
Indofood Agri (IFAR SP) currently holds a 90% stake in PT SIMP (through wholly owned non listed subsidiary IOFPL)
PT SIMP holds all of IFAR’s operating assets (including upstream plantations for oil palm, rubber, sugar, downstream cooking oil, and 59.5% stake in London Sumatra)
Post IPO, IFAR will still own at least 72% of PT SIMP, but all operating assets will be listed through SIMP.
Management rationale for listing are deleveraging of SIMP B/S, capex funding, reduction of FX risk, facilitation of future dividend payments.
We don’t see much value created through PT SIMP’s listing. Capital can be raised through other means. IFAR will be left as a Singapore-listed investment vehicle while all operating assets will be listed on the IDX.
Posted by Saham Pilihan at 05.51

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