Indonesia's central bank scrapped aplanned $700 million bailout of its Dutch commercial-banking unit after failing to get written approval for the rescue from the
nation's parliament, forcing the company into bankruptcy.
The District Court of Amsterdam on Oct. 7 froze all loans and deposits of NV De Indonesische Overzeese Bank, or Indover, because of a considerable shortage of liquidity.
It had set today as a deadline for a rescue.
Indonesia's parliament, which is in recess, had agreed on Oct. 23 to a 546 million euro ($700 million) plan to bail out the bank. Consumer deposits totaling 11 million euros may be
guaranteed if Indover's activities no longer prove sustainable, the Dutch Central Bank said earlier this month.
PT Bank Negara Indonesia, the nation's fourth-largest lender, has $27 million in loans and deposits with Indover. PT Bank Rakyat Indonesia, Indonesia's second-largest by
value, also has some billions of rupiah in exposure to Indover.
The Amsterdam court has named two administrators for Indover.
Friday, October 31, 2008
Thursday, October 30, 2008
Profit Bakrieland IDR130 billion
PT Bakrieland Development Tbk booked net profit IDR130 bilion for 9 month 2008. Bakrieland in semester I/2008 booked the net profit of 50.34 percent into IDr72.18 billion than that of last year of IDR48.01 billion. Bakrieland still studies an option for mandatory convertible bond (MCB) issuance to absorb IDR1 trillion deposit fund from the Avenue Luxembourg SARL.
Bapepam-LK officially refuted Qtel tender offer proposition
The Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) officially refuted the tender offer price of Qatar Telecom Q.S.C. (Qtel) for Indosat shares which is declined from IDR7,388 into IDR6,416 per share.
Bapepam measure was taken in response to the official statement of the Chairperson Qtel Group and the President Commissioner of Indosat Abdullah Bin Mohammed Bin Saud Al Thani as saying that there is change on the tender offer price of Indosat shares.
He said under the new procedure of mandatory tender offer, the price of each B series share cost IDR6,416.
Bapepam measure was taken in response to the official statement of the Chairperson Qtel Group and the President Commissioner of Indosat Abdullah Bin Mohammed Bin Saud Al Thani as saying that there is change on the tender offer price of Indosat shares.
He said under the new procedure of mandatory tender offer, the price of each B series share cost IDR6,416.
Monday, October 27, 2008
QTel allowed to own 65% Indosat shares
The government allowed Qatar Telecom (QTel) to have tender offer for share possession up to 65 percent.
The government set 65 percent Qtel share ownership of Indosat is due to the 98 percent of Indosat business is cellular sector.
It implies QTel could have the tender offer of public indosat shares up to 24.2 percent , following the acquisition of 40.8 percent of Indosat shares worth US$1.8 billion or IDR7,388 per share on June 30, 2008.
Indosat is the go public company listed in the Indonesia Stock Exchange (IDX) so that Qtel must not restricted by the Negative List of Investment in the Presidential Regulation No. 111/2007.
But Minister for Communication and Information questioned the restriction here to the Capital Invesment Coordination Agency is the Presidential Regulation No. 111/2007 on the Private and Go Public Companies with Capital Investment Requirements set on December 27, 2007.
The Part C on the capital possession No. 44 in the Presidential Regulation requires the restriction of foreign possession in telecommunication networks by 49 percent at maximum and cellular networks by 65 percent.
The government set 65 percent Qtel share ownership of Indosat is due to the 98 percent of Indosat business is cellular sector.
It implies QTel could have the tender offer of public indosat shares up to 24.2 percent , following the acquisition of 40.8 percent of Indosat shares worth US$1.8 billion or IDR7,388 per share on June 30, 2008.
Indosat is the go public company listed in the Indonesia Stock Exchange (IDX) so that Qtel must not restricted by the Negative List of Investment in the Presidential Regulation No. 111/2007.
But Minister for Communication and Information questioned the restriction here to the Capital Invesment Coordination Agency is the Presidential Regulation No. 111/2007 on the Private and Go Public Companies with Capital Investment Requirements set on December 27, 2007.
The Part C on the capital possession No. 44 in the Presidential Regulation requires the restriction of foreign possession in telecommunication networks by 49 percent at maximum and cellular networks by 65 percent.
Five nominees for PPA president director
There are five nominees projected to replace the president director of the state-owned asset management company (PPA) following the resignation of Mohammad Syahrial by end of this month.
