PT Cakra Buana Resources Tbk. (CBRE) is set to acquire a new vessel, a Bulk Carrier Mother Vessel Supramax, at a cost of IDR 204.10 billion. The vessel boasts a capacity of 57,000 DWT, able to accommodate more than the combined capacity of 7 barges.CBRE is purchasing the mother vessel from Seacon Shipping Golden Orchid Ltd., with the transaction valued at USD 12.8 million or approximately IDR 204.11 billion. The acquisition is currently in progress, confirmed by Seacon Shipping Golden Orchid Ltd. in their information disclosure on November 2, 2023.Funding for the purchase includes the company's operational funds and financing facilities from banking institutions.According to the company's financial report as of December 31, 2022, the equity of the company is IDR 91.3 billion. The transaction value represents 223.5% of the total equity, categorizing the vessel purchase as a managerial transaction.Suminto Husin, the CEO of CBRE, stated that the vessel purchase aligns with the growing production of coal and bulk commodities in Indonesia. The high market demand for the use of mother vessels is expected to significantly increase the company's revenue by three times and boost assets by 100% in 2024.With the addition of this new vessel, it is projected to generate an additional revenue of IDR 55 billion annually.Domestic coal production has experienced a surge in early November 2023 amid declining coal prices. According to Minerba One Data Indonesia (MODI) from the Ministry of Energy and Mineral Resources (ESDM) on October 2, 2023, the production has increased by 90.32% to 627.24 million tons, compared to the planned production of 649.50 million tons for the year 2023.Considering CBRE's current stock price of IDR 50 per share and a PER above 15 times, the coal boom has led to a faster increase in the bottom line and net profit of the company compared to market appreciation.As of the latest information, the net profit for the current period soared by 18% to IDR 8.14 billion in the third quarter of 2023. The majority of the revenue is dominated by time charter and ship management.Meanwhile, the company's equity surged by 93% to IDR 176.02 billion from the previous period's IDR 91.32 billion. The debt-to-equity ratio (DER) stands at 18.52%. The total liabilities of the company have slightly decreased by 15.5% from IDR 38.60 billion to IDR 32.59 billion in the third quarter of 2023.Previously, CBRE applied for a financing facility from banks amounting to IDR 200 billion to purchase the Mother Vessel cargo ship, and the shareholders approved this material transaction in an Extraordinary General Meeting (EGM) held on June 28, 2023.CBRE is identified as an affiliated issuer of Happy Hapsoro, the husband of Puan Maharani, due to the controlling shareholder and beneficial owner Suganto Gunawan having a relational connection with Happy Hapsoro through the hospitality issuer PT Red Planet Indonesia Tbk. (PSKT).According to CBRE's prospectus, Suganto Gunawan serves as President Commissioner, Suwito as Commissioner, and Rivolinggo Pamudji as Independent Commissioner.The connection of the board members of CBRE with Happy Hapsoro and INDY Boss Arjad Rasjid originates from the hotel network issuer PT Red Planet Tbk. (PSKT), where Suwito serves as the President Director and Rivolinggo as the Director. Red Planet (PSKT) is controlled by PT Basis Utama Prima, with 40% of its shares held by Happy Hapsoro. Arsjad Rasjid controls 30% of PSKT shares.Image source: CBRESource:www.cnbcindonesia.com/Emiten Happy Hapsoro Borong Kapal Seharga Rp20410 M
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