Ananda Krishnan, $7 billion, 71, married, 3 children.
He Runs Maxis Communications,Malaysia’s largest cell phone service provider, with more than 10 million subscribers. In June 2007 in $12 billion deal, then sold 25% to Saudi Telecom the same month. Last year sold Excel, the exhibition venue in London’s Docklands, for reported $230 million and bought 20% stake in British regional newspaper chain Johnston Press, luckily a small holding, as stock has dropped more than 80% since as it struggles with debt. Modern art collector, has homes in Kuala Lumpur, London and south of France, has a son who is a monk living in the forest.
Thursday, May 28, 2009
Robert Kuok
Robert Kuok, $9 billion, 85, Married, 8 children
One time rice, sugar trader heads multinational Kuok Group.Biggest source of wealth is stake in Wilmar International, palm oil out fit run by his nephew. Other big holdings are Hong Kong real estate group Kerry Properties, hotel operator Shangri-La Asia. Has an interest in South China Morning Post publisher. With Filipino tycoon Eduardo Cojuangco Jr.’s San Miguel, plans to spend up to$1 billion to develop public land for farming to boost agricultural sector
One time rice, sugar trader heads multinational Kuok Group.Biggest source of wealth is stake in Wilmar International, palm oil out fit run by his nephew. Other big holdings are Hong Kong real estate group Kerry Properties, hotel operator Shangri-La Asia. Has an interest in South China Morning Post publisher. With Filipino tycoon Eduardo Cojuangco Jr.’s San Miguel, plans to spend up to$1 billion to develop public land for farming to boost agricultural sector
Forbes: Malaysia’s40Richest
By now it is no surprise that the rich around the world are gettingpoorer. Malaysia is no exception: Its 40 wealthiest are worth$36 billion, down from $46 billion a year ago.
That loss is largely in line with the 21% drop in the Kuala Lumpur Composite Index and not too bad considering the fact that the Malaysian ringgit has lost 10% against the U.S. dollar, the currency in which net worths are measured.
Malaysia’s billionaires continue to dominate. The country’s two richest people, Robert Kuok and Ananda Krishnan, both again No. 1 and No. 2, are worth a combined $16 billion and account for 44% of the top 40’s wealth. They are also the two richest people in Southeast Asia.
The country’s nine billionaires are worth $30 billion, or 84% of the total, the biggest wealth disparity among any of FORBES ASIA’s other richlists. Vincent Tan is the only Malaysian to have dropped out of the billionaire ranks in the past 12 months as share prices in his companies declined.There are signs of recovery.
The nation’s stock market index has been climbing in the past two months. Kuok’s fortune is up$2 billion since March, when he appeared on the world’s billionaires list. Five other billionaires have posted a combined $800 millionin gains since then.
Kua Sian Kooi grabbed the last spot onthe list as a result of a big rally in his insurance firm Kurnia Asia’s stock, up 50% since the start of April. Three newcomers debut, thanks to the discovery of better or new information.
They include software executive Goh Peng Ooi, IOI board member Chan Fong Ann and gaming tycoon Chen Lip Keong, who operates a casino in Cambodia and a tourism business in Malaysia. Four people have returned to the ranks after an absence of a year or more.
Among them are Syed Mohd Yusof Tun Syed Nasir and Tan Teong Hean, who cashed out of Southern Bank several years ago and are now making new investments. Among those who dropped off the list are several tycoons whobarely missed the cut, including CIMB bank’s Nazir Razak and OSK finance group’s Ong Leong Huat.
Malaysian citizen Ong Beng Seng,who has lived in Singapore for decades, is wealthy enough to qualify but stands to be listed among that nation’s 40 richest in September, largely due to the fact that he and his wife, Christina,who is a citizen of Singapore, share a number of holdings.
That loss is largely in line with the 21% drop in the Kuala Lumpur Composite Index and not too bad considering the fact that the Malaysian ringgit has lost 10% against the U.S. dollar, the currency in which net worths are measured.
Malaysia’s billionaires continue to dominate. The country’s two richest people, Robert Kuok and Ananda Krishnan, both again No. 1 and No. 2, are worth a combined $16 billion and account for 44% of the top 40’s wealth. They are also the two richest people in Southeast Asia.
