Government planned to instruct BNI or BRI to acquire BTN.
State Minister for State Enterprises Sofyan A. Djalil inserted the State Ministry for State Enterprises was preparing a plan for BNI or BRI to Acquire BTN. As a result, BTN's plan to conduct IPO next year might be cancelled.
President Director of BNI Sigit Pramono disclosed the acquisition would be left to the shareholder, in this case the government, to decide. "BNI will be ready to acquire BTN because we once submitted our detailed plan on the acquisition two years ago."
He reminded the government's well-intentioned plan should not be ruined by emotional and short term interest-laden polemic.
Meanwhile, BRI still has IDR400 billion funds to expand business. BRI previously allocated IDR1 trillion to make acquisition and expand business.
Sunday, September 30, 2007
Gov't Confused to Determine Consolidating Bank
The government seems to be confused to determine the consolidating bank in the implementation of the central bank's (BI) single presence policy. The government is in the dilemma to choose between PT Bank Mandiri Tbk and PT Bank Negara Indonesia (BNI) Tbk.
"Actually, it is Bank Mandiri that can better serve as the consolidator, but BNI has a long history. We will ask for dispensation regarding Bank Mandiri and BNI, while retaining BRI," revealed State Minister for State Enterprises Sofyan A. Djalil in Jakarta last week.
He explained the deadline for the implementation of the single presence policy would come to an end soon, so that BI and the State Ministry for State Enterprises-the latter of which is the shareholder of five state banks, namely Mandiri, BNI, BRI, BTN, and Bank Ekspor Indonesia (BEI)-needed to discuss the issue soon.
The determination of the consolidating bank, also termed anchor or holding bank, might spark another problem as the three banks (Mandiri, BNI, and BRI) had been equally vital in the national banking industry.
BNI has a long history and once the largest bank in Indonesia before being replaced by Mandiri, which is the result of a merger of four banks. In the meantime, BRI has been strong as a business entity and has become the world's benchmark for micro-financing.
BI gives deadline until the yearend to the shareholders owning stakes in more than one bank to submit their business plans. The single presence policy will be brought into effect in 2010, but will not apply to foreign and composite banks.
"Actually, it is Bank Mandiri that can better serve as the consolidator, but BNI has a long history. We will ask for dispensation regarding Bank Mandiri and BNI, while retaining BRI," revealed State Minister for State Enterprises Sofyan A. Djalil in Jakarta last week.
He explained the deadline for the implementation of the single presence policy would come to an end soon, so that BI and the State Ministry for State Enterprises-the latter of which is the shareholder of five state banks, namely Mandiri, BNI, BRI, BTN, and Bank Ekspor Indonesia (BEI)-needed to discuss the issue soon.
The determination of the consolidating bank, also termed anchor or holding bank, might spark another problem as the three banks (Mandiri, BNI, and BRI) had been equally vital in the national banking industry.
BNI has a long history and once the largest bank in Indonesia before being replaced by Mandiri, which is the result of a merger of four banks. In the meantime, BRI has been strong as a business entity and has become the world's benchmark for micro-financing.
BI gives deadline until the yearend to the shareholders owning stakes in more than one bank to submit their business plans. The single presence policy will be brought into effect in 2010, but will not apply to foreign and composite banks.
Tuban Petro Gets Some Loans from Sumitomo
PT Tuban Petrochemical Industries (Tuban Petro) has secured US$250 million loan commitment from Sumitomo Mitsui Banking Corporation (SMBC) and Vittol of Singapore.
The President Director of the State Assets Management Corporation (PPA) Muhammad Syahrial said Vittol will provide US$150 million and SMBC will provide US$100 million.
"If they can conclude the negotiation soon, the loan agreement will be signed soon as well," he said to me last week.
Tuban Petro's Commissioner Amir Sambodo confirmed the company assigned SMBC to arrange some loan for the company. "We are still negotiating on this. We hope to conclude the scheme soon."
He said the loan from Vittol will be repaid with Tuban Petro's products. "Vitoll's financing will be off-taker with Tuban Petro's products like paraxelene and toluene." He said with such scheme Vittol also has secured the supply of some product.
He said Tuban is waiting for SMBC's offering on the repayment price. "This is working capital loan of one year. We are waiting for SMBC's offering. They have the mandate to get the loan."