Some nominees named by the State Enterprise Ministry includes Edgar Ekaputra Sujanto, Ignasius Jonan, Boyke Mukijat, Rizal Gozali, and Ridha Wirakusumah who then should undergo fit and proper test.
Edgar now is the President Director of PT Danareksa in which the State Enterprise Ministry prepares the restructuring of directors boards of the company. Jonan is the former president director of PT Bahana Pembinaan Usaha Indonesia (BPUI) who then moved to the Citigroup, but now has been no longer with it. Boyke currently is the BPUI president director. Rizal Gozali is the president director of PT Credit Suisse Securities Indonesia, and Ridha Wirakusumah is the AIG executive.
Some nominees named by the State Enterprise Ministry includes Edgar Ekaputra Sujanto, Ignasius Jonan, Boyke Mukijat, Rizal Gozali, and Ridha Wirakusumah who then should undergo fit and proper test.
Edgar now is the President Director of PT Danareksa in which the State Enterprise Ministry prepares the restructuring of directors boards of the company. Jonan is the former president director of PT Bahana Pembinaan Usaha Indonesia (BPUI) who then moved to the Citigroup, but now has been no longer with it. Boyke currently is the BPUI president director. Rizal Gozali is the president director of PT Credit Suisse Securities Indonesia, and Ridha Wirakusumah is the AIG executive.
Monday, October 20, 2008
HSBC Buys Bank Ekonomi of Indonesia for $608 Million
HSBC Holdings Plc, Europe's biggestbank by market value, has agreed to buy 88.9% of PT Bank Ekonomi Raharja Tbk (Bank Ekonomi) for $607.5 million in cash.
The acquisition will enhance HSBC's commercial banking in Indonesia and almost double its branch network in the country to over 190 outlets in 24 cities, HSBC said in a filing to the Hong
Kong stock exchange today.
``This acquisition underlines HSBC's stated strategy to invest in fast-growing emerging markets,'' said Sandy Flockhart, chief executive officer of HSBC Holdings Plc's Asia-Pacific unit,
in the statement.
``This increases our presence in Indonesia, putting us in the top three foreign banks in the country.''
HSBC is focusing on expanding in emerging markets after posting about $27 billion of ritedowns in the past year, mainly linked to subprime mortgage losses at its U.S. Household International unit. Even so, the bank has posted smaller markdowns than competitors Merrill Lynch & Co., Citigroup Inc. and UBS AG over the year-old credit crisis.
Bank Ekonomi was established in 1989 and has 2,200 employees in 86 branches with assets of 17.2 trillion rupiah ($1.8 billion). It reported pretax profit of $24 million for the nine months to
Sept. 30. Under the terms of the agreement, HSBC will acquire a 38.84% stake from PT Lumbung Artakencana, 38.60% from PT Alas Pusaka and 11.45% from individual shareholders of Bank Ekonomi. Under Indonesian law, HSBC will be required to make a mandatory offer for remaining shares in the bank.
The acquisition will enhance HSBC's commercial banking in Indonesia and almost double its branch network in the country to over 190 outlets in 24 cities, HSBC said in a filing to the Hong
Kong stock exchange today.
``This acquisition underlines HSBC's stated strategy to invest in fast-growing emerging markets,'' said Sandy Flockhart, chief executive officer of HSBC Holdings Plc's Asia-Pacific unit,
in the statement.
``This increases our presence in Indonesia, putting us in the top three foreign banks in the country.''
HSBC is focusing on expanding in emerging markets after posting about $27 billion of ritedowns in the past year, mainly linked to subprime mortgage losses at its U.S. Household International unit. Even so, the bank has posted smaller markdowns than competitors Merrill Lynch & Co., Citigroup Inc. and UBS AG over the year-old credit crisis.
Bank Ekonomi was established in 1989 and has 2,200 employees in 86 branches with assets of 17.2 trillion rupiah ($1.8 billion). It reported pretax profit of $24 million for the nine months to
Sept. 30. Under the terms of the agreement, HSBC will acquire a 38.84% stake from PT Lumbung Artakencana, 38.60% from PT Alas Pusaka and 11.45% from individual shareholders of Bank Ekonomi. Under Indonesian law, HSBC will be required to make a mandatory offer for remaining shares in the bank.
Bakrieland studies on IDR1 trillion convertible bonds
PT Bakrieland Development Tbk studies an option for mandatory convertible bond (MCB) issuance to absorb IDR1 trillion deposit fund from the Avenue Luxembourg SARL.
