Author: yosefardi.com

New line-up of Golkar Party

Airlangga Hartarto, chairman of Golkar Party, has finally revealed new line-up of the party’s central board (DPP). Airlangga accommodates the interest of various groups in the party, including those considered close to VP Jusuf Kalla and Coordinating minister for maritime affairs Luhut Binsar Pandjaitan. Interestingly, former director general of tax Ken Dwijugeastiadi is appointed deputy chief of economic affairs at the party.

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OJK Cuts Margin Hedging Transactions by 10%

The Financial Services Authority (OJK) plans to issue a regulation on currency hedging, the intention of which is to extend protection to investors in the stock market against any decline of the Rupiah. Chairman of the OJK Board of Commissioners Wimboh Santoso said they plan to repeal the 10% margin obligation for hedging transactions. The plan is one of a number of policies to be launched by OJK in an effort to support infrastructure sector financing this...

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Citilink Targets to Transport 15.7 Million Passengers

Budget airliner Citilink Indonesia, a subsidiary of Garuda Indonesia (GIAA) targets to transport 15.7 million passengers in 2018, increased 26.6% from realized 2017 totaling 12.4 million passengers, the company’s President Director Juliandra Nurtjahjo said in a statement. In addition, it also aims to improve its on-time performance (OTP) by undertaking innovation in areas of check-in process, etc. Currently, Citilink serves 65 routes with 268 flight frequency per day, and serving 32 cities. It currently has 50 A320...

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PKPU Journal: IBFN and Mimikids Garmindo

Financing firm PT Intan Baruprana Finance Tbk (IBFN) entered their period of Suspension of Debts Payment (PKPU) back in October 2017. They earned an extension but it’s most likely its last chance. A Bandung-based textile company PT Mimikids Garmindo also entered their PKPU last year (in November 2017). Nevertheless, PT Mimikids Garmindo and it owner/personal guarantor still deny the information on their debts, and they questioned the decision of the Panel of Judges.

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Sun Life Posts 72% Jump in Premium Income

Insurer PT Sun Life Indonesia booked premium income of Rp2.9 trillion in 2017, jumped 72% from 2016. Unit Linked contributed premium income of Rp2.3 trillion while traditional products segment contributed Rp565.5 billion. Premium income of new business surged 128% in 2017 with risk-based capital (RBC) reaching...

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Government to Tender 43 Oil and Gas Working Areas

Indonesia’s Energy and Mineral Resources (ESDM) Ministry aims to auction 40 conventional and three non-conventional oil and gas working areas (WKs) in early March this year. The WKs to be auctioned will include 32 blocks that failed to attract investors or bidders in the period of 2015-2017 auctions. The oil and gas blocks contracts will be based on gross-split production sharing contract (PSC) scheme, instead of cost-recovery PSC scheme. Currently, the ministry is processing the tender of 15 oil and gas blocks offered in late 2017, in which five of them have attracted bidders...

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PNM to Issue Bond & MTN

State-owned PT Permodalan Nasional Mandiri (PNM) plans to to issue bonds and medium term notes (MTN), after issuing mutual fund instrument with proceeds of Rp1.32 trillion though its subsidiary, PT PNM Investment Management. PNM needs external funds of Rp4.5 trillion. The Company targets its financing to reach Rp12.3 trillion this...

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IPO to Watch: Borneo Olah Sarana Sukses

PT Borneo Olah Sarana Sukses (BOSS), a small coal producer, has this morning kicked off its initial public offering (IPO) for 400 million shares, representing 28.57% of its total issued and paid-up capital. The pre offering or book building is set for Jan 24-26, 2018 and the offering is scheduled for Feb 9-13, 2018. Listing on the Indonesia Stock Exchange (IDX) is expected for Feb 21, 2018. PT Victoria Sekuritas Indonesia acts as underwriter for this IPO.

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Ongoing Examinations in the KPPU

The Business Competition Supervisory Commission (KPPU) has reportedly escalated the status of examination of alleged violations in the provision of under water services for Kepodang and Ketapang Field. So far, according to the KPPU, there was evidence that parties in the project were involved in a conspiracy. In addition to this case, the KPPU is also examining several other cases.

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Hanura’s Internal Conflict Continues

After ousting Oesman Sapta Odang (OSO) from the chairmanship position, the Hanura Party under the new leadership of Vice Air Marshal (ret) Daryatmo and Sarifuddin Sudding sought to kick Oesman out of Hanura for allegedly embezzling of Rp200 billion of the Party’s funds. They’re also keen on reporting Oesman to the Police and the Financial Services Authority (OJK). Oesman’s faction instead accused Daryatmo’s faction as the one responsible for the embezzlement.

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