He added United Overseas Bank of Singapore also will take part in getting financing for Tuban Petro. He added that the financing commitment for Tuban Petro can reach US$350 million.
Initially PPA looked for US$400 million of working capital loan for upstream petrochemical industry in Tuban of East Java. In this regard, PPA negotiated with BNP Paribas and UOB of Singapore, but BNP Paribas cancelled the plan to provide the loan.
PPA has assigned PT Beburinas Nusantara to become assessment consultant for Tuban Metro. The project's assessment should have been ready this year. Tuban Petro has 59.5% shares at Trans Pacific Petrochemical Indotama (TPPI) and 80% shares at Polytama Propindo. Apart from PPA, the shareholders are Itochu Corporation (4.25%), Tuban Petrochemicals Pte Ltd (unit of Siam Cement PCL, 17%), Sojitz Corporation (4.25%) and Pertamina (15%).
PPA has stocks and credit assets at Tuban Petro in Multi Years Bonds of IDR3.266 trillion and Mandatory Convertible Bond (MCB) of IDR4.167 trillion following the restructuring of Tirtamas Majutama.
The MCB reflects the ownership of 21%-25% at TPPI. TPPI produces aromatics like paraxylene, benzene, toluene, orthoxylene as much as 1,065,000 tons per annum. TPPI also produce combustion oil as much as 1,624,000 tons per annum and light naphtha of 1.06 million tons per annum.
Tuban Petro also has planned to increase the capacity of paraxylene facility using bottlenecking model. In this way, the production capacity will increase to 800,000 tons from 500,000 tons per annum at present.
The President Director of the State Assets Management Corporation (PPA) Muhammad Syahrial said Vittol will provide US$150 million and SMBC will provide US$100 million.
"If they can conclude the negotiation soon, the loan agreement will be signed soon as well," he said to me last week.
Tuban Petro's Commissioner Amir Sambodo confirmed the company assigned SMBC to arrange some loan for the company. "We are still negotiating on this. We hope to conclude the scheme soon."
He said the loan from Vittol will be repaid with Tuban Petro's products. "Vitoll's financing will be off-taker with Tuban Petro's products like paraxelene and toluene." He said with such scheme Vittol also has secured the supply of some product.
He said Tuban is waiting for SMBC's offering on the repayment price. "This is working capital loan of one year. We are waiting for SMBC's offering. They have the mandate to get the loan."
He added United Overseas Bank of Singapore also will take part in getting financing for Tuban Petro. He added that the financing commitment for Tuban Petro can reach US$350 million.
Initially PPA looked for US$400 million of working capital loan for upstream petrochemical industry in Tuban of East Java. In this regard, PPA negotiated with BNP Paribas and UOB of Singapore, but BNP Paribas cancelled the plan to provide the loan.
PPA has assigned PT Beburinas Nusantara to become assessment consultant for Tuban Metro. The project's assessment should have been ready this year. Tuban Petro has 59.5% shares at Trans Pacific Petrochemical Indotama (TPPI) and 80% shares at Polytama Propindo. Apart from PPA, the shareholders are Itochu Corporation (4.25%), Tuban Petrochemicals Pte Ltd (unit of Siam Cement PCL, 17%), Sojitz Corporation (4.25%) and Pertamina (15%).
PPA has stocks and credit assets at Tuban Petro in Multi Years Bonds of IDR3.266 trillion and Mandatory Convertible Bond (MCB) of IDR4.167 trillion following the restructuring of Tirtamas Majutama.
The MCB reflects the ownership of 21%-25% at TPPI. TPPI produces aromatics like paraxylene, benzene, toluene, orthoxylene as much as 1,065,000 tons per annum. TPPI also produce combustion oil as much as 1,624,000 tons per annum and light naphtha of 1.06 million tons per annum.
Tuban Petro also has planned to increase the capacity of paraxylene facility using bottlenecking model. In this way, the production capacity will increase to 800,000 tons from 500,000 tons per annum at present.
Tuesday, September 25, 2007
Bakrie Negosiate Daewoo to Finance US$550 Million's
PT Bakrie & Brothers Tbk is going to negotiate vendor financing worth US$550 million with Daewoo to develop Kalimantan-Java pipeline networks.
The company also prepares an option to issue yankee bonds worth US$550 million if the negotiation fails.