The country’s nine billionaires are worth $30 billion, or 84% of the total, the biggest wealth disparity among any of FORBES ASIA’s other richlists. Vincent Tan is the only Malaysian to have dropped out of the billionaire ranks in the past 12 months as share prices in his companies declined.There are signs of recovery.
The nation’s stock market index has been climbing in the past two months. Kuok’s fortune is up$2 billion since March, when he appeared on the world’s billionaires list. Five other billionaires have posted a combined $800 millionin gains since then.
Kua Sian Kooi grabbed the last spot onthe list as a result of a big rally in his insurance firm Kurnia Asia’s stock, up 50% since the start of April. Three newcomers debut, thanks to the discovery of better or new information.
They include software executive Goh Peng Ooi, IOI board member Chan Fong Ann and gaming tycoon Chen Lip Keong, who operates a casino in Cambodia and a tourism business in Malaysia. Four people have returned to the ranks after an absence of a year or more.
Among them are Syed Mohd Yusof Tun Syed Nasir and Tan Teong Hean, who cashed out of Southern Bank several years ago and are now making new investments. Among those who dropped off the list are several tycoons whobarely missed the cut, including CIMB bank’s Nazir Razak and OSK finance group’s Ong Leong Huat.
Malaysian citizen Ong Beng Seng,who has lived in Singapore for decades, is wealthy enough to qualify but stands to be listed among that nation’s 40 richest in September, largely due to the fact that he and his wife, Christina,who is a citizen of Singapore, share a number of holdings.
Peter B. Stok a new Chief Commisioner BNI
Chief Commissioner BNI Erry Riyana Hardjapamengkas resign and replaced by Peter Benyamin Stok, the former president director of Bank Niaga.
Peter kicked off his career in Bank Niaga to the top post as president director. He was formerly also the president director of PT Bank Pelita, PT Aerowisata and banker to PT Bank Dagang Negara from 1997-1998. Peter once was appointed as the executive vice president to Bank Mandiri.
Peter kicked off his career in Bank Niaga to the top post as president director. He was formerly also the president director of PT Bank Pelita, PT Aerowisata and banker to PT Bank Dagang Negara from 1997-1998. Peter once was appointed as the executive vice president to Bank Mandiri.
Golden Agri Rights Issue S$311 million
Golden Agri-Resources Ltd., owner of the world's second-largest oil palm plantation, said it plans to raise S$311.1 million ($215 million) in a rights issue.
The company plans to issue 17 shares for every 100 held at 18 Singapore cents apiece, it said in a statement to the Singapore stock exchange.
Investors will also get two warrants for every five rights shares, Golden Agri-Resources said.
The warrants may raise S$381 million if fully exercised, the company added.
The company plans to issue 17 shares for every 100 held at 18 Singapore cents apiece, it said in a statement to the Singapore stock exchange.
Investors will also get two warrants for every five rights shares, Golden Agri-Resources said.
The warrants may raise S$381 million if fully exercised, the company added.
Wednesday, May 27, 2009
Royal Oak to Decrease Capital
PT Royal Oak Development Asia Tbk is going to decrease its capital from IDR10 trillion to IDR5.38 trillion on the sluggish economy.
Vice President Director of Royal Oak Andrew Leong during the company's information disclosure to the Indonesia Stock Exchange (BEI) explained the company would ask for the shareholders' approval to this plan.
"The extraordinary shareholders' general meeting will be held on June 26," he informed yesterday.
Early last year, Royal Oak, formerly PT Roda Panggon Harapan Tbk, raised IDR1.34 trillion from its rights issue, which offered 12.88 billion shares.
Around 50.13% or IDR613.55 billion of the fund was used to acquire shares in companies with interests in the securities, consumer financing, and insurance sectors.
Royal Oak also allocated 40.36% (ID494 billion) to buy property assets and used the remaining 9.51% (IDR116.40 billion) to finance several projects, such as Stupa Menteng, Area 24 Pancoran project, and a resort project in Bali.
Last year, Royal Oak exposed its plan to raise IDR6 trillion from rights issue amid the volatile financial market.
Vice President Director of Royal Oak Andrew Leong during the company's information disclosure to the Indonesia Stock Exchange (BEI) explained the company would ask for the shareholders' approval to this plan.
"The extraordinary shareholders' general meeting will be held on June 26," he informed yesterday.
