Author: yosefardi.com

Close-Up: M Hatta Radjasa

President Susilo Bambang Yudhoyono is expected to replace M. Hatta Radjasa as the minister for transportation. But that’s not the end for Hatta because he’s been tipped to replace Sofyan Djalil as the minister for communication and information or moving back to his previous job as minister for research and technology replacing Kusmayanto Kardiman. Who is Hatta Radjasa? Business interests? Born in Palembang, December 18, 1953, Hatta graduated as petroleum engineer from the prestigious Bandung Institute of Technology (ITB). He established PT Arthindo Utama, an oil and gas services company with clients like Pertamina, MNCs, and became the CEO until 2000. Upon the request of then PAN leader Amien Rais, president Megawati Soekarnoputri appointed Hatta as the minister for research and technology in 2001 until 2004 before President SBY elected him as minister for transportation affairs. Series of fatal accidents in the transportation sector that killed thousands of people in the last few years put Hatta under heavy public pressure to resign. But he rejected to bow to pressures. Strong support from party leaders secured his position. That’s why president SBY might make compromise decision; moving Mr Hatta to other post in the cabinet. Rumors said he would replace Sofyan Djalil as the minister for communication and information or moving back to his previous job as minister for research and technology replacing Kusmayanto Kardiman. Several names have been tipped...

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Close-Up: Sofyan Djalil

Sofyan A. Djalil, the minister for communication and information, has been tipped to replace Sugiharto as the minister for State-Owned Enterprises (SOEs) besides other names like Kemal Stamboel (chairman of expert council at Prosperous Justice Party/PKS), Agus Martowardojo (CEO of Bank Mandiri), Arwin Rasyid (former CEO of Telkom). President Susilo Bambang Yudhoyono summoned Sofyan to the State Palace yesterday that sparked further speculation of his new job and movements to keep Sugiharto, especially by politicians from Islamic parties like PPP, PKS, and PKB. These politicians ‘politely’ argued that Sofyan is fit for the current job and having him as the SOE minister might risks opposition from parliament. Who is Mr Sofyan Djalil anyway?

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Who controls Bank Century?

PT Bank Century Tbk is launching the fifth rights issue in the last eight years with expected proceeds of Rp884 billion (including warrants) to finance expansion and IT investment. Who actually controls the bank? Bank Century reported total asset Rp14.547 trillion as of Dec 31, 2006 with net profit of Rp35.59 billion. The bank emerged as mid-size bank comparable to Wings Group’s Bank Ekonomi following the merger of three banks (CIC, Danpac, and Pikko) few years ago. The bank is currently owned by First Gulf Asia Holdings Limited (previously Chinkara Capital Limited) through various accounts. First Gulf owns 11.5% plus its shares put in custodian banks (Standard Chartered Bank, Hong Kong) at 12.14%, followed by Morgan Stanley Co (on behalf of investors) at 7.45%, PT Antaboga Delta Sekuritas (6.89%), Clearstream Banking SA, Luxembourg (5.62%), and others (56.4%). Who are the ultimate shareholders? Unfortunately, both the bank’s rights issue prospectus and its financial statement published late last month didn’t disclose the ultimate shareholders as obliged by Central Bank (Bank Indonesia). So, who actually control the bank? What kind of shareholding structure will be after the fifth rights issue? Who will be the ultimate shareholders of the bank after the rights issue? These questions are of the most important because we have too many scandals in the past regarding banks’ right issues. The closure of Bank Global after series of rights issue...

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Multicor goes public

Small bank PT Bank Multicor Tbk controlled by Mr Suganda Setiadi Kurnia kicks off initial public offering (IPO) of 300 million new shares (represent 17.35% of the bank’s paid capital after IPO) at nominal value of Rp100 today. The proceeds will be used to expand loans, network, and IT investment. According to the bank’s prospectus published today, Multicor expects to list the shares at JSX by June 29. The bank is currently controlled by Mr Suganda Setiadi Kurnia (40%), Mr Syamsuar Halim (32.85%), Mr Johnny Wiraatmadja (20%), and PT BCA Finance (7.15%). The bank’s total asset as of Dec 31, 2006 was Rp1.02 trillion, grew almost 100% from 2004. But the bank’s profitability declined significantly in the period. PT Sucorinvest, PT Danpa Securities, and PT Transpacific Securindo are the underwritters for the IPO. Mr Suganda is also the owner of PT Transpacific...