Financial Director of Bakrie & Brothers Yuanita Rohali revealed the loan value was worth 435,000 tons of steel needed to realized the pipeline networks
"We are waiting for offer from our partner, Daewoo. The financing will be customized with our cash flow for the project, which will start flowing in 2011," Yuanita said last weekend.
It meant, added Yuanita, the financing was expected to have at least a five-year tenure.
In July 2006, the Oil and Gas Downstream Regulatory Agency (BPH Migas) established Bakrie & Brothers as the winner, beating PGN and PT Barata Indonesia, of the special tender for the US$1.2 billion's worth East Kalimantan-Central Java gas pipeline.
The company also prepares an option to issue yankee bonds worth US$550 million if the negotiation fails.
Financial Director of Bakrie & Brothers Yuanita Rohali revealed the loan value was worth 435,000 tons of steel needed to realized the pipeline networks
"We are waiting for offer from our partner, Daewoo. The financing will be customized with our cash flow for the project, which will start flowing in 2011," Yuanita said last weekend.
It meant, added Yuanita, the financing was expected to have at least a five-year tenure.
In July 2006, the Oil and Gas Downstream Regulatory Agency (BPH Migas) established Bakrie & Brothers as the winner, beating PGN and PT Barata Indonesia, of the special tender for the US$1.2 billion's worth East Kalimantan-Central Java gas pipeline.
Saturday, September 22, 2007
Barito Acquires Chandra Asri through Shares Swap
Publicly listed PT Barito Pacific Tbk plans to boost its equity contribution to IDR30 trillion-IDR50 trillion from IDR10 trillion to acquire PT Chandra Asri Petrochemical Center (CAPC).
Prajogo Pangestu, a tycoon who is also co-owner of Barito, revealed the increase in equity would be realized after the plan was approved by the Extraordinary Shareholders General Meeting scheduled to take place on October 26, 2007. The company will also ask for approval from the meeting to its plan acquiring Chandra Asri.
Prajogo claimed he only controlled a 14.7% stake in Chandra Asri through PT Inter Petrindo Inti Citra (IPIC).
Other shareholders of Chandra Asri are Glazers & Putnam Invest (25.86%) and Commerzbank International Trust (24.59%). Commerzbank acquired a stake in Chandra Asri from Marubeni two years ago.
In the meantime, Barito's shareholders as to March 2007 were Singapore's Commerzbank (SEA) Ltd (21%), Whistler Petrochemical Corporation (12.69%), PT Barito Pacific Lumber (9.77%), PT Tunggal Setia Pratama (9.4%), Prajogo Pangestu (0.77%), PT Multilestari Kencana (0.62%), and others to the total 45.61%.
Prajogo Pangestu, a tycoon who is also co-owner of Barito, revealed the increase in equity would be realized after the plan was approved by the Extraordinary Shareholders General Meeting scheduled to take place on October 26, 2007. The company will also ask for approval from the meeting to its plan acquiring Chandra Asri.
Prajogo claimed he only controlled a 14.7% stake in Chandra Asri through PT Inter Petrindo Inti Citra (IPIC).
Other shareholders of Chandra Asri are Glazers & Putnam Invest (25.86%) and Commerzbank International Trust (24.59%). Commerzbank acquired a stake in Chandra Asri from Marubeni two years ago.
In the meantime, Barito's shareholders as to March 2007 were Singapore's Commerzbank (SEA) Ltd (21%), Whistler Petrochemical Corporation (12.69%), PT Barito Pacific Lumber (9.77%), PT Tunggal Setia Pratama (9.4%), Prajogo Pangestu (0.77%), PT Multilestari Kencana (0.62%), and others to the total 45.61%.
Odickson Disburses IDR871 Billion to Bakrie
PT Bakrie & Brothers Tbk just got bridging loan of IDR871 billion from Odickson Finance in two months tenor. The company will use the money to finance rights issue of PT Bakrie Sumatera Plantations Tbk.
Bakrie & Brothers's Finance Director Yuanita Rohali said they agree with the interest rate of 8% per annum.
"We have signed credit agreement with Odickson Finance," she said to me yesterday.
She said after two months the company will use hybrid financing and internal cash to finance BSP's rights issue. "This is bridging loan, so the tenor is short term."
Odickson Finance is financial institution of British Virgin Island, a tax haven country.
