PT Elnusa Tbk book derivative transaction losses, one of which on foreign currency exchange rate hedging transactions against fluctuation. Who is the counter party in this transaction ??
Ahaa, Bank Danamon, the only bank reporting its profit declined 29% to IDR1.5 trillion on foreign currency sales and purchase contracts. Several parties estimate other banks will experience the similar thing. Now, Danamon and Elnusa still negosiate the final scheme for derivative transaction.
Since August 22, 2008, the rupiah exchange rate has been depreciated by 20% following huge cash withdrawal by US and European investors. Such an exchange rate fluctuation had inflicted losses on corporations relying on US dollar as a means of transaction.
Wednesday, January 28, 2009
PGN potentially lose in foreign exchange
PT Perusahaan Gas Negara Tbk (PGN) potentially to book foreign exchange losses due to the hedging transaction. The rebound US dollar exchange rate has raised potential losses to PGN. Formerly two state enterprises PT Elnusa Tbk and PT Aneka Tambang Tbk admitted to have potential losses in derivative transaction.
As per 30 September PGN set the exchange rate was IDR9,378 per US dollar, IDR88.53 per Japan yen, and IDR6,594 per Singapore dollar.
PGN have hedging of US dollar to the one third of the total debts in yen denomination. As from September 2008 financial report, PGN debt in yen stood at 42.79 billion yen. Thus, the hedging yen in US dollar stood at 14.12 billion yen.
PGN is the state gas distributor whose most income are in US dollar. Up to quarter III/2008, the company revenue stood at IDr9.02 trillion and net profit IDR2.04 trillion.
As per 30 September PGN set the exchange rate was IDR9,378 per US dollar, IDR88.53 per Japan yen, and IDR6,594 per Singapore dollar.
PGN have hedging of US dollar to the one third of the total debts in yen denomination. As from September 2008 financial report, PGN debt in yen stood at 42.79 billion yen. Thus, the hedging yen in US dollar stood at 14.12 billion yen.
PGN is the state gas distributor whose most income are in US dollar. Up to quarter III/2008, the company revenue stood at IDr9.02 trillion and net profit IDR2.04 trillion.
Monday, January 26, 2009
Kuntoro, Erry, Waluyo or ???
Kuntoro Mangkusubroto, Erry Riyana Hardjapamekas, or Waluyo become a new CEO Pertamina ??? Minister for State-owned Enterprises Sofyan A. Djalil claim there had yet been names are prepared to replace Ari H. Soemarno.
Today, Kuntoro, Erry Riyana, and Waluyo will fit and proper test to become a new CEO of Pertamina.
Kuntoro (former Minister of Mining and Energy and Head of the Rehabilitation and Reconstruction Executive Agency), Erry Riyana (former President Director of PT Timah and former Vice Chairperson of the KPK), and Waluyo (director Pertamina).
State oil company PT Pertamina was only able to book IDR27 trillion in net profits in 2008, down from IDR30 trillion targeted.
Meanwhile, due to decreasing ICP (Indonesia Crude Price) to US$45 per barrel and rupiah exchange rate against the US dollar to IDR11,000, Pertamina only dares to fix a net profit target of IDR12 trillion for this year.
This year, the company plans to make expansion in the upstream and downstream businesses. To support the plan, Pertamina will prepare IDR21.9 trillion in capital expenditure consisting of IDR12.6 trillion for upstream investments and IDR9.3 trillion for downstream investments.
Today, Kuntoro, Erry Riyana, and Waluyo will fit and proper test to become a new CEO of Pertamina.
Kuntoro (former Minister of Mining and Energy and Head of the Rehabilitation and Reconstruction Executive Agency), Erry Riyana (former President Director of PT Timah and former Vice Chairperson of the KPK), and Waluyo (director Pertamina).
State oil company PT Pertamina was only able to book IDR27 trillion in net profits in 2008, down from IDR30 trillion targeted.
Meanwhile, due to decreasing ICP (Indonesia Crude Price) to US$45 per barrel and rupiah exchange rate against the US dollar to IDR11,000, Pertamina only dares to fix a net profit target of IDR12 trillion for this year.