Early last year, Royal Oak, formerly PT Roda Panggon Harapan Tbk, raised IDR1.34 trillion from its rights issue, which offered 12.88 billion shares.
Around 50.13% or IDR613.55 billion of the fund was used to acquire shares in companies with interests in the securities, consumer financing, and insurance sectors.
Royal Oak also allocated 40.36% (ID494 billion) to buy property assets and used the remaining 9.51% (IDR116.40 billion) to finance several projects, such as Stupa Menteng, Area 24 Pancoran project, and a resort project in Bali.
Last year, Royal Oak exposed its plan to raise IDR6 trillion from rights issue amid the volatile financial market.
Tuesday, May 26, 2009
Grup Para buy Detik.com ?
I hear founder Grup Para, Chairul Tanjung still negosiate to buy majority stake in detik.com, the largest online media in Indonesia. Maybe, the deal will close soon.
Grup Para own Bank Mega, Anta Expres, Trans TV, Trans 7, etc. Last year, Grup Para announce preparing to acquire a medium-scale bank and will prepare IDR8 trillion.
Bank Mega was a bank bought by Grup Para in 1996 before it acquired Bank Tugu in 2001. Bank Tugu has been converted into an Islamic general bank and has been operating under the name of Bank Syariah Mega Indonesia.
According to Chairul, the plan was part of efforts to enlarge Bank Mega's market share as well as of the running organic growth.
Para Group took over PT Mahagaya Perdana, PT Naryadelta Prarthana (Baskin Robbins), and PT Anta Express Tour & Travel Services Tbk.
At the same time, the group established three new businesses, Trans Living andd CTG Property, Mega Auto Finance, and Mega Central Finance.
Grup Para also has buisiness in the real sector by seizing a majority stake in Bandung Supermall.
Grup Para own Bank Mega, Anta Expres, Trans TV, Trans 7, etc. Last year, Grup Para announce preparing to acquire a medium-scale bank and will prepare IDR8 trillion.
Bank Mega was a bank bought by Grup Para in 1996 before it acquired Bank Tugu in 2001. Bank Tugu has been converted into an Islamic general bank and has been operating under the name of Bank Syariah Mega Indonesia.
According to Chairul, the plan was part of efforts to enlarge Bank Mega's market share as well as of the running organic growth.
Para Group took over PT Mahagaya Perdana, PT Naryadelta Prarthana (Baskin Robbins), and PT Anta Express Tour & Travel Services Tbk.
At the same time, the group established three new businesses, Trans Living andd CTG Property, Mega Auto Finance, and Mega Central Finance.
Grup Para also has buisiness in the real sector by seizing a majority stake in Bandung Supermall.
Panin Bank issues IDR500 billion sub debt
PT Bank Pan Indonesia Tbk (Panin) plans to issue IDR500 billion sub ordination bonds this year.
My resources said four securities companies, Bahana Securities, Danareksa Sekuritas, Evergreen Capital, and Indo Premier Securities, have been appointed by Bank Panin to become the underwriters. "The bond issuance here uses the March finance report," he said.
Currently the company still has debt in the form os the II/2007 conventional bonds worth IDR1.65 trillion matures on June 12, 2010, 2012, and 2014. Besides, it also has the III/2007 bond worth IDR200 billion and II/2008 subordination bond worth DIR1.5 trillion.
My resources said four securities companies, Bahana Securities, Danareksa Sekuritas, Evergreen Capital, and Indo Premier Securities, have been appointed by Bank Panin to become the underwriters. "The bond issuance here uses the March finance report," he said.
Currently the company still has debt in the form os the II/2007 conventional bonds worth IDR1.65 trillion matures on June 12, 2010, 2012, and 2014. Besides, it also has the III/2007 bond worth IDR200 billion and II/2008 subordination bond worth DIR1.5 trillion.
Inco revised capex
PT International Nickel Indonesia Tbk has revised its capital expenditure budget for 2009 to US$166.4 million from the US$228.8 million that was announced on February 20, 2009. This review reflects a change in the priority and scope of existing projects.
According to the revised capex budget, US$83.3 million is allocated for growth capital and US$83.1 million will be dedicated to sustaining capital, of which US$27.9 million is invested in health, safety and environment.
According to the revised capex budget, US$83.3 million is allocated for growth capital and US$83.1 million will be dedicated to sustaining capital, of which US$27.9 million is invested in health, safety and environment.