Hybrid financing is the effort to get international financing through some instruments like bonds and loan altogether, using assets as collateral. Usually the interest rate is higher than the market rate.
Bakrie & Brothers's Finance Director Yuanita Rohali said they agree with the interest rate of 8% per annum.
"We have signed credit agreement with Odickson Finance," she said to me yesterday.
She said after two months the company will use hybrid financing and internal cash to finance BSP's rights issue. "This is bridging loan, so the tenor is short term."
Odickson Finance is financial institution of British Virgin Island, a tax haven country.
Hybrid financing is the effort to get international financing through some instruments like bonds and loan altogether, using assets as collateral. Usually the interest rate is higher than the market rate.
Thursday, September 20, 2007
Astra Take Over Bayan
PT Astra International Tbk has planned to conclude due diligence process on Bayan Group in two months. The automotive company is now processing external financing for the acquisition.
Astra has planned to acquire coal mining unit of Bayan Group controlled by Dato Low Tuck Kwong, a Singapore businessman who has become Indonesian citizen.
Bayan Group has Ask Astra to pay US$1.6 billion - US$1.8 billion for the unit including its coal terminal in Kalimantan. The acquisition is part of Astra's expansion to coal mining after acquiring 99% shares of PT Dasa Eka Jasatama on April 30 2007 through PT Pamapersada Nusantara, the unit of PT United Tractors Tbk.
PT Pamapersada is preparing US$300 million financing to support the expansion.
Astra has planned to acquire coal mining unit of Bayan Group controlled by Dato Low Tuck Kwong, a Singapore businessman who has become Indonesian citizen.
Bayan Group has Ask Astra to pay US$1.6 billion - US$1.8 billion for the unit including its coal terminal in Kalimantan. The acquisition is part of Astra's expansion to coal mining after acquiring 99% shares of PT Dasa Eka Jasatama on April 30 2007 through PT Pamapersada Nusantara, the unit of PT United Tractors Tbk.
PT Pamapersada is preparing US$300 million financing to support the expansion.
Wednesday, September 19, 2007
Reviews Addi Karya Ownerships in Jakarta Monorail
The SOE Ministry has reconsidered the involvement of PT Adhi Karya at PT Jakarta Monorail with ownership of 7,63% to rescue the company's investment.
With capital injection US$25 million from Adhi Karya, the company's ownership at the project has increased from 7.63% to 18.42%.
As PT Indonesia Transit Central did not take its right, the Adhi Karya's ownership pas increased to 21.83%.
With capital injection US$25 million from Adhi Karya, the company's ownership at the project has increased from 7.63% to 18.42%.
As PT Indonesia Transit Central did not take its right, the Adhi Karya's ownership pas increased to 21.83%.
Bakrie Consortium to Invest IDR3.2 Trillion in Cimanggis Toll Road
PT Bakrie & Brothers Tbk, through the consortium of Plus-Bakrie-Global, plans to invest IDR3.2 trillion to develop Cimanggis-Cibitung Toll Road. In this regard the consortium has prepared banking loan, project financing and bonds issuance.
Bakrie & Brothers and PLUS of Malaysia's Khazanah and Global Financindo (Capitalinc) has won the tender against Thiess-Waskita consortium.
Bakrie brokers has 15% shares in the company, Plus has 60% and Global has the rest stakes.
Cimanggis-Cibitung is part of Jakarta Outer Ring Road (JORR) under batch II of toll road development program. The toll road will connect Jagorawi and Cikampek toll road as long as 25.358 km.
Bakrie & Brothers and PLUS of Malaysia's Khazanah and Global Financindo (Capitalinc) has won the tender against Thiess-Waskita consortium.
Bakrie brokers has 15% shares in the company, Plus has 60% and Global has the rest stakes.
Cimanggis-Cibitung is part of Jakarta Outer Ring Road (JORR) under batch II of toll road development program. The toll road will connect Jagorawi and Cikampek toll road as long as 25.358 km.
Friday, September 14, 2007
Investors to File Proposal Today
PT Medco Energi Internasional Tbk of Panigoro Family has offered 52% shares of PT Apexindo Pratama Tbk to 20-30 domestic and offshore investors.
Among the companies getting the offer are Texas Pacific Group (TPG), 3I Group, Ashmore, Recapital, and some offshore investors including the ones from the Middle East. Credit Suisse has become Medco's financial advisor.
