Category: Market

So, Bank Mayapada International (MAYA), co-owned by Dr Tahir, is seeking funding from shareholders to supporting its business expansion this year. The bank, which has market capitalization of Rp44.64 trillion, bigger than established banks like Permata and CIMB-Niaga, will issue 455.49 million new shares through preemptive rights scheme, representing 6.67% of its enlarged capital, targeting to raise Rp1 trillion fund.

PT MNC Vision Networks Tbk (IPTV), controlled by businessman cum politician Hary Tanoesoedibjo, has signed an agreement to acquire majority shareholding in PT Digital Vision Nusantara, operator of K-Vision, from print media giant Kompas Gramedia Group. According to the agreement, IPTV will have 60% shares in K-Vision.

Indonesia recorded trade surplus of US$200 million last month, way below prediction from some analysts. Weak price of key export commodities contributed to this. Export revenues from thermal coal, for example, fell 16.31% month-on-month, while vegetable oil (mostly palm oil) declined 11.8%.

Market participants responded positively the meeting between Jokowi and Prabowo last Saturday. Composite index of Indonesia Stock Exchange (IDX) opened higher by 0.68% to 6,417 this morning while peers were mostly in red zone. Going forward, market will respond to first half 2019 trade statistics to be released by BPS in the coming hours.

The benchmark September contracts of crude palm oil (CPO) settled at RM1944 per ton last Friday, while for most part of 2020 the contracts were traded below RM2400 per ton. Such prolonged weakness of CPO price has forced plantation companies to revise down their investments.

Global markets gained on Thursday (July 11) with U.S. equities rallying late to close at a record high and the dollar slipping for a second day. While the latest American inflation reading came in hotter than anticipated, weighed on market sentiment yesterday.

President Joko “Jokowi” Widodo immediately set fiscal incentives for airlines to lowering the domestic airfare tariff. Secretary of Coordinating Economic Affairs Ministry Susiwijono Moegiarso said recently that president had signed the revision of Government Regulation Number 69 Year 2015, which regulated import and certain transportation equipment delivery, as well as taxable services related to certain transportation equipment.

PT Waskita Toll Road (WTR), a subsidiary of state construction firm Waskita Karya (WSKT), will divest two toll road projects (Solo-Ngawi, Ngawi-Kertosono), expected to take place on August 2019. A company from Hong Kong is reported to express its interest to acquire said toll roads offered by WTR, and it could become the operator for that two toll road sections.

Did you notice that recent public disclosures from Kawasan Industri Jababeka (KIJA) are not signed by anybody in the management? Why the management actively talked about event of default for its US$300 million Notes, but the Trustee has been quiet? These are some questions raised by market participants in the past few days following ‘clash between shareholders’ in the company.

The largest integrated petrochemical company, Chandra Asri Petrochemical (TPIA), launched a 3-year bond issuance of US$52.82 million with a coupon of 9.5%, with the funds being used to finance the Company’s Methyl Tert-butyl Ether (MTBE) and Butene-1 plant growth projects.

The Indonesia Stock Exchange (IDX) has on Tuesday (July 9) summoned the management of Kawasan Industri Jababeka (KIJA) to explain a reported default risk over notes issued by Jababeka International BV, a subsidiary of the company.

A broad index of world stock markets edged higher on Wednesday (July 10) while the U.S. dollar fell as comments from Federal Reserve Chairman Jerome Powell bolstered expectations for an interest rate cut from the U.S. central bank this month, Reuters reported.