This year, the company plans to make expansion in the upstream and downstream businesses. To support the plan, Pertamina will prepare IDR21.9 trillion in capital expenditure consisting of IDR12.6 trillion for upstream investments and IDR9.3 trillion for downstream investments.
Friday, January 23, 2009
Antam and Elnusa have potential derivative losses
PT Aneka Tambang Tbk and PT Elnusa Tbk book derivative transaction losses, one of which on foreign currency exchange rate hedging transactions against fluctuation.
My source told me that about the derivative transactions confided Elnusa was potential to lose IDR200 billion, while Antam's loss had yet been identified.
Since August 22, 2008, the rupiah exchange rate has been depreciated by 20% following huge cash withdrawal by US and European investors. Such an exchange rate fluctuation had inflicted losses on corporations relying on US dollar as a means of transaction.
My source told me that about the derivative transactions confided Elnusa was potential to lose IDR200 billion, while Antam's loss had yet been identified.
Since August 22, 2008, the rupiah exchange rate has been depreciated by 20% following huge cash withdrawal by US and European investors. Such an exchange rate fluctuation had inflicted losses on corporations relying on US dollar as a means of transaction.
Astra Sedaya assigned 4 underwriter
PT Astra Sedaya Finance has appointed four underwriters to handle bonds sales, namely PT HSBC Securities, PT Indo Premier Securities, PT ING Securities Indonesia, and PT Mandiri Sekuritas.
The bonds issuance is scheduled on quarter II/2008. The number of bonds issuance has not been defined as the management still waits for the approval from boards of commissioners.
Last year, Astra Sedaya management released the bonds issuance scheme worth IDR700 billion to IDR1 trillion as expansion support. If it is not possible, the company will issue IDR500 billion bonds in 2009.
The bonds issuance is scheduled on quarter II/2008. The number of bonds issuance has not been defined as the management still waits for the approval from boards of commissioners.
Last year, Astra Sedaya management released the bonds issuance scheme worth IDR700 billion to IDR1 trillion as expansion support. If it is not possible, the company will issue IDR500 billion bonds in 2009.
Wednesday, January 21, 2009
What happen Danamon ???
What happen with PT Bank Danamon Indonesia ??
Bank Danamon owned byTemasek Holdings Pte and Deutsche Bank AG, posted a 29 percent decline in profit last year after setting aside money to cover losses from derivative transactions. Last day, Head of Treasury Bank Danamon Alfin Tholib resign.
My source tell me that the bank have potential loss until IDR1 trillion from derivatif transactions. Net income fell to IDR 1.5 trillion last year, the company said in a statement today. That compares with a 2.1 trillion rupiah profit the bank reported in 2007.
Without provision, Bank Danamon must be posted profit rose to IDR2.3 trillion. A 14.5 percent drop in the rupiah in the fourth quarter and a decline in commodity prices affected the ability of exporters to pay for their foreign-exchange forward contracts, prompting Indonesia
Bank Danamon shares fell 14.6 percent to IDR2,200, the worst performing stock in the Jakarta finance index, which dropped 4 percent. The profit announced today was unaudited. The company will announce earning details next month.
Bank Danamon owned byTemasek Holdings Pte and Deutsche Bank AG, posted a 29 percent decline in profit last year after setting aside money to cover losses from derivative transactions. Last day, Head of Treasury Bank Danamon Alfin Tholib resign.
My source tell me that the bank have potential loss until IDR1 trillion from derivatif transactions. Net income fell to IDR 1.5 trillion last year, the company said in a statement today. That compares with a 2.1 trillion rupiah profit the bank reported in 2007.
Without provision, Bank Danamon must be posted profit rose to IDR2.3 trillion. A 14.5 percent drop in the rupiah in the fourth quarter and a decline in commodity prices affected the ability of exporters to pay for their foreign-exchange forward contracts, prompting Indonesia
Bank Danamon shares fell 14.6 percent to IDR2,200, the worst performing stock in the Jakarta finance index, which dropped 4 percent. The profit announced today was unaudited. The company will announce earning details next month.
Tuesday, January 20, 2009
Who will replace Ari Soemarno
Who will replace Ari Soemarno ??