Medco, will sell Apexindo at IDR2,400 per shares, a premium from IDR2,125 yesterday and IDR2,050 two days ago.
The other 32% shares of Apexindo belong to Seadrill Ltd, a company controlled by Norwegian conglomerate John Fredriksen.
Among the companies getting the offer are Texas Pacific Group (TPG), 3I Group, Ashmore, Recapital, and some offshore investors including the ones from the Middle East. Credit Suisse has become Medco's financial advisor.
Medco, will sell Apexindo at IDR2,400 per shares, a premium from IDR2,125 yesterday and IDR2,050 two days ago.
The other 32% shares of Apexindo belong to Seadrill Ltd, a company controlled by Norwegian conglomerate John Fredriksen.
Tuesday, September 11, 2007
Bentoel to Issue IDR1.35 Trillion Bonds
PT Bentoel Internasional Investama Tbk has planned to issue IDR1.35 trillion bonds to finance expansion plan and to refinance some debts.
The cigarette company has assigned PT Standard Chartered Securities, PT CIMB GK Securities Indonesia, PT DBS Securities Indonesia and PT Mandiri Sekuritas as the underwriters.
An executive getting involved in the transaction said the tenor will be five years.
"The total bonds will be IDR1.35 trillion. It will be for expansion and for debt refinancing. We may issue the bonds in the fourth quarter of the year or early next year," he told Bisnis Indonesia yesterday.
He said that in determining the schedule the company will consider market condition.
"If the market is in fluctuating we will postpone the bonds issuance to the right time."
Bentoel Internasional has projected that the sales of machinery rolled cigarette will grow substantially this year. The segment of white cigarette should grow by 75% and the segment of hand-rolled cigarette should grow by 30%-40%.
The company has allocated the capital expenditure of IDR350 billion to finance the expansion plan including to buy machineries.
The cigarette company has assigned PT Standard Chartered Securities, PT CIMB GK Securities Indonesia, PT DBS Securities Indonesia and PT Mandiri Sekuritas as the underwriters.
An executive getting involved in the transaction said the tenor will be five years.
"The total bonds will be IDR1.35 trillion. It will be for expansion and for debt refinancing. We may issue the bonds in the fourth quarter of the year or early next year," he told Bisnis Indonesia yesterday.
He said that in determining the schedule the company will consider market condition.
"If the market is in fluctuating we will postpone the bonds issuance to the right time."
Bentoel Internasional has projected that the sales of machinery rolled cigarette will grow substantially this year. The segment of white cigarette should grow by 75% and the segment of hand-rolled cigarette should grow by 30%-40%.
The company has allocated the capital expenditure of IDR350 billion to finance the expansion plan including to buy machineries.
Thursday, September 6, 2007
PTBA & PT KA Agrees to Coal Railways Project worth IDR3.5 Trillion
PT Tambang Batubara Bukit Asam Tbk (PTBA) and the State Railways Enterprise (PT KA) agree to the proposal on the development of coal railways project worth IDR3.5 trillion in South Sumatra.
The construction of the coal railways project aims to boost the coal carrying capacity from Tanjung Enim to Tarahan (Lampung) and from Tanjung Enim to Kertapati (South Sumatra) and to cut the distance from 416 kilometers to 316 kilometers. PT KA will start seeking funds by issuing bonds worth at least IDR500 billion next year.
The increase in PTBA's sales volume will depend on the increase in railways carrying capacity. In 2007, the carrying capacity is targeted at 9 million tons, up by 9% from 8.3 million tons in 2006.
PT KA also plans to improve and buy some facilities and infrastructures, such as replacing some train coach spareparts and repairing 30 km long railways track.
To meet the target to have the carrying capacity of 11.3 million tons in 2008, around nine locomotives and 50 coal train coaches are needed. In the meantime, it takes 10 additional locomotives and 200 train coaches to boost carrying capacity optimally.
The construction of the coal railways project aims to boost the coal carrying capacity from Tanjung Enim to Tarahan (Lampung) and from Tanjung Enim to Kertapati (South Sumatra) and to cut the distance from 416 kilometers to 316 kilometers. PT KA will start seeking funds by issuing bonds worth at least IDR500 billion next year.
The increase in PTBA's sales volume will depend on the increase in railways carrying capacity. In 2007, the carrying capacity is targeted at 9 million tons, up by 9% from 8.3 million tons in 2006.
