Author: yosefardi.com

Sarimelati Sets IPO Price at Rp1,100-1,350

PT Sarimelati Kencana, operator of Pizza Hut in Indonesia, has set its IPO prices at Rp1,100 to Rp1,350 per share, to raise total proceeds of Rp664.8 billion to Rp815.89 billion. It will issue 604.37 million shares through initial public offering (IPO), representing 20% of its total issued and paid-up capital. The book building starts on Monday (Apr 23) and will last until May 3, 2018. The offering is scheduled for May 17-18, 2018 and listing on the Indonesia Stock Exchange (IDX) is set for May 23, 2018. Sarimelati will use 65% of the IPO proceeds for capital expenditure (capex). While 35% of the IPO proceeds will be used for paying...

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Astra Agro Posts 55% Profit Drop in Q1

Plantation firm Astra Agro Lestari (AALI) booked net profit of Rp355.46 billion in the first quarter (Q1) ended March 31, 2018, dropped 55% from Rp790.45 billion profit in Q1 last year. Revenue declined 0.98% to Rp4.45 trillion while cost of revenues rose 19.7% to Rp3.7 trillion. It cash generated from operation fell 15.8% to Rp681...

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WB Shareholders Inject $13 Billion Additional Capital

The World Bank Group’s (WB) shareholders approved an additional US$13 billion paid-in capital increase, which is regarded as a “historic” increase in the bank’s lending capacity, which can also strengthen the lender’s ability to scale up resources and accelerate its poverty eradication missions. WB noted that the capital injection package, which is expected to be formalized at the annual meetings in Bali in October, will bring annual Bank lending capacity to US$100 billion between fiscal year 2019-2030. This contrasts with approximately US$59 billion in lending in...

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Omar S. Anwar Leads Aberdeen Business in Indonesia

A global asset manager Aberdeen Standard Investments (ASI) has named Omar S. Anwar as Country Head and Head of Distribution for Indonesia. The man with over 30 years’ track record of leadership in Indonesia’s financial services industry was also appointed as the President Director of PT Aberdeen Asset Management, a local subsidiary of global asset management Aberdeen Asset Management Asia. Omar’s most recent position was the executive chairman at Nomura Securities Indonesia, where he oversaw the brokerage’s investment banking and capital markets...

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Aberdeen Invests 47.1% in Indonesian Consumers Assets

Aberdeen Indonesia Fund, Inc., a closed-end equity fund, invested 47.1% of its total portfolio assets in consumers segment in Indonesia as of March 31, 2018. On March 31, 2018, the Fund’s net assets amounted to US$73.3 million and the Fund’s NAV per share was $7.91. Aberdeen Indonesia invested 26.6% of net assets in consumer staples and 20.5% in consumer discretionary. It also invested 19.8% of net assets in financials, telecommunication 10.7%, materials 7.5%, energy 5.2%, health care 4.4%, industrials 3.7%, and cash 1.6%. The Fund’s ten largest equity holdings as of March 31, 2018, representing 60.8% of net assets, were Bank Central Asia 12.6%, Telekomunikasi Indonesia 7.8%, Indocement 5.5%, Unilever Indonesia 5.2%, HM Sampoerna 4.3%, Mandom Indonesia 3.7%, ACE Hardware 3.5%, and Bank Permata...

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The 2019 Race: Jokowi and Sembako

President Joko “Jokowi” Widodo’s critics have been targeting the President’s sembako distribution routine. Not long ago, Jokowi’s sembako coupon became an issue because the President made local police stations the collection point for the distributed sembako packages. And now, Jokowi’s critics take aim at the President’s sembako procurement budget. 

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Policy Issues to Watch

The Government provides no tax holiday facility to the upstream oil and gas as the sector has its own tax scheme. The Government has two schemes for covering costs issued by the Upstream Oil and Gas Special Task Force (SKKMigas): cost recovery and gross split.

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More on the Jakarta Bay Reclamation Disputes

As we all know, the buyers of the properties built by PT Kapuk Naga Indah (a subsidiary of Agung Sedayu Group), and PT Muara Wisesa Samudera, the subsidiary of PT Agung Podomoro Land Tbk (APLN), have been seeking for justice with regards to the uncertain fate of their purchased property in the Jakarta Bay reclamation islands. Recently, the Coalition to Save the Bay of Jakarta (Koalisi Selamatkan Teluk Jakarta, KSTJ) adds more to the drama by filing a lawsuit related to the case, but their target is the government.

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More from the Bank Century Case

On April 9, 2018, the South Jakarta District Court read a surprising verdict in response to a pre-trial lawsuit filed by Masyarakat Anti Korupsi Indonesia (MAKI) lead by one Boyamin Saiman. MAKI demanded the court to force the Corruption Eradication Commission (KPK) to continue their investigation into the the Bank Century bailout case and that’s exactly what they get. On top of that, the sole presiding judge Judge Effendi Mukhtar ordered the KPK to name new suspects in the case. This is an unusual verdict in a pre-trial proceeding. Earlier this week, however, the Supreme Court published the minutes of the Supreme Court Leader’s Meeting, in which it is noted that Judge Effendi Mukhtar has been transferred to the Jambi District Court, which have a lower classification if compared to the South Jakarta District Court.

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Those Continue to Expand

SGX-listed company Clearbridge Health Limited has completed acquisition of PT Tirta Medika Jaya, a company providing renal care services in Indonesia. Through joint operation agreements with hospitals, PT Tirta Medika operates renal dialysis facilities co-located with the partnerhing hospitals.

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