There are several candidates popping u, such as Kuntoro Mangkusubroto (former Minister of Mining and Energy and Head of the Rehabilitation and Reconstruction Executive Agency) and Erry Riyana Hardjapamekas (former President Director of PT Timah and former Vice Chairperson of the KPK).
Ahaaa, Presideny Susilo Bambang Yudhoyono orders for thorough investigation of the fire at the State Oil Company Pertamina Depot No 24 in Plumpang, North Jakarta and emphasizes the importance of sanctioning anyone proven to be careless in the accident. So who take the responsibility ?
There are several candidates popping u, such as Kuntoro Mangkusubroto (former Minister of Mining and Energy and Head of the Rehabilitation and Reconstruction Executive Agency) and Erry Riyana Hardjapamekas (former President Director of PT Timah and former Vice Chairperson of the KPK).
Ahaaa, Presideny Susilo Bambang Yudhoyono orders for thorough investigation of the fire at the State Oil Company Pertamina Depot No 24 in Plumpang, North Jakarta and emphasizes the importance of sanctioning anyone proven to be careless in the accident. So who take the responsibility ?
PLN seek IDR 30 trillion fund
State electricity company PT PLN will seek external funds worth IDR25 trillion-IDR30 trillion to patch up the total capital expenditure need of IDR55 trillion-IDR60 trillion this year.
PLN will use the fund to develop transmission and power plants, especially to support the 10,000 megawatt (MW) electricity crash program.
PLN will use the fund to develop transmission and power plants, especially to support the 10,000 megawatt (MW) electricity crash program.
Heri Sunaryadi new CEO BPUI
Finally, Government and Bank Indonesia appointed Heri Sunaryadi to become a new CEO of PT Bahana Pembinaan Usaha Indonesia.
Five nominated hopefuls underwent fit and proper test to become the CEO BPUI. Those nominees include Heri Sunaryadi, Ito Warsito, Hafiz Arief, Hesty Puwanti, and Dwina S. Wijaya.
Former president director of BPUI Boyke Mukijat has been appointed by the government as the president director for the Asset Management Company (PPA) last year.
All candidates come from the internal company. Heri Sunaryadi currently is the President Director of Bahana Securities as the BPUI subsidiary company. Ito Warsito and Hafiz Arief are BPUI directors. Dwina is the president director of Bahana TCW Management.
BPUI has four subsidiary companies, namely Bahana Securities-investment banking and securities trading, Bahana TCW Investment Management, Graha Niaga Tata Utama, and Bahana Artha Ventura.
Five nominated hopefuls underwent fit and proper test to become the CEO BPUI. Those nominees include Heri Sunaryadi, Ito Warsito, Hafiz Arief, Hesty Puwanti, and Dwina S. Wijaya.
Former president director of BPUI Boyke Mukijat has been appointed by the government as the president director for the Asset Management Company (PPA) last year.
All candidates come from the internal company. Heri Sunaryadi currently is the President Director of Bahana Securities as the BPUI subsidiary company. Ito Warsito and Hafiz Arief are BPUI directors. Dwina is the president director of Bahana TCW Management.
BPUI has four subsidiary companies, namely Bahana Securities-investment banking and securities trading, Bahana TCW Investment Management, Graha Niaga Tata Utama, and Bahana Artha Ventura.
Thursday, January 15, 2009
PLN to issue IDR10 trillion bonds
The state owned electricity company (PLN) will issue IDR10 trillion bonds to cover the internal spending needs and to continue the 10,000 megawatt (MW) project. PLN is surely to issue bonds to finance some ongoing projects.
PLN investment needs in 2009 stand at IDR57 trillion which will be allotted for the construction of transmission and power plant capacity increase. The PLN bonds issuance also deals with the IDR2.2 trillion bond issuances early this year which got positive responses from investors.
PLN issued more bonds as from the target of IDR1.5 trillion. Formerly the issued bonds were only two kinds, conventional and sharia bonds.
PLN investment needs in 2009 stand at IDR57 trillion which will be allotted for the construction of transmission and power plant capacity increase. The PLN bonds issuance also deals with the IDR2.2 trillion bond issuances early this year which got positive responses from investors.
PLN issued more bonds as from the target of IDR1.5 trillion. Formerly the issued bonds were only two kinds, conventional and sharia bonds.
