Author: yosefardi.com

Bakrie & Bumi Resources

Shares of Bumi Resources (BUMI), the largest coal producer in Indonesia, ended higher by 1.55% only to Rp262 Friday (May 25) despite the signing of mutual investment agreement and loan agreement worth US$416 million involving Bakrie & Brothers (BNBR) and BUMI shares.

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Indonesia Raises ¥100 Billion from Samurai Bond

The Ministry of Finance has issued Samurai Bonds of ¥100 billion (US$912 million) on Thursday (May 24), equal to the issuance of last year. The notes consists of four series, due in May 31, 2021, May 31, 2023, May 30, 2025, and May 31, 2028, carrying annual coupon rates at 0.67%, 0.92%, 1.07%, and 1.27% respectively. Last April, Indonesia has raised $1 billion and one billion Euro in a dual-currency bond sale. The Euro denominated 7-year tranche due April 24, 2025 was priced at a coupon of 1.75%, the lowest coupon in the Euro market till date–yielding of 115 basis points over the 7-year mid swap rate or...

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Indonesia to Implement Biodiesel B25 by 2019

The recent increase in oil prices have brought fresh push to the biodiesel mix mandatory, government targets to increase biodiesel mix to 25% or “B25” by 2019 from the current mix of 20%. Energy and Mineral Resources Ministry director general for energy conservation and renewable energy Rida Mulyana on Thursday (May 24) said the government optimist to increase the mandatory biodiesel mix to 25% by 2019. This implementation is part of the government ambition to implement biodiesel mix of 30% by 2020. The implementation of B25 in 2019 will benefit palm oil producers as it could be an alternative to export that is often disturbed by the anti-palm campaign in the international market. The mandatory biodiesel mix has been launched since 2015. It started with 15% biodiesel mix for small medium enterprises (SMEs), fisheries, agriculture, and transportation in April 2015. Then, 20% mandatory biodiesel mix in January...

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ADB Finances Solar Plants in Indonesia $160 Million

The Asian Development Bank (ADB) provides US$40 million to invest in Indonesia’s first utility-scale solar photovoltaic (PV) plants of Vena Energy that will create the first utility-scale parks in the country. The loan package is part of a two-phased portfolio financing totaling approximately US$160 million for new renewable energy investments in the country. The first phase $120.8 million, was signed in December 2017 and backed a 72-MW wind project of PT Energi Bayu Jeneponto, a subsidiary of Vena Energyin in Jeneponto, South Sulawesi. The second phase, which achieved first drawdown on Thursday (May 24), comprises a 21 MW solar PV power plant in Likupang, North Sulawesi and three 7 MW solar PV power plants in Pringgabaya, Selong, and Sengkol in Lombok, West Nusa Tenggara. The financing package including financing from two trust funds administered of ADB, namely the Leading Asia’s Private Infrastructure Fund (LEAP) and the Canadian Climate Fund for the Private Sector in Asia II (CFPS...

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Go-Jek Prepares $500 Million to Enter SEA Market

On-demand services and ride-hailing company Go-Jek will invest about US$500 million to enter into four new markets Singapore, Vietnam, Thailand and the Philippines. The operator expect to realize the plans in the next four months. It said, the company aiming to replicate its other services offered in Indonesia to its new markets. Currently, one of the country’s unicorn, working with regulators across the region to pave the way for the new operations. According to the statement GO-JEK connects its users to one million registered drivers on the app who are serving customers in more than 50 cities in Indonesia. The app also connects users to more than 150,000 food vendors, and more than 30,000 other services. Until February 2018, GO-JEK app has been downloaded by more than 77 million times. GO-JEK now operates in 50 cities in the Indonesia. With a population of more than 250 million, Indonesia is the world’s fourth-most-populous nation and the largest economy in Southeast Asia. Indonesia is eyeing e-commerce to become a market worth an estimated $130 billion by 2020 from a current $8...

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Moody’s Assigns Baa2 Rating to Indonesia’s New Samurai Bonds

Moody’s Investors Service has on Thursday (May 24) assigned a provisional foreign currency senior unsecured program rating of (P) Baa2 to the new samurai shelf program by the Government of Indonesia. The shelf program was filed under the Japanese shelf registration process on May 15th, and the overall amount of the new securities that can be issued under the shelf is JPY600 billion. The rating mirrors the Government of Indonesia’s long-term issuer rating of Baa2 with stable outlook. Concurrently, Moody’s also assigned a Baa2 rating to draw down under the program, with maturities of 3, 5, 7 and 10...

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Corruption Journal

The Corruption Court of the Central Jakarta District Court held the first hearing on the trial of the former Regent of Hulu Sungai Tengah (HST) Abdul Latif on May 24, 2018. Abdul stands trial as a suspect of bribery. At the same day, the same court read their verdict for the person who gave the bribes to Abdul Latif. Separately, the Corruption Eradication Commission (KPK) announced the chronology of their latest Sting Operation in Southeast Sulawesi.

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Regional Election Update: West Java

A new survey result on the West Java 2018 gubernatorial race has just been released by Ilma Research and Consulting, a local polling agency in West Java. Surprisingly, according to the said polling agency, the electability of PDIP governor candidate TB Hasanuddin growing significantly though the pair is still in a distant third behind Ridwan Kamil and the incumbent Deddy Mizwar.

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IPO to Watch: IKT

PT Indonesia Kendaraan Terminal (IKT), a subsidiary of state-owned port operator PT Pelabuhan Indonesia (Pelindo) II, has this morning kicked off the initial public offering (IPO) for 561.1 million shares, representing 30% of its total issued and paid up capital. The company has not set the price yet but earlier it said to target Rp1 trillion from this IPO.

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Jokowi’s 2019: West Java

President Joko “Jokowi” Widodo inaugurated the new Kertajati International Airport (BJIB) in Majalengka, West Java on Thursday (May 24). The Airport is finally ready for service after fifteen years of delay. This success might boost Jokowi electability in West Java.

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