The ownership of PT Bakrie & Brothers Tbk (BNBR) in Bakrieland subsidiary company is predicted to sharply plunge into 4.06 percent after the 15.31 percent divestment to Avenue Luxembourg SARL this week.
Referring to the periodical shareholding report as per September 29, 2008, by the securities administration, PT EDI Indonesia, BNBR had 19.37 percent of Bakrieland shares.
But the divestment of 15.31 percent of Bakrieland shares, the share possession now remains 4.06 percent.
President director of Bakrieland Hiramsyah Sambudhy Thaib said the company needs rights issue for the MCB option.
He ensured the company will finalize the option next week due to the required approval from the general meeting of shareholders.
Avenue increased its share possession in Bakrieland into a total of 30.76 percent as from 15.45 percent. The crossing of Bakrieland shares have done yesterday before.
"The IDR1 trillion fund actually is our demand to the ultimate shareholders, Avenue and BNBR. Avenue has already agreed the IDR1 trillion. But if BNBR later will inject fund then the deposit from the Avenue will be reduced."
The ownership of PT Bakrie & Brothers Tbk (BNBR) in Bakrieland subsidiary company is predicted to sharply plunge into 4.06 percent after the 15.31 percent divestment to Avenue Luxembourg SARL this week.
Referring to the periodical shareholding report as per September 29, 2008, by the securities administration, PT EDI Indonesia, BNBR had 19.37 percent of Bakrieland shares.
But the divestment of 15.31 percent of Bakrieland shares, the share possession now remains 4.06 percent.
President director of Bakrieland Hiramsyah Sambudhy Thaib said the company needs rights issue for the MCB option.
He ensured the company will finalize the option next week due to the required approval from the general meeting of shareholders.
Avenue increased its share possession in Bakrieland into a total of 30.76 percent as from 15.45 percent. The crossing of Bakrieland shares have done yesterday before.
"The IDR1 trillion fund actually is our demand to the ultimate shareholders, Avenue and BNBR. Avenue has already agreed the IDR1 trillion. But if BNBR later will inject fund then the deposit from the Avenue will be reduced."
Wednesday, October 15, 2008
Syahrial and Raden Pardede resign
Mohammad Syahrial, President Director The Asset Management Company (PPA) and Raden Pardede, Vice President Director PPA resign from the position.
The government has completed the government regulation on extension of PPA's working term. President Susilo Bambang Yudhoyono signed the PP No 61/2008 on September 4.
The PPA's working term previously was scheduled to end in February 2009. With the extension, the PPA would get IDR1.5 trillion in equity injection.
The government has completed the government regulation on extension of PPA's working term. President Susilo Bambang Yudhoyono signed the PP No 61/2008 on September 4.
The PPA's working term previously was scheduled to end in February 2009. With the extension, the PPA would get IDR1.5 trillion in equity injection.
Tuesday, October 14, 2008
Bank Mandiri raked US$1 billion loan
PT Bank Mandiri Tbk raked a US$1 billion loan from some overseas banks to support its credit expansion as from June and October this year.
The loan is attained bilaterally from some overseas bank.
The loan is attained bilaterally from some overseas bank.
Bahana & Mansek dominate the buyback
PT Bahana Securities takes control of five buyback programs of state enterprise stocks of PT Perusahaan Gas Negara Tbk, PT Aneka Tambang Tbk, PT Jasa Marga Tbk, PT Timah Tbk, and PT Telekomunikasi Indonesia Tbk.
PT Mandiri Sekuritas assists the stock buyback of PT Wijaya Karya Tbk, PT Adhi Karya Tbk, PT Semen Gresik Tbk, PT Sampoerna Agro Tbk, and PT Duta Graha Tbk.
PT Danareksa Sekuritas only helps one buyback program held by T Tambang Batubara Bukit Asam Tbk.
PT Mandiri Sekuritas assists the stock buyback of PT Wijaya Karya Tbk, PT Adhi Karya Tbk, PT Semen Gresik Tbk, PT Sampoerna Agro Tbk, and PT Duta Graha Tbk.
PT Danareksa Sekuritas only helps one buyback program held by T Tambang Batubara Bukit Asam Tbk.
Sunday, October 12, 2008
Battle to buy Bumi
The consortium of PT Aneka Tambang Tbk (Antam) and PT Tambang Batubara Bukit Asam Tbk (PTBA) is sounding a possibility of buying a 35% stake in PT Bumi Resources Tbk.
