“ … Here is another one. A change in what Human nature will allow for government. "Careful, Kryon, don't talk about politics. You'll get in trouble." I won't get in trouble. I'm going to tell you to watch for leadership that cares about you. "You mean politics is going to change?" It already has. It's beginning. Watch for it. You're going to see a total phase-out of old energy dictatorships eventually. The potential is that you're going to see that before 2013.

They're going to fall over, you know, because the energy of the population will not sustain an old energy leader ..."
"Update on Current Events" – Jul 23, 2011 (Kryon channelled by Lee Carroll) - (Subjects: The Humanization of God, Gaia, Shift of Human Consciousness, 2012, Benevolent Design, Financial Institutes (Recession, System to Change ...), Water Cycle (Heat up, Mini Ice Ace, Oceans, Fish, Earthquakes ..), Nuclear Power Revealed, Geothermal Power, Hydro Power, Drinking Water from Seawater, No need for Oil as Much, Middle East in Peace, Persia/Iran Uprising, Muhammad, Israel, DNA, Two Dictators to fall soon, Africa, China, (Old) Souls, Species to go, Whales to Humans, Global Unity,..... etc.)
(Subjects: Who/What is Kryon ?, Egypt Uprising, Iran/Persia Uprising, Peace in Middle East without Israel actively involved, Muhammad, "Conceptual" Youth Revolution, "Conceptual" Managed Business, Internet, Social Media, News Media, Google, Bankers, Global Unity,..... etc.)

Thursday, February 28, 2008

Nirwana going public to fund expansion

Agustina Wayansari , The Jakarta Post , Jakarta , Thu, 02/28/2008 11:29 AM

Low-cost housing developer PT Nirwana Kharisma announced Wednesday its plans to sell a 30 percent stake through an initial public offering (IPO) scheme this month in a bid to help finance its expansion.

Nirwana finance director Leny Chandra said the firm expected to rake in some Rp 46 billion (US$5 million) in proceeds from the sale.

"We will offer shares with an initial price of between Rp 100 and Rp 140," Leny said after a due diligence meeting.

The company will also issue a warrant with a one to one ratio.

A warrant is a security which entitles the holder to buy the stock from the company that issued it at a specified price, usually higher than the stock price at time of issue.

Nirwana has appointed PT Investindo Nusantara Sekuritas as its underwriter for the IPO.

Leny said the company was expected to gain as much as Rp 90 billion from the IPO and warrant deal.

Some 75 percent of proceeds would be used to finance the Puri Nirwana residential project in Cikarang, and the remaining 25 percent for Puri Kosambi (1 and 2) projects in Cibinong, as well as Puri Nirwana 3 project, in Kerawang, all in West Java.

"We will actually need up to Rp 200 billion to finance the Puri Nirwana project, which covers a total 81 hectares," Leny said.

The company would plug the remaining financial needs with bank loans, internal cash and customer advance payments. The firm has already secured loans from state-owned Bank Tabungan Negara, which specializes in financing low-cost housing projects.

Lenny estimated the company's capital expenditure would reach around Rp 220 billion.

PT Investindo Nusantara Sekuritas associate director Fajar R. Soeharto said the book building would be conducted between Feb. 28 and March 14, and an official listing would be made April 22, 2008.

Fajar was positive about the offer because Nirwana primarily engages in constructing low-cost houses, which carry less risk than high-cost residential, he said.

At present, Nirwana has secured orders for 1,000 units in the Puri Nirwana project, mainly from the corporate sector which would supply houses to employees.

As of October last year, Nirwana recorded sales revenue was Rp 9.68 billion and net profit was Rp 2.4 billion.

This year, the company is targeting to tap a sales revenue of Rp 149.6 billion and net profits of more than Rp 11 billion.

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