Monday, May 25, 2009
HSBC to Offer IDR2,652 Apiece in Bank Ekonomi
HSBC Holdings Plc, said it will offer 2,652 rupiah apiece to buy shares it doesn't own in PT Bank Ekonomi Raharja, an Indonesian lender to traders and restaurants.
The London-based HSBC completed its acquisition of 88.89 percent of Bank Ekonomi for $607.5 million in cash, HSBC said in a statement on May 22.
The London-based HSBC completed its acquisition of 88.89 percent of Bank Ekonomi for $607.5 million in cash, HSBC said in a statement on May 22.
Berlian Laju right issue IDR 591,7 billion
PT Berlian Laju Tanker, plans to raise IDR591.7 rupiah selling stock to shareholders.
The company will offer one share for every three held, selling 1.39 billion shares at 425 rupiah each, the company said in a statement to the Singapore stock exchange today.
The money raised from the share sale will be used for working capital at the company or its units, Berlian Laju said. PT Tunggaladhi Baskara, which has 53.3 percent of Berlian, will buy
any unsubscribed shares, it added. The share sale comes after the company issued this month
500 billion rupiah of bonds to raise money to buy ships.
Berlian Laju appointed Macquarie Capital (Singapore) Pte. as arranger of the rights offer, the company said in the statement. Berlian Laju said in a statement in Bisnis Indonesia newspaper that it appointed PT Danatama Makmur as financial adviser.
The company will offer one share for every three held, selling 1.39 billion shares at 425 rupiah each, the company said in a statement to the Singapore stock exchange today.
The money raised from the share sale will be used for working capital at the company or its units, Berlian Laju said. PT Tunggaladhi Baskara, which has 53.3 percent of Berlian, will buy
any unsubscribed shares, it added. The share sale comes after the company issued this month
500 billion rupiah of bonds to raise money to buy ships.
Berlian Laju appointed Macquarie Capital (Singapore) Pte. as arranger of the rights offer, the company said in the statement. Berlian Laju said in a statement in Bisnis Indonesia newspaper that it appointed PT Danatama Makmur as financial adviser.
PT Davomas Abadi Tbk appointed ING Bank NV-Singapore as the finance advisor for Davomas debt restructuring plan.
PT Davomas Abadi Tbk appointed ING Bank NV-Singapore as the finance advisor for Davomas debt restructuring plan.
President Director of Davomas Berliana Sukarmadidjaja said the efforts went along with the failure of bond coupon payment worth US$13.09 million as from the total issued US$238 million bonds.
"We declare that the company appointed ING Bank as the finance advisor and professional institution dealing with the debt restructuring plan," he said in public expose to the Indonesia Stock Exchange (IDX) last week.
Davomas Abadi failed to pay US$13.09 bond coupon or worth UDR136.14 billion on the due date of May 8 due to the crashed cash and worsening financial performance.
Corporate Secretary of Davomas Hasiem Willy added the payment failure the was due to the drastic drop of market demand in quarter III/2008 which led to sales loss.
President Director of Davomas Berliana Sukarmadidjaja said the efforts went along with the failure of bond coupon payment worth US$13.09 million as from the total issued US$238 million bonds.
"We declare that the company appointed ING Bank as the finance advisor and professional institution dealing with the debt restructuring plan," he said in public expose to the Indonesia Stock Exchange (IDX) last week.
Davomas Abadi failed to pay US$13.09 bond coupon or worth UDR136.14 billion on the due date of May 8 due to the crashed cash and worsening financial performance.
Corporate Secretary of Davomas Hasiem Willy added the payment failure the was due to the drastic drop of market demand in quarter III/2008 which led to sales loss.
Friday, May 22, 2009
Danamon stocks sold at 8.4% discount
One of the shareholders of PT Bank Danamon Tbk sold 163.3 million shares worth IDR3,800.
Document sent to me mentions the stocks of Bank Danamon sale is done by institutional investors with Morgan Stanley assistance.
The price of IDR3,800 is the 8.4 percent discount as from Bank Danamon stock price Tuesday at the level of IDR4,150. Referring to the IDR3,800 price, Bank Danamon stock sales will provide DIR620.54 billion proceeds.
Director of Bank Danamon Vera Eve Lim admitted for being uninformed with the stock sale details and the investors organizing the corporate action. "It'd better to ask to the authority as it does not deal with the management," she said me yesterday.