PT KA also plans to improve and buy some facilities and infrastructures, such as replacing some train coach spareparts and repairing 30 km long railways track.
To meet the target to have the carrying capacity of 11.3 million tons in 2008, around nine locomotives and 50 coal train coaches are needed. In the meantime, it takes 10 additional locomotives and 200 train coaches to boost carrying capacity optimally.
Tuesday, September 4, 2007
Bank Mandiri to Issue US$300 Million Bonds
PT Bank Mandiri Tbk invited more than 10 foreign investment banks to submit proposals to underwrite the issuance of US$300 million senior bonds.
The bank has planned to use the money to strengthen the balance sheet. Bank Mandiri will issue the senior bonds in October-November with the tenor of three years.
In April 2003 the bank issued medium term notes of US$300 million and the MTNs were listed at Singapore Stock Exchange. Initially, the MTN should be the part of US$1 billion bonds, but the bank cancelled the plan to issue such total bonds. Bank Mandiri has MTN of US$295.69 million to mature next year.
The bank has planned to use the money to strengthen the balance sheet. Bank Mandiri will issue the senior bonds in October-November with the tenor of three years.
In April 2003 the bank issued medium term notes of US$300 million and the MTNs were listed at Singapore Stock Exchange. Initially, the MTN should be the part of US$1 billion bonds, but the bank cancelled the plan to issue such total bonds. Bank Mandiri has MTN of US$295.69 million to mature next year.
BCA Gets US$800 Million in Loan Commitment
PT Bank Central Asia (BCA) Tbk gets US$700 million-US$800 million in loan commitment from the International Finance Corporation (IFC) and Japan Bank for International Cooperation (JBIC).
IFC is committed to provide a US$400 million-US$500 million loan, while JBIC is committed to provide a US$300 million loan.
Vice President Director of BCA Jahja Setiaatmadja revealed the Central Bank (BI) had given its approval to the bank to use the funds to finance loan allocation.
"We will hold a board of directors meeting to decide what we will do with the funds. To be sure, BI has just given approval to BCA to use the funds provided by IFC and JBIC," he informed me lasst week.
He explained IFC gave three years to disburse the loans, while JBCI gave four years. "The credit terms are long. To be sure, BCA is given three and four years to disburse loans from IFC and JBIC, respectively."
Jahja said the projects to be financed by JBIC and IFC loans should match requirements made by the two financial institutions.
He inserted BCA would reap up margin from loans that the bank lent to its debtors. "For example, we provide loans for power plant projects. Certainly, BCA will get interest margin from the loans."
However, Jahja admitted he had yet been able to reveal the interest rates of the loans offered by the two financial institutions. According to him, the loans could be used to finance long-term infrastructure projects.
BCA also plans to reduce its fund placement in the central bank promissory notes (SBI to enlarge its lending rate this year to IDR85 trillion. Until June, BCA placed IDR23.14 trillion in SBI, up nearly twice from IDR12.13 trillion last year.
IFC is committed to provide a US$400 million-US$500 million loan, while JBIC is committed to provide a US$300 million loan.
Vice President Director of BCA Jahja Setiaatmadja revealed the Central Bank (BI) had given its approval to the bank to use the funds to finance loan allocation.
"We will hold a board of directors meeting to decide what we will do with the funds. To be sure, BI has just given approval to BCA to use the funds provided by IFC and JBIC," he informed me lasst week.
He explained IFC gave three years to disburse the loans, while JBCI gave four years. "The credit terms are long. To be sure, BCA is given three and four years to disburse loans from IFC and JBIC, respectively."
Jahja said the projects to be financed by JBIC and IFC loans should match requirements made by the two financial institutions.
He inserted BCA would reap up margin from loans that the bank lent to its debtors. "For example, we provide loans for power plant projects. Certainly, BCA will get interest margin from the loans."
However, Jahja admitted he had yet been able to reveal the interest rates of the loans offered by the two financial institutions. According to him, the loans could be used to finance long-term infrastructure projects.
BCA also plans to reduce its fund placement in the central bank promissory notes (SBI to enlarge its lending rate this year to IDR85 trillion. Until June, BCA placed IDR23.14 trillion in SBI, up nearly twice from IDR12.13 trillion last year.
Subscribe to:
Posts (Atom)
