Prasidha is targeting revenue from sales of 3,000 tons of instant coffee at Rp 216 billion, and sales of 90 tons of coffee powder at Rp 3.24 billion. (BLOOMBERG/DANIEL ACKER)
- PT Prasidha Aneka Niaga Tbk (PSDN), a coffee powder and instant coffee beverage manufacturer, is planning to conduct quasi-organization to eliminate deficit of Rp 568.14 billion (US$ 64.76 million) by lowering the company’s issued and paid up capital. The deficit was due to the company’s losses caused by the economic crisis in 1998. The balance deficit still puts a heavy load on the company.
Petrus Arif, Corporate Secretary of Prasidha, said that the quasi-reorganization will be conducted in phases. These will be done by adding the balance in the difference of restructured transaction values of the controlling entity with Rp 430.3 million to the deficit that would result to the balance of the difference between the transaction value to zero, and the deficit becomes Rp 568.57 billion.
Then, it will be subtracted with the reevaluation results of the company’s assets and liabilities, with difference of Rp 49.8 billion. Thus, the balance will be Rp 518.77 billion.
The deficit balance will then be eliminated by lowering the company’s issued and paid up capital. It is conducted by lowering the company’s nominal share value from Rp 500 per share to Rp 125 per share. Therefore, the company’s issued and paid up capital will decline Rp 180 billion to Rp 540 billion from Rp 720 billion.
Aside from conducting quasi-reorganization, the company is also actively conducting restructuring of several of its unproductive subsidiaries to create performance growth. In May 2011, Prasidha sold its subsidiary in real estate, PT Aneka Widya Graha.
In June 2011, Prasidha restructured two of its subsidiaries, PT Aneka Sumber Kencana and PT Lampung Sumber Kencana Pelleting Factory. Both subsidiaries were merged to Prasidha.
IFT Research Department assessed that the global economic recovery will be very decisive for the demands of coffee seeds, rubber crumbs, chocolates, and their processed products in becoming Prasidha’s sources of revenue. Prasidha relies heavily on export market, contributing more than 80 percent of the company’s sales.
Positive Impact
Petrus explained that with the quasi-reorganization, the company can work on its performance without having burdened by the deficit in the financial reports. The company can also provide significant impact for shareholders by paying out dividends.
"The improvement of the company’s financial condition can raise investor interest and attraction to own the company’s shares, causing Prasidha’s share trade to be more liquid,” he said.
The quasi-reorganization is planned to be conducted after obtaining approval from the company’s shareholders in the special assembly in October 26, 2011.
In the last three years, the company succeeded in increasing performance with an average net profit of Rp 18.32 billion per year. The company is also optimistic that it can generate profits in the future, with the potential rise of demands for coffee and rubber crumbs in the domestic and export markets.
Prasidha is targeting revenue from sales of 3,000 tons of instant coffee at Rp 216 billion, and sales of 90 tons of coffee powder at Rp 3.24 billion. This will be supported by the company’s coffee production line capacity in Sidoarjo which has fully reached capacity. Instant coffee and coffee powder sales contribute 30 percent to the company’s revenue for this year.
Prasidhas share price on Friday’s trade closing remained at Rp 285.
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