Ministry of state-owned enterprises proposed capital injection worth Rp27.5 trillion (around US$2 billion) for two strategic state companies in the 2019 State Budget. State EPC firm PT Hutama Karya, assigned to develop trans-Sumatra toll road, is proposed to get Rp12.5 trillion, while state electricity provider PT Perusahaan Listrik Negara (PLN) is set to get Rp15 trillion.
Read MoreThe country has been waiting nearly 30 years to connect its largest airport to the city center. Optimism grows this time around with significant progress of land acquisition in the past few months. The country will also see its first light-rail transit (LRT) next year, three months ahead of initial schedule. The first mass-rapid transit (LRT) will follow in 2018 after 30 years of talk.
Read MoreConcerns about capital outflow, Fed rate hike, and strengthening of USD do not stop efforts from Indonesian companies to raise funds from both equity and bonds market. PT Bintang Oto Global Tbk, PT Adhi Persada Gedung Tbk, and PT Freeport Indonesia are on their way to raise funds from equity market.
Read MorePT Evergreen Invesco Tbk (GREN) expects to raise Rp30 trillion from issuing 93.88 billion new shares, through preemptive rights scheme, representing 95.42% of its enlarged shares capital. GREN plans to use the cash raise to pay for its debts. Each shareholder with one old share, recorded at December 14, 2016, will be entitled to get 20 rights. Life insurer PT Asuransi Jiwa Bersama (AJB) Bumiputera acts as standby buyer. Current shareholders of GREN are Natural Crystal Holding Inc (53.26%), First Venture Limited (6.22%), and public investors (40.53%).
Read MoreMinistry of public works and housing has completed development planning for Probolinggo-Banyuwangi (156 KM) toll road in East Java. The project will soon entering tender process to select investors. In the meantime, construction of Holtekamp bridge in Youtefa Gulf, Jayapura, Papua, has reached 39.34%, and is set for completion in 2018.
Read MoreLast week, the Corruption Eradication Commission (KPK) examined Muhammad Nazaruddin, graft convict and the former Treasurer of the Democratic Party for three consecutive days. Nazaruddin, who’s also a suspect in a money laundering case, was examined in connection with his involvement in the abuse of the procurement of electronic identity card (e-KTP). Nazaruddin repeated every testimony he’s given before to the investigators for the past two years in hope that the KPK would finally ensnared the responsible parties, including the former Minister of Home Affairs under Susilo Bambang Yudhoyono’s administration Gamawan Fauzi. But instead of examining the names Nazaruddin mentioned, the KPK named a new suspect in the case.
Read MoreThe stock market and the rupiah extended corrections on Wednesday (Sept 14) as investors’ perception over the Fed rate policy continued to weigh on. Rupiah weakened further to Rp13,228 against the U.S. dollar yesterday while the composite index of the Indonesia Stock Exchange (IDX) dropped 1.3% to close at 5,146. Trading value for stocks yesterday reached Rp7 trillion with foreign investors’ net sell amounting Rp841 billion, cutting year-to-date net buy to Rp35.35 trillion.
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