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Pertamina Financials
State-owned oil and gas company plans to issue US$5 billion bonds in the global market. This is a continuation of Pertamina’s aggressive fund-raising from offshore debt markets in recent years. Barclays, Citigroup, and The Royal Bank of Scotland are arrangers/dealers of the Global Medium Term Note Program. It is not clear what Pertamina will do with the proceeds.
,Last Updated ( Tue, 07 May 2013)
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| Garuda Indonesia Rights Issue
Initial public offering (IPO) of flag carrier Garuda Indonesia (GIAA) at Rp750 per share two years ago failed to attract investors. Underwriters (state investment banks Bahana, Danareksa, and Mandiri Sekuritas) were choked with the unsubscribed shares until Chairul Tanjung's Trans Airways 'rescued' them. Now the airline is preparing the issuance of new shares. (Sat, 27 Apr 2013)
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| Krakatau Steel: Missed Opportunities
It must be painful for those participated in the IPO of Krakatau Steel (KRAS) few years back but decided to keep the shares, expecting immediate improvement in the company's fundamentals. The company reported net loss of US$29.78 million last year against almost US$150 million profit last year. Bear in mind that 2011's profit was mostly attributable to 'gain in divestment of assets' (land). (Mon, 22 Apr 2013)
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| More Articles |
| • Consolidation of Sharia Units of State Banks | State-Owned | The House of Representatives (DPR) demands Agus Martowardojo, new governor of Bank Indonesia, to strengthen the country's sharia banking. State-owned enterprises minister Dahlan Iskan, meanwhile, mulls consolidation of sharia units of State banks. Are we going to see consolidation in the industry? | |
| • Political Interventions at Pertamina | State-Owned | "Once a former minister came here with intimidating statement. He said 'Hey, I'm a former minister. Please take a note.' Unfortunately, he forgot to say 'I've just been released from prison for graft case'," said one officer at a state-owned enterprises ministry. He just told us about how the former minister and his fellow former minister mounted pressures to resume a contract revoked by Pertamina. | |
| • IPO to Watch in 2013: Pos Indonesia | State-Owned | “Despite many forecasters heralding the digital age and sounding the death knell for postal organizations in the past decade, the postal industry is still alive and kicking,” Accenture wrote in its report titled ‘Achieving High Performance in the Postal Industry’ (2011). This might also be true in the context of state owned postal service firm PT Pos Indonesia. | |
| • Dahlan & His Recent Actions | State-Owned | Minister of state-owned enterprises (MSOEs) Dahlan Iskan was reportedly frustrated with long queue at payment gate of Jakarta toll road. He was mad at state-owned toll road operator Jasa Marga (JSMR) for poor service. He left his car and 'operated' the payment gate. He let go without pay about 30 cars. Thank God that he experienced that, just like most of us... | |
| • Consolidation of State Pharmaceuticals | State-Owned | State-owned pharmaceutical company PT Kimia Farma (KAEF) Tbk was one of the best performing stocks last year. It is also one of the best so far this year with over 32% gain. Indofarma (INAF), another state-owned pharmaceutical company, has also gained almost 200% since October 2011. Proposed merger of Kimia Farma and Indofarma contributed to the gains. | |
| • Consolidation of State Plantations | State-Owned | One businessman in plantation sector with powerful political network once said “please don’t put someone smart and brave at SOEs ministry. Else, our company will be kicked out of MSCI.” We were discussing consolidation of state plantations to match Sime Darby or Wilmar International. | |
| • State Banks & Generous Benefits | State-Owned | Moral hazard in the state banks cost the country about US$50 billion of bailout in 1998-1999. Bank Mandiri, Bank Rakyat Indonesia, and Bank Negara Indonesia (BNI) survived only with taxpayers money. We are now in a situation where workers in state banks enjoy among the highest pay in the country. | |
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