Author: yosefardi.com

Miryam’s Pre-Trial and Allegations

Miryam S. Haryani, the Hanura politician and former member of the House Commission II of the House of Representatives, was named as a suspect of perjury on April 5, 2017. Miryam filed a pre-trial lawsuit and claimed that the KPK had no legal basis to investigate her on perjury. On May 23, 2017, the South Jakarta District Court decided in favor of the Corruption Eradication Commission (KPK) and Miryam’s status as a suspect was upheld.

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Pertamina to Receive Oil & Gas Blocks

The Ministry of Energy and Mineral Resources (ESDM) has decided that the management of the ten Oil & Gas Blocks, whose cooperation contract (KKKS) will expire in the coming year and next year (2018), will be handed over to state-owned PT Pertamina. Minister of ESDM Ignasius Jonan said that Minister Regulation (Permen) No 15/2015 can serve as the basis for the hand over. “Pertamina is the Government’s priority because we want to strengthen state-owned enterprises. That’s why the management (of the ten) oil & gas blocks will be handed over to Pertamina,” Jonan said yesterday (May 23).

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Indosat & The Falling ARPU

Indosat (ISAT), second largest telecommunication player, booked net profit of Rp173.9 billion in the quarter ended March 31, 2017, dropped by 19.9% from the corresponding period last year due to squeezed margins. Indosat’s sales revenue actually grew 7%, but operating profit down by 1.9%.

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Elites Talk Freeport Divestment

The Indonesian Government’s insistence on having PT Freeport Indonesia divest 51 percent of their shares has become the center of attention of political elites. The Ministry of Energy and Mineral Resources (ESDM) made it clear to us that the Government would not budge. Whereas Freeport too said they’d only let go 30 percent of their shares. We noted the response of elites following Minister of ESDM Ignasius Jonan’s assertion in order to capture the mood in political circles.

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Short-lived Rating Effect

Domestic investors continued to dominate the selling in local stocks on Tuesday (May 23), while foreign investors kept buying as they booked a net buy of Rp229.5 billion yesterday, bringing year-to-date net buy to Rp28.82 trillion. Positive rating from Standard & Poor’s (S&P) which lifted the index by 2.6% on Friday last week failed to support the market gains on Monday and Tuesday this week. The composite index of the Indonesia Stock Exchange (IDX) ended lower 0.33% at 5730 Tuesday, but closed off its low thanking to late buying. The rupiah was traded flat at Rp13,296 against the U.S. dollar.

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Infrastructurre Journal No.19/2017

President Jokowi expressed his disappointment over slow progress of Jakarta-Bandung high-speed train (HST) project due to difficulties in land acquisition. He also questioned opposition from some groups to the massive infrastructure development in the country. “Other countries reap benefits from advanced infrastructure, but we still debating the benefits of our infrastructure program,” the President said yesterday.

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2019 Election: Gatot Nurmantyo

Military commander Gatot Nurmantyo received standing ovation from leaders of Golkar Party participated in the recent national meeting after a long one-hour speech (plus the controversial reading of a poem from political marketing guy Denny JA). Some participants consider Gatot a potential president candidate even though the party has named incumbent president Joko ‘Jokowi’ Widodo.

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2019 Election: Kalla & Golkar

Vice President Jusuf Kalla is quoted by some media outlets Tuesday (May 23) that he won’t enter 2019 election either as president or vice president candidate. He supports a proposal from Aburizal Bakrie, chairman of patron board of Golkar, to start internal discussion about potential candidates, but disagree on suggestion of naming someone now.

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Indocement to Build 2 Terminals

Cement maker Indocement Tunggal Prakarsa (INTP) plans to build two new terminals located in Sumatra. Currently INTP has seven terminals; Tanjung Priok (Jakarta), Tanjung Perak (Surabaya), Sepanjang (Sidoarjo), Lembar (Lombok-West Nusa Tenggara), Palaran (Samarinda-East Kalimantan), Cigading (Banten), and Pontianak (West Kalimantan). The terminals would accelerate the distribution of cement to customers. INTP allocates Rp1.7 trillion for capital expenditure (capex) this year, funded by its internal cash. The national cement sales is expected to grow 5% this...

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Buyung Poetra Sembada, Integra Indocabinet to Launch IPO

Securities firm Bahana Sekuritas said it, as underwriter, is preparing to launch the initial public offering (IPO) for PT Buyung Poetra Sembada, rice producer with Topi Koki brand. Buyung Poetra Sembada has planned to launch IPO last year but failed. It said last year to offer 710 million shares, representing 30.08% of total issued and paid-up capital, to public at price of Rp420-500, to raising Rp298.2 billion to Rp355 billion. Meanwhile PT Integra Indocabinet, furniture producer, has also appointed Bahana Sekuritas, BCA Sekuritas, and DBS Securities as underwriters for its IPO. It schedules to conduct an expose for IPO tomorrow (May...

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