Zainal Abidinsyah Siregar, President Director of PT Apexindo Pratama Duta Tbk

Tobapos -- A drilling company controlled by Indonesian banker Zainal Abidinsyah Siregar dubbed PT Apexindo Pratama Duta Tbk (APEX) is keen to raise a maximum US$200 million by selling bonds overseas. The bonds will be issued by an special purpose vehicle company namely Ocean Peak Holding B.V., fully owned and controlled by Apexindo. In a disclosure to shareholders published at Indonesia Stock Exchange website, the proceed will be used by Ocean Peak Holding’s subsidiary namely Ocean Peak Drilling B.V. to purchase the rig.

The company will also use the proceed to finance debt service account and liquidity account. The 5-year bonds issuance is material transaction because the size is larger than 50% of Apexindo’s total equity. Regarding to the issuance, Apexindo is planning to hold an extraordinary shareholders meeting scheduled on September 18 2014. The interest rate is expected to reach maximum of 10%.

PT Aserra Capital owns 82.41% stake in Apexindo and public shareholders own 17.59% stake. Abidinsyah Siregar previously took over controlling shares in Apexindo in 2011 from PT Mitra International Resources Tbk (MIRA). Mitra Resources disposed 93.35% shareholding in Sabre Systems International Pte Ltd, losing its precious assets of drilling company PT Apexindo Pratama Duta Tbk, to Tuscany Investment Group Pte Ltd at US$40 million.

Tuscany Investment is under a group of Assera Capital Partner. Assera Capital is established by three businessmen such as Abidinsyah Siregar, former Head of Global Markets at Bank of America-Merrill Lynch, and Erwin Sutanto, former President Director of PT Central Proteinaprima Tbk (CPRO). Mitra Resources entered into a sale and purchase agreement on June 28 2011 with Tuscany.

Referring to the agreement, Tuscany has agreed to acquire shareholding in Sabre System, parent of Apexindo, and a total debt of US$659.86 million from Sabre and Mira International Holding. Mitra Resources owns 93.35% shareholding in Sabre System, which controls 100% stake in Mira International Holding. Mira Internatinal owns 98.14% stake in Apexindo.

Mr. Zainal Abidinsyah Siregar serves as President Director of PT Apexindo Pratama Duta Tbk since March 18, 2013. He was Vice President Director from February 27, 2012 to March 18, 2013. He graduated from School of Management, State University of New York, Buffalo, New York, USA, and Master of International Affairs from Columbia University, New York City, New York, USA. He has worked for Citibank N.A. on 1988 and served in various strategic levels, including Managing Director, Head of Debt Capital Markets, Asia Global Market Groups, Bank of America N.A./Hong Kong, Managing Director at Fleet National Bank Singapore, Executive Director of Peregrine, Fixed Income Ltd. in Singapore/ Hong Kong.  (source)

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