Selected Indonesian Business News 30 May 2013

Saratoga prepares two subsidiaries to go public
The Jakarta Post-May/30/2013

PT Saratoga Investama Sedaya is preparing two of its subsidiaries to go public so that they will be able to stand on their own feet to finance their business expansion. Power company PT Medco Power Indonesia and oil refinery firm PT Tri Wahana Universal should be ready to enter the stock market within the next two to three years, Saratoga president director Sandiaga Uno said.

Pertamina finds new oil reserves in S. Kalimantan
The Jakarta Post-May/30/2013

Pertamina EP, a subsidiary of state-owned oil and gas firm PT Pertamina, announced on Wednesday that it had found new oil and gas reserves in Sungai Jaing, Tabalong regency, South Kalimantan. Pertamina EP spokesman Ruspandi said in Tanjung that the company intended to apply for a permit and principle license from the Tabalong administration. A permit and principle license must be obtained before drilling activities can start.

Freeport to restart mining activities at Grasberg open pit
The Jakarta Post-May/30/2013

PT Freeport Indonesia is set to resume its Grasberg open pit mining activities, on Thursday, amid ongoing investigations into a tunnel collapse at an underground facility in which 28 workers were killed. Freeport Indonesia president director Rozik B. Soetjipto said that the company would begin production activities at its open mine site as of Thursday although it would not be producing at its maximum capacity.

Sequislife records premium income of Rp 517 billion
Indonesia Finance Today-May/30/2013

PT Asuransi Jiwa Sequis Life (Sequislife) posted a premium income of 8.38 percent to Rp 517 billion in the first quarter of 2013 from the first quarter of 2012 amounting to Rp 477 billion. Edisjah, Director and Chief Agency Officer Sequislife, said the high premium growth was supported by increasing of public awareness on the importance of insurance.

Maipark needs capital addition of Rp 30 billion
Indonesia Finance Today-May/30/2013

PT Asuransi Maipark Indonesia requires capital addition worth of Rp 30 billion (US$ 3.05 million) to realize its plan to become reassurance company. President Director of Maipark Frans Sahusilawane said that the company will obtain the additional capital from retained profit.

Indofood’s 2013 capex touches Rp 7 trillion
Indonesia Finance Today-May/30/2013

PT Indofood Sukses Makmur Tbk has allocated Rp 7 trillion (US$ 714 million) for the company’s 2013 capital expenditure, or up nine percent from Rp 6.4 trillion in 2012. Anthoni Salim, President Director of Indofood Sukses Makmur, said that most of the capex is allotted to support the expansion of the company’s subsidiaries in the agriculture and food manufacturing segments.

Fujitsu aims for 23% business growth
Indonesia Finance Today-May/30/2013

Fujitsu Limited, Japan-based computer vendor, through PT Fujitsu Indonesia, aims business growth by 23 percent this year. The company will focus on boosting customers from telecommunication, manufacturing, financial and government sectors. President Director of Fujitsu Indonesia Achmad Sofwan said that the business growth target is in line with Indonesia’s economic growth and company’s efforts to boost its product marketing distributors.

MPM prepares Rp 220 billion for acquisition
Indonesia Finance Today-May/30/2013

PT Mitra Pinasthika Mustika Tbk set aside Rp 220 billion (US$ 22.44 million) to finance the acquisition of a rental vehicle company. Funds for the acquisition came from the initial public offering (IPO). Troy Parwata, Finance Director of Mitra Pinasthika Mustika, said the company has allocated 24 percent of the IPO proceeds to develop inorganic business. With this acquisition, Mitra Pinasthika Mustika is targeting the addition of 1,280 car rental units.

Nusa Raya Cipta to release 12.34% on IPO
Bisnis Indonesia-May/30/2013

PT Nusa Raya Cipta will release 12.34% or 360.09 million shares on initial public offering (IPO). Company’s Management led by Hadi Winarto Christianto explained Nusa Raya Cipta planned to conduct share swap with Saratoga before IPO. It was reported that Saratoga planned to acquire some Nusa Raya shares and Nusa Raya will acquire Saratoga shares by the same amount in toll road project Cikampek-Palimanan.

Astra divests 15% AUTO shares at Rp 2.8 trillion
Bisnis Indonesia-May/30/2013

PT Astra International Tbk sold 15% PT Astra Otoparts Tbk shares or equal to 754 million shares through private placement scheme at Rp 3,750 or totaling Rp 2.83 trillion. With the placement, Astra ownership in Astra Otoparts will be reduced to 61.52% from 76.52%. There wasn’t official from Astra related to this. However, Astra Otoparts Director Robby Sanny has justified the private placement.

SUGI points Rothschild to evaluate Blok Lemang
Bisnis Indonesia-May/30/2013

PT Sugih Tbk (SUGI) has pointed PT Rothschild Indonesia and DMG & Partners Securities Pte Ltd as consultant on strategic evaluation at Blok Lemang. Fachmi Zarkasi, Sugih Energy Director and Secretary, said the company is now has 49% participating interest (PI) in that block through subsidiary, Eastwin Global Investment Limited. According to Fachmi, consultant appointment is purposed to develop value-added from company and stake holders.

Cowell spends Rp 903.66 billion of rights issue proceeds
Bisnis Indonesia-May/30/2013

PT Cowell Development Tbk has used all of the proceeds from the rights issue with preemptive right as much as Rp 903.66 billion in accordance to its plan. The company spent Rp 898.5 billion to acquire the shares of PT Plaza Adika Lestari. Meanwhile, the remaining fund of Rp 5.16 billion was for land development and construction of Borneo Paradiso and Serpong Park.

Semen Baturaja targets effective statement on June 18, 2013
Bisnis Indonesia-May/30/2013

PT Semen Baturaja is targeting to receive approval for its Initial Public Offering (IPO) on June 18, 2013. Semen Baturaja Management said the IPO bookbuilding period was done starting from today until June 7, 2013, while the marketing period is planned on June 20, 21, and 24, 2013. In the corporate action, the company would divest 2.34 million shares unit of B series or 23.76% from the paid-in capital after the IPO.

CMNP to invest Rp 1.57 trillion in Pulau Balang Bridge
Bisnis Indonesia-May/30/2013

PT Citra Marga Nusaphala Persada Tbk is interested to invest in Pulau Balang Bridge amounting Rp 1.57 trillion which connect Balikpapan with Penajam Paser Utara district, East Kalimantan. Company’s President Director said the company is exploring the possibility to build 1,314 meter bridge with the local government to connect two regions in East Kalimantan

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