In two days early this week, Bank Danamon stock price sharply mounted. Monday it increased 11.28 percent into IDR3,700 as from IDR3,325 last week.
The stock price sharply jumped 11.28 percent into IDR4,150 Tuesday. But Wednesday it declined 10.24 percent into IDR3,725 per share unit so that the market capitalization stood at IDR31.14 trillion.
As per 31 March, Asia Financial Pte Ltd possessed 67.86 percent of Bank Danamon stocks and the rest went to public.
Document sent to me mentions the stocks of Bank Danamon sale is done by institutional investors with Morgan Stanley assistance.
The price of IDR3,800 is the 8.4 percent discount as from Bank Danamon stock price Tuesday at the level of IDR4,150. Referring to the IDR3,800 price, Bank Danamon stock sales will provide DIR620.54 billion proceeds.
Director of Bank Danamon Vera Eve Lim admitted for being uninformed with the stock sale details and the investors organizing the corporate action. "It'd better to ask to the authority as it does not deal with the management," she said me yesterday.
In two days early this week, Bank Danamon stock price sharply mounted. Monday it increased 11.28 percent into IDR3,700 as from IDR3,325 last week.
The stock price sharply jumped 11.28 percent into IDR4,150 Tuesday. But Wednesday it declined 10.24 percent into IDR3,725 per share unit so that the market capitalization stood at IDR31.14 trillion.
As per 31 March, Asia Financial Pte Ltd possessed 67.86 percent of Bank Danamon stocks and the rest went to public.
Garda Tujuh IPO 70% shares
Coal mining company PT Garda Tujuh Buana plans to sell 70 percent shares to capital market through initial public offering (IPO) targeted to rake up at least IDR200 billion fund.
The company has appointed PT Bahana Securities to be the underwriter and prepare IPO document to submit to the Captial Market and Finance Institution Supervisory Agency (Bapepam-LK).
My source said the IPO is scheduled in semester II so that the fund could be allotted as the working capital in 2009.
"The better momentum of capital market situation is used by the company to generate fund from IPO. The target is about IDR200 billion using the report as per December 2008," he said to me yesterday.
Director of Bahana Securities Andi Sidharta conceded the IPO scheme of Garda Tujuh.
"So far as I know, the prospectus has been submitted to Bapepam-LK," he said.
Garda Tujuh produces low calorie coal as that of produced by
PT Adaro Energy Tbk through Wara Coal. As per December 2008, the production capacity of Garda Tujuh was over 3 million tons of coal per year.
Garda Tujuh is the only coal company in Indonesia having and applying technology to reduce the water content in coal.
Analyst of PT CIMB-GK Securities Indonesia Rania Rahmundita maintained neutral rating for coal sector in Indonesia despite the financial crisis faced by the global coal consumption growth.
In the research as per 20 April, she estimates the coal price in 2009 is worth US$70 per ton and might increase by 2010 into US$90 per ton along with the soaring demand of coal.
The company has appointed PT Bahana Securities to be the underwriter and prepare IPO document to submit to the Captial Market and Finance Institution Supervisory Agency (Bapepam-LK).
My source said the IPO is scheduled in semester II so that the fund could be allotted as the working capital in 2009.
"The better momentum of capital market situation is used by the company to generate fund from IPO. The target is about IDR200 billion using the report as per December 2008," he said to me yesterday.
Director of Bahana Securities Andi Sidharta conceded the IPO scheme of Garda Tujuh.
"So far as I know, the prospectus has been submitted to Bapepam-LK," he said.
Garda Tujuh produces low calorie coal as that of produced by
PT Adaro Energy Tbk through Wara Coal. As per December 2008, the production capacity of Garda Tujuh was over 3 million tons of coal per year.
Garda Tujuh is the only coal company in Indonesia having and applying technology to reduce the water content in coal.
Analyst of PT CIMB-GK Securities Indonesia Rania Rahmundita maintained neutral rating for coal sector in Indonesia despite the financial crisis faced by the global coal consumption growth.
In the research as per 20 April, she estimates the coal price in 2009 is worth US$70 per ton and might increase by 2010 into US$90 per ton along with the soaring demand of coal.