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Cabinet reshuffle updates

It’s not just companies that regularly do the ‘window dressing’. Cabinet members are busy making statements about their performance ahead of reshuffle plan to be announced immediately. One minister placed 8-pages sponsored article, while others orchestrated events to attract the president’s attention and horse tradings with politicians. The president has ordered all ministers to stay in town in the next few days, a clear sign that the reshuffle will be announced as planned.

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Djava Energy & the making of an giant

In less than eight years, Djava Energy has emerged as one of the biggest player in the Indonesia’s oil and gas business. Petromine Energy Trading, one of its subsidiaries, booked revenue above US$120 million last year from oil trading alone, a growth more than 100% from 2005. Liberalization of downstream oil and gas market has also placed the company as an important player thanks to its relationship with Petronas. Who are the people behind it?

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‘Thank-You Money’ from Singapore’s sands importers

Economist M Fadhil Hasan, former special staff of Rokhmin Daruri (former minister for fishery and marine resources under Megawati administration), told a court hearing here yesterday that sand importers in Singapore gave US$400,000 of ‘thank-you money’ to minister Rokhmin (a suspect in corruption case) in February 14, 2003. A Valentine gift?

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Performance of APP units (Indah Kiat & Tjiwi Kimia)

Two major subsidiaries of Asia Pulp & Paper—PT Indah Kiat Pulp & Paper (INKP) Tbk and PT Pabrik Kertas Tjiwi Kimia (TKIM) Tbk—reported healthy sales growth last year but booked combined net losses of US$248 million. Indah Kiat’s Performance (US$ million) 2006 2005 Net Sales 1,584 1,414 Gross Profit 289 210 Operating Profit 107 29.46 Net Profit (Loss) (185) 8.03 Tjiwi Kimia’s Performance (US$ million) 2006 2005 Net Sales 956 926 Gross profit 124 163 Operating profit 14.5 57.66 Net profit (loss) (63.3)...

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Oil Deficit Widens

Once Asia’s largest oil exporter, Indonesia has increasingly became an oil importing economy with widening deficits. In the first quarter 2007, according to my calculation on the latest statistic released by Central Bureau of Statistics (BPS), Indonesia recorded net oil deficit of US$1.458 billion, grew 46% from US$995 million in Q1 2006. Increasing domestic demand for fuels (refined oil) contributed to the growing gap. Import of refined oil products grew 20.76% in Q1 2007, reflecting a recovery of domestic fuel consumption following the huge price adjustment in October 2005. At the same time, Indonesia’s surplus from crude oil trading declined steadily from US$345 million in Q1 2006 toUS$291 million in Q1 2007. The country is clearly struggling to boost oil production, especially more aggressive investment in exploration activities, because there is natural tendency for old wells to have declining output. More serious problem is in the refining business because none of the announced projects that really materialized. Recovery of automotive sales this year, following the decreasing interest rate, would push fuel consumption even higher while government’s effort to reduce oil consumption in power generating sector is still long way to go. Other than oil, other commodities were doing great, especially minerals and agriculture products. Overall, Indonesia reported 15% export growth to a new record of US$25.85 billion in Q1 2007, thanks to higher commodity prices. Coal export, for example,...

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Trakindo to issue bonds

Giant heavy equipment supplier PT Trakindo Utama engaged with Sumbawa Besar Regency in the acquisition of 3% shares of copper and gold mining company PT Newmont Nusa Tenggara. In the meantime, is preparing bond issuance–nothing to do with the acquisition plan, people close to the deal said. According to people close to the group, Trakindo has appointed UBS to prepare the bond issuance at the size of US$200 million to US$300 million. “Mainly to finance the group’s expansion,” an investment banker said. Like other mining contractors in the country, PT Trakindo Utama enjoys the boom and so the family who own it, Hamami Family led by AHK Hamami (popular as Met Hamami) and his sons Muki & Bari Hamami. Checkout their profiles at www.trakindo.co.id. Nine years ago, Trakindo Utama sealed a US$171 million debt restructuring deal with 32 banks. Trakindo, the local distributor of Caterpillar Inc, secured the clearance from banks to roll over...

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