Wednesday, January 14, 2009
Soeryadjaya family back to banking
William Soeryadjaya family returns to the banking industry, which they have left for 16 years, by taking over a 99% stake in PT Bank IFI owned by tycoon Bambang N. Rachmadi.
William, the former owner of Bank Summa, joins hands with Sabar Ganda Sitorus, a businessperson from North Sumatra, to establish a consortium.
Sabar Sitorus is son of Darianus Lungguk Sitorus, a tycoon from North Sumatra who owns PT Torganda. The company has interest in the palm oil business. Torganda Group has been in the financial industry for 20 years and owns 33 people's credit banks.
Soerdjaya family is the founder of Astra International Group. In 1992, the family had to sell Astra following Bank Summa debacle in 1992. At the time, William Soeryadjaya was forced to sell 100 million shares in Astra to service the bank's liabilities.
Bank IFI, a financial institution with an asset of IDR577.8 billion, has been under supervision by BI over the past few months since its capital adequacy ratio is less than 8% on soaring non-performing loan (NPL) ratio.
William, the former owner of Bank Summa, joins hands with Sabar Ganda Sitorus, a businessperson from North Sumatra, to establish a consortium.
Sabar Sitorus is son of Darianus Lungguk Sitorus, a tycoon from North Sumatra who owns PT Torganda. The company has interest in the palm oil business. Torganda Group has been in the financial industry for 20 years and owns 33 people's credit banks.
Soerdjaya family is the founder of Astra International Group. In 1992, the family had to sell Astra following Bank Summa debacle in 1992. At the time, William Soeryadjaya was forced to sell 100 million shares in Astra to service the bank's liabilities.
Bank IFI, a financial institution with an asset of IDR577.8 billion, has been under supervision by BI over the past few months since its capital adequacy ratio is less than 8% on soaring non-performing loan (NPL) ratio.
Tuesday, January 13, 2009
ANZ Bank pays $114 million to boost stake in Panin Bank
Australia & New Zealand BankingGroup Ltd. has increased its stake in Indonesia’s PT Panin Bank to 38.3 percent.
ANZ paid $114 million for a further 8.4 percent stake of PT Panin, the Melbourne-based bank said in a statement today. The shares were bought off-market from institutional investors, the
statement said.
ANZ paid $114 million for a further 8.4 percent stake of PT Panin, the Melbourne-based bank said in a statement today. The shares were bought off-market from institutional investors, the
statement said.
Sunday, January 11, 2009
PLN need approval Goverment for loan US$2 billion
State electricity company PLN is going to receive US$2 billion worth of debts or IDR22.10 trillion from three Chinese banks to finance the first batch 10,000 Megawatt (Mw) electricity crash program.
The first-batch electricity crash program requires a total financing of US$4.5 billion-US$4.8 billion. The three Chinese banks were Bank of China, China Development Bank, and The Exim Bank of China.
Vice President Director PLN Rudiantara said the company need approval from government to execute the loan.
The first-batch electricity crash program requires a total financing of US$4.5 billion-US$4.8 billion. The three Chinese banks were Bank of China, China Development Bank, and The Exim Bank of China.
Vice President Director PLN Rudiantara said the company need approval from government to execute the loan.
Thursday, January 8, 2009
Sampoerna cancel plan to acquire Dipo Bank
Group Sampoerna cancel the plan to acquire Bank Dipo Internasional. Why ? The reason is turbulence in financial market
Pertamina get loan US$225 million
PT Pertamina, Indonesia state oil company, will get a $225 million loan from overseas banks
including HSBC Holdings Plc and BNP Paribas SA to build a propylene unit at the Balongan refinery in Java.
Sumitomo Mitsui Banking Corp. will also provide part of the loan, Finance Director Ferederick Siahaan told today.
including HSBC Holdings Plc and BNP Paribas SA to build a propylene unit at the Balongan refinery in Java.
Sumitomo Mitsui Banking Corp. will also provide part of the loan, Finance Director Ferederick Siahaan told today.
Bumi buy Pendopo, what next ??