Monday, May 18, 2009
BNI get US$150 million loan
PT Bank Negara Indonesia Tbk (BNI) will get another US$150 million bilateral loans from Standard Chartered Bank with five years tenure to support the foreign exchange financing expansion.
Treasury Director of BNI Bien Subiantoro said the company will sign bilateral loan deal this week with bank that twice has become the lender to BNI to support foreign exchange liquidity.
Last year BNI also gained US$150 million bilateral loans with the London interbank offered rate (LIBOR) plus 110 basis points.
Treasury Director of BNI Bien Subiantoro said the company will sign bilateral loan deal this week with bank that twice has become the lender to BNI to support foreign exchange liquidity.
Last year BNI also gained US$150 million bilateral loans with the London interbank offered rate (LIBOR) plus 110 basis points.
Credit Suisse helps Indika buy asset
PT Indika Energy Tbk appointed Credit Suisse as the financial advisor to help ease the acquisition of BP West Java assets worth US$600 million or IDR6.3 trillion.
With the asset takeover, Offshore North West Java (ONWJ), Indika establishes a consortium with state oil and gas company, PT Pertamina.
BP West Java is the business unit of UK-based oil and gas company, British Petroleum, with 46 percent shares ownership in the production sharing contract with ONWJ. On 25 February 2009, BP announced the plan to sell assets of BP West Java.
BP is the operator of ONWJ working concession with 46 ownership, and the other partners include CNOOC with 36.72 percent possession, Inpex 7.25 percent, and Itochu Oil Exploration 2.58 percent.
ONJW working concession ranges from eastern of Cirebon up to western of Thousand Island. The oil production of BW West Java is estimated at 24,000-25,000 barrels per day.
With the asset takeover, Offshore North West Java (ONWJ), Indika establishes a consortium with state oil and gas company, PT Pertamina.
BP West Java is the business unit of UK-based oil and gas company, British Petroleum, with 46 percent shares ownership in the production sharing contract with ONWJ. On 25 February 2009, BP announced the plan to sell assets of BP West Java.
BP is the operator of ONWJ working concession with 46 ownership, and the other partners include CNOOC with 36.72 percent possession, Inpex 7.25 percent, and Itochu Oil Exploration 2.58 percent.
ONJW working concession ranges from eastern of Cirebon up to western of Thousand Island. The oil production of BW West Java is estimated at 24,000-25,000 barrels per day.
Battle in Indonesia Presidential Election
Megawati Soekarnoputri chose a former commander of Indonesia' s special forces, Prabowo Subianto, as her running mate in the nation's July presidential election.
Megawati, who served as president from 2001 to 2004, may broaden her appeal to voters with the choice of Prabowo, son-in- law of another former leader, Suharto, who died last year.
Incumbent President Susilo Bambang Yudhoyono boosted his chances for re-election in April 9 parliamentary elections when his Democrat party won 20.85 percent of the vote to become the
nation' s biggest legislative force.
Megawati' s Indonesian Democratic Party for Struggle is set to slip to number 3 in parliament behind Golkar, the party linked to Suharto and now led by Vice President Jusuf Kalla, who has
named former army chief Wiranto as his running mate in the
presidential race.
Prabowo, now heads the Great Indonesia Movement Party (Gerakan Rakyat Indonesia Raya).
Yudhoyono last week announced his choice of Boediono, governor of the nation' s central bank, as his running mate.
Megawati, who served as president from 2001 to 2004, may broaden her appeal to voters with the choice of Prabowo, son-in- law of another former leader, Suharto, who died last year.
Incumbent President Susilo Bambang Yudhoyono boosted his chances for re-election in April 9 parliamentary elections when his Democrat party won 20.85 percent of the vote to become the
nation' s biggest legislative force.
Megawati' s Indonesian Democratic Party for Struggle is set to slip to number 3 in parliament behind Golkar, the party linked to Suharto and now led by Vice President Jusuf Kalla, who has
named former army chief Wiranto as his running mate in the
presidential race.
Prabowo, now heads the Great Indonesia Movement Party (Gerakan Rakyat Indonesia Raya).
Yudhoyono last week announced his choice of Boediono, governor of the nation' s central bank, as his running mate.
Friday, May 15, 2009
Boediono resign
Governor Bank Indonesia Boediono resign from the position today. Susilo Bambang Yudhoyono, the incumbent president who wants to rule for the second time and is touted to have picked Boediono as his running mate.
