5.1 Barito Pacific Group

5.
1 Barito Pacific Group
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Exchange rate Rupiah / Dollar

Year Average At 31 December
1996 1997 1998 1999 2000 2001 (Jan-Oct)
2,328.5 2,903.5 10,285.4 7,876.9 8,415.8 10,265.2
2,363.1 5,535.0 8,005.0 7,150.0 9,725.0 (17/10) 10,027.0
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Source: Website OANDA (www.oanda.com), October 2001.
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The pulp & paper sector for a long time seemed able to escape this tendency. The two largest pulp & paper holdings - APP and APRIL - are both located in Singapore and listed on the New York Stock Exchange. Through this strategy they got better access to the global capital market. Their huge export earnings also seemed to guarantee their ability to pay interest and repay their foreign borrowings. But during 2000, things started to go increasingly wrong for these both groups as well. this was caused mainly by the following two factors.205
Unsustainable fibre supplies Increasing NGO-criticism has exposed during the past years, how unsustainable the fibre supplies of the Indonesian pulp & paper industries are. Their competitive advantage was based upon their access to cheap forest concessions. But when the international financial community began to realise that these supplies were often illegal and in the long term limited, the appetite of foreign investors to invest in Indonesian pulp & paper companies was greatly reduced.
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Financial problems of sister and mother companies
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Chapter 5 5.1
Indonesian pulp & paper companies
Barito Pacific Group
5.1.1 Description of the Barito Pacific Group The Barito Pacific Group is a large Indonesian business group, active in chemicals, forestry, wood processing, banking, plantations (see paragraph3.4), and mining. It is controlled by Prajogo Pangestu and his family. As many business tycoons in Indonesia, Pangestu is an ethnic Chinese who based his business empire on close relations with the Suharto family. Together with members of the Suharto family and their close friends Sudono Salim and Bob Hasan (see paragraph 5.5), Pangestu for a long time controlled the Astra Group (see paragraph 3.2). Together with Bambang Trihatmojo (son of ex-president Suharto) and Henry Pribadi (see paragraph 3.7) Pangestu owned PT Bank Andromeda, which went bankrupt in November 1997.206 The Barito Pacific Group ran into serious financial trouble during the financial crisis of 1997/1998. The Barito Pacific Group now is among the largest corporate debtors to the IBRA, owing 7,500 billion rupiah. Of this debt Rp 4,300 billion is connected to the ethylene plant PT Chandra Asri, which was built in the early 1990s with the backing of Marubeni (Japan) and an investment firm established by Japanese lenders. An earlier accord on restructuring the PT Chandra Asri debt was annulled by the IBRA in January 2001, after
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5.1.3 Financial stakeholders PT Tanjungenim Lestari Pulp & Paper Capital structure At this moment, PT Tanjungenim Lestari Pulp & Paper probably owns assets with a total value of US$ 1,250 billion. These assets are probably being financed by the following stakeholders: 211

Shareholders Banks Others
US$ 209.1 million US$ 990.9 million US$ 50.0 million
16.7% 79.3% 4.0%
Shareholders At the end of 1999, the shareholders of PT Tanjungenim Lestari Pulp & Paper were: PT Barito Pacific Timber Marubeni Corporation (Japan) Sumatera Pulp Corporation (Japan) 40.2% 30% 30%
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Sumatera Pulp Corporation is an investment vehicle comprising Marubeni (Japan), Nippon Paper Industries (Japan) and Overseas Economic Co-operation Fund (Japan). Originally, PT Tridan Satriaputra - a company controlled by ex-president Suharto's daughter 'Tutut' (Siti Hardiyanti Rukmana) - owned a 16% shareholding in PT Tanjungenim Lestari Pulp & Paper. Probably this shareholding was sold to Marubeni Corporation during 1998 or 1999.212 In January 2001, PT Barito Pacific Timber pledged its shareholding in PT Tanjungenim
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A ten-year US$ 50 million syndicated revolving credit. Among the banks arranging the loan were Bayerische Landesbank Girozentrale (Germany) and Berliner Bank, a subsidiary of Bankgesellschaft Berlin (Germany). Among the banks participating in the syndicate were: Bayerische Landesbank Girozentrale (Germany - US$ 2.8 million) Berliner Bank, a subsidiary of Bankgesellschaft Berlin (Germany - US$ 2.6 million) Bank Austria (Austria), which now is a subsidiary of Bayerische Hypo und Vereinsbank (Germany - US$ 1.35 million) The revolving credit will mature in January 2007, and is outstanding at present.215 A twelve-year and six months guaranteed US$ 650 million syndicated export credit. Among the banks participating in the syndicate was: Kreditanstalt fr Wiederaufbau (Germany - US$ 262.7 million) Among the export credit agencies guaranteeing the loan was: Hermes (Germany - US$ 262.7 million) The export credit will mature in 2010, and is outstanding at present.216 A US$ 40.9 million loan from Kreditanstalt fr Wiederaufbau (Germany). The loan will mature in 2010, and is outstanding at present.217 Of this total financing package of US$ 991 million, US$ 849 million had been drawn down at the end of 2000.218
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5.1.4 Financial stakeholders Barito Pacific Timber Tbk.
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German Banks and Palm Oil and Pulp& Paper in Indonesia

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show all prev | next Introduction Chapter 1 Influence assessment of financial institutions 1.1 The financing of companies 1.2 Private financial institutions 1.3 Public financial institutions 1.4 Categories of financial services 1.4.1 Services related to acquiring equity 1.4.2 Services related to acquiring debt 1.4.3 Other financial services
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