PT Bumi Resources, Asia's biggest exporter of power-station coal, said it will buy a controlling
stake in PT Pendopo Energi Batubara, the Indonesian company's third acquisition in a week. Bumi will pay 1.3 trillion rupiah ($119 million) for an 84 percent interest in the coal mining company and plans to complete the purchase in two years, the Jakarta-based fuel exporter said
in a statement to the Indonesia Stock Exchange today.
The stock price of Bumi Resources fell down and led to auto rejection due to the negative sentiment among the investors concerning with the acquisition of two companies in the past week.
Bumi indirectly acquired 44 percent of PT Darma Henwa Tbk (Dewa) shares worth IDR2.41 trillion and 75.74 percent of PT Fajar Bumi Sakti shares worth IDR2.48 trilion.
Fajar Bumi is mining and general trading company with 988 hectare plots of mining concession in Load Ulung, Tenggarong, East Kalimantan. The proven reserves here are about 14 tons.
Dewa is mining contractor in cooperation with Bumi.
Dewa has strategic contract relation with Bumi particularly mining contract in Bengalon, East Kalimantan and Asam Asam in South Kalimantan. Dewa this year expected to explore 7-9 million tons of coals in Bengalon and 2 million tons in Asam Asam.
The mining contractor here committed to increase the production into 12 million tons in Bengalong and five times higher into 10 million tons in Asam Asam within the upcoming three years
stake in PT Pendopo Energi Batubara, the Indonesian company's third acquisition in a week. Bumi will pay 1.3 trillion rupiah ($119 million) for an 84 percent interest in the coal mining company and plans to complete the purchase in two years, the Jakarta-based fuel exporter said
in a statement to the Indonesia Stock Exchange today.
The stock price of Bumi Resources fell down and led to auto rejection due to the negative sentiment among the investors concerning with the acquisition of two companies in the past week.
Bumi indirectly acquired 44 percent of PT Darma Henwa Tbk (Dewa) shares worth IDR2.41 trillion and 75.74 percent of PT Fajar Bumi Sakti shares worth IDR2.48 trilion.
Fajar Bumi is mining and general trading company with 988 hectare plots of mining concession in Load Ulung, Tenggarong, East Kalimantan. The proven reserves here are about 14 tons.
Dewa is mining contractor in cooperation with Bumi.
Dewa has strategic contract relation with Bumi particularly mining contract in Bengalon, East Kalimantan and Asam Asam in South Kalimantan. Dewa this year expected to explore 7-9 million tons of coals in Bengalon and 2 million tons in Asam Asam.
The mining contractor here committed to increase the production into 12 million tons in Bengalong and five times higher into 10 million tons in Asam Asam within the upcoming three years
Tuesday, January 6, 2009
Bumi Plunges on Coal Mines Purchase
PT Bumi Resources, Asia's biggestexporter of power-station coal, plunged by the daily limit in
Jakarta trading on concerns its second acquisition in less than a week will increase the company's debt.
Bumi fell 9.6 percent to 850 rupiah in Jakarta, the biggest drop since Dec. 12, after agreeing to buy 77 percent of the parent of PT Fajar Bumi Sakti for 2.48 trillion rupiah ($224
million) to gain control of two mines. Bumi announced the purchase in a statement to the stock exchange today. The coal exporter said yesterday it will buy an 80 percent stake in the parent of
mining contractor PT Darma Henwa for $222 million, more than five times the market value based on current prices.
Indonesia's biggest coal producer is 21.4percent-owned by an investment company controlled by the family of Indonesian Welfare Minister Aburizal Bakrie and Northstar Equity Partners, the local affiliate of U.S. buyout firm TPG. Fajar Bumi Sakti has two coal concessions in East Kalimantan province with estimated reserves of 114 million metric tons, according to its Web site. Bumi has reserves of 2.1 billion tons.
Jakarta trading on concerns its second acquisition in less than a week will increase the company's debt.
Bumi fell 9.6 percent to 850 rupiah in Jakarta, the biggest drop since Dec. 12, after agreeing to buy 77 percent of the parent of PT Fajar Bumi Sakti for 2.48 trillion rupiah ($224
million) to gain control of two mines. Bumi announced the purchase in a statement to the stock exchange today. The coal exporter said yesterday it will buy an 80 percent stake in the parent of
mining contractor PT Darma Henwa for $222 million, more than five times the market value based on current prices.