Rumor circulating saying the two consortia are the consortium of Sampoerna, Putra Mas Agung, and tycoon Tommy Winata, and the Djarum consortium.
The Djarum consortium saw an opportunity to make hostile takeover by buyinh Bumi shares on the stock exchange at an attractive price.
The sounding is made amid a decline in Bumi stock price to IDR2,175 from IDR8,550. Bumi is the largest coal-producing company in Indonesia.
Rumor circulating saying the two consortia are the consortium of Sampoerna, Putra Mas Agung, and tycoon Tommy Winata, and the Djarum consortium.
The Djarum consortium saw an opportunity to make hostile takeover by buyinh Bumi shares on the stock exchange at an attractive price.
The sounding is made amid a decline in Bumi stock price to IDR2,175 from IDR8,550. Bumi is the largest coal-producing company in Indonesia.
Sunday, October 5, 2008
Bin Laden buy Bakrie
Saudi Bin Laden Group eyes Bakrie & Brothers shares. The Company eyes 500,000 hectares of area to develop paddy agricultural area with US$4.37 billion investment in Merauke, Papua. The business group's capitalization in 2002 reached US$5 billion and it has employed at least 35,000 people worldwide.
Three years ago, the Saudi Binladin Group together with the Saudi and Emirati consortium, won a US$26.6 billion worth of contract on the construction of King Abdullah business city.
Three years ago, the Saudi Binladin Group together with the Saudi and Emirati consortium, won a US$26.6 billion worth of contract on the construction of King Abdullah business city.
Maybank Finally Buys BII at a 15% Discounted Price
Malayan Banking Bhd (Maybank) finally acquires its acquisition of a 55.6% stake in PT Bank Internasional Indonesia (BII) at a price discounted by 15% from the initial agreement. The discount is given by Temasek Holdings Pte and Kookmin Bank.
Maybank is supposed to complete the acquisition of a 55.6% stake in BII for US$1.5 billion on September 26.
However, in Maybank's explanation to the Malaysian stock exchange authority on Tuesday, the bank was only willing to complete the acquisition with a price discounted by 15% or US$220 million.
It means Maybank buys BII shares from Sorak Financial Holdings Pte Ltd, a consortium set up by Fullerton Financial Holdings Pte Ltd and Kookmin Bank, for IDR433 per share, down from IDR510 per share that was previously agreed on.
Maybank will follow up the acquisition completion with a tender offer for a 44.4% public-owned stake at IDR510 per share, making the Malaysian bank have to prepare an additional fund of US$1.2 billion. The acquisition of BII is expected to expand Malaysia's market in Indonesia and strengthen Maybank's existence.
Maybank fails to meet the deadline to acquire BII shares on September 26 after the Malaysian central bank blocked the agreement, sparking speculation that the price offered was too expensive amid a crisis-hit bourse.
BII stock price is suspended temporarily by the Indonesia Stock Exchange (BEI). The bank share was last traded on September 26 and closed at IDR310 per share, down by 34.04% from IDR470 on September 25.
BII stock crashed after Maybank stated it could not meet the deadline to complete the acquisition on September 26.
Maybank is supposed to complete the acquisition of a 55.6% stake in BII for US$1.5 billion on September 26.
However, in Maybank's explanation to the Malaysian stock exchange authority on Tuesday, the bank was only willing to complete the acquisition with a price discounted by 15% or US$220 million.
It means Maybank buys BII shares from Sorak Financial Holdings Pte Ltd, a consortium set up by Fullerton Financial Holdings Pte Ltd and Kookmin Bank, for IDR433 per share, down from IDR510 per share that was previously agreed on.
Maybank will follow up the acquisition completion with a tender offer for a 44.4% public-owned stake at IDR510 per share, making the Malaysian bank have to prepare an additional fund of US$1.2 billion. The acquisition of BII is expected to expand Malaysia's market in Indonesia and strengthen Maybank's existence.
Maybank fails to meet the deadline to acquire BII shares on September 26 after the Malaysian central bank blocked the agreement, sparking speculation that the price offered was too expensive amid a crisis-hit bourse.
BII stock price is suspended temporarily by the Indonesia Stock Exchange (BEI). The bank share was last traded on September 26 and closed at IDR310 per share, down by 34.04% from IDR470 on September 25.
BII stock crashed after Maybank stated it could not meet the deadline to complete the acquisition on September 26.
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