Indonesia's biggest coal producer is 21.4percent-owned by an investment company controlled by the family of Indonesian Welfare Minister Aburizal Bakrie and Northstar Equity Partners, the local affiliate of U.S. buyout firm TPG. Fajar Bumi Sakti has two coal concessions in East Kalimantan province with estimated reserves of 114 million metric tons, according to its Web site. Bumi has reserves of 2.1 billion tons.
Bumi to Buy Stake in Fajar Bumi for $224 Million
PT Bumi Resources, Asia's biggestexporter of power-station coal, agreed to buy a 77 percent
stake in the parent of PT Fajar Bumi Sakti for 2.48 trillion rupiah ($224 million) to gain control of two mines.
Bumi, Indonesia's biggest coal producer, will complete payment for the purchase of the stake in Leap Forward Finance Ltd. in two years provided Fajar Bumi Sakti reaches a certain
production target,'' the company said in a statement to the stock exchange in Jakarta today.
This is the second acquisition announced by Bumi in the past week. The coal exporter said yesterday it will buy an 80 percent stake in the parent of mining contractor PT Darma Henwa
for $222 million.
Fajar Bumi Sakti has two coal concessions in East Kalimantan province with estimated reserves of 114 million metric tons, according to its Web site.
Yufli Gunawan, president director of Fajar Bumi Sakti, is a former analyst at Bumi and its coal producing units, according to the Web site.
stake in the parent of PT Fajar Bumi Sakti for 2.48 trillion rupiah ($224 million) to gain control of two mines.
Bumi, Indonesia's biggest coal producer, will complete payment for the purchase of the stake in Leap Forward Finance Ltd. in two years provided Fajar Bumi Sakti reaches a certain
production target,'' the company said in a statement to the stock exchange in Jakarta today.
This is the second acquisition announced by Bumi in the past week. The coal exporter said yesterday it will buy an 80 percent stake in the parent of mining contractor PT Darma Henwa
for $222 million.
Fajar Bumi Sakti has two coal concessions in East Kalimantan province with estimated reserves of 114 million metric tons, according to its Web site.
Yufli Gunawan, president director of Fajar Bumi Sakti, is a former analyst at Bumi and its coal producing units, according to the Web site.
Monday, January 5, 2009
Bumi to Acquire 80% of Darma Henwa's Parent for $222 Million
PT Bumi Resources, Asia's biggestexporter of power-station coal, will buy an 80 percent stake in
the parent of mining contractor PT Darma Henwa for $222 million.
Bumi is purchasing a stake in Zurich Asset Investment Ltd., which owns 55 percent of Darma Henwa.
The acquisition will help Bumi increase output and mayreduce the cost of operating its mining units PT Kaltim Prima Coal and PT Arutmin Indonesia by boosting overall efficiency.
the parent of mining contractor PT Darma Henwa for $222 million.
Bumi is purchasing a stake in Zurich Asset Investment Ltd., which owns 55 percent of Darma Henwa.
The acquisition will help Bumi increase output and mayreduce the cost of operating its mining units PT Kaltim Prima Coal and PT Arutmin Indonesia by boosting overall efficiency.
Indonesia Power get loan US$1,7 billion
Sumitomo Corp., Japan's third-largesttrading company, said its Indonesian unit has signed a 160
billion yen ($1.7 billion) loan agreement for a project to expand a coal-fired power plant in the Southeast Asian country.
Sumitomo's subsidiary PT. Central Java Power plans to double the capacity of the Tanjung Jati B power plant in Central Java province to 2,640 megawatts by building two additional coal-
fired generators, the trading company said in a statement on its Web site. Commercial operations for the No. 3 and No. 4 generators are set to begin by March 2012,
billion yen ($1.7 billion) loan agreement for a project to expand a coal-fired power plant in the Southeast Asian country.
Sumitomo's subsidiary PT. Central Java Power plans to double the capacity of the Tanjung Jati B power plant in Central Java province to 2,640 megawatts by building two additional coal-
fired generators, the trading company said in a statement on its Web site. Commercial operations for the No. 3 and No. 4 generators are set to begin by March 2012,
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