Bakrieland sell IDR150 billion bonds
PT Bakrieland Development, plans to sell IDR150 billion of Islamic bonds in July
to finance projects.
Bakrieland, hired PT Madani Sekuritas and PT Bahana Securities to help sell three-year
Islamic notes, known as sukuk.
Bakrieland will offer the notes from July 1 through July 2, with listing planned for the Indonesian Stock Exchange on July 8, the prospectus shows.
Islamic bonds comply with Shariah law by using asset returns to pay investors instead of interest.
to finance projects.
Bakrieland, hired PT Madani Sekuritas and PT Bahana Securities to help sell three-year
Islamic notes, known as sukuk.
Bakrieland will offer the notes from July 1 through July 2, with listing planned for the Indonesian Stock Exchange on July 8, the prospectus shows.
Islamic bonds comply with Shariah law by using asset returns to pay investors instead of interest.
Wednesday, May 13, 2009
Axiata & Etisalat ready inject US$600 million to XL
The shareholdes of PT Excelcomindo Pratama Tbk (XL) committed to inject some US$300-600 million fund to boost up the telecommunication corporate capitalization.
The scheme is to be realize in semester II/2009 which will be allotted for 50 percent of capital expenditure and the rest is for debt refinancing.
Finance Director of XL Willem Lucas Timmermans said the company will seek additional loan worth US$100-150 million would the capital injection fail this year.
"We hav got commitment from shareholders to inject some US$300-600 million fund," he said yesterday.
Axiata Group Berhad possesses 83.8 percent shares of XL through Indocel Holding Sdn Bhd and Emirates Telecommunications Corporation Indonesia Ltd (Etisalat) owns 16 percent and public 0.2 percent.
President Director of XL Hasnul Suhaimi when asked about the capital injection scheme said it has not been defined yet.
But he conceded the possible two options, convertible bond issuance or rights issue.
The scheme is to be realize in semester II/2009 which will be allotted for 50 percent of capital expenditure and the rest is for debt refinancing.
Finance Director of XL Willem Lucas Timmermans said the company will seek additional loan worth US$100-150 million would the capital injection fail this year.
"We hav got commitment from shareholders to inject some US$300-600 million fund," he said yesterday.
Axiata Group Berhad possesses 83.8 percent shares of XL through Indocel Holding Sdn Bhd and Emirates Telecommunications Corporation Indonesia Ltd (Etisalat) owns 16 percent and public 0.2 percent.
President Director of XL Hasnul Suhaimi when asked about the capital injection scheme said it has not been defined yet.
But he conceded the possible two options, convertible bond issuance or rights issue.
Tuesday, May 12, 2009
Moody's downgrades Davomas to Ca
Moody's Investors Service has today downgraded to Ca from Caa1 the corporate family rating of PT Davomas Abadi Tbk ("Davomas") and senior secured bond rating of Davomas International Finance Company Pte Ltd, which is guaranteed by Davomas. The outlook for the ratings is negative.
"The rating action follows Davomas' announcement that it has failed tomake the interest payment for its UD$238m senior bond due on May 8, and that the company is in the process of selecting professional parties for debt restructuring," says Wonnie Chu, a Moody's Analyst.
"The downgrade to Ca therefore reflects the expected low recovery ratefor Davomas' bond holders," she adds.
"The rating action follows Davomas' announcement that it has failed tomake the interest payment for its UD$238m senior bond due on May 8, and that the company is in the process of selecting professional parties for debt restructuring," says Wonnie Chu, a Moody's Analyst.
"The downgrade to Ca therefore reflects the expected low recovery ratefor Davomas' bond holders," she adds.
XL will raise US$600 million
PT Excelcomindo Pratama, the Indonesian mobile-phone operator controlled by Malaysia's
Axiata Group Bhd, may raise funds by selling bonds or shares in a rights offer.
President Director Excelcomindo Hasnul Suhaimi said the company need capital around US$300 juta-US$600 million.
XL recorded a positive revenue growth of 10% YoY compared to 1Q08. The revenue growth was mainly driven by voice revenue, as a result of a 263% upsurge in total outgoing minutes. This growth was strengthened by the 682% increase in tower business revenue.
EBITDA decreased 2% YoY to Rp 1,113 billion for the first quarter ended 31 March 2009 while EBITDA margin slightly decreased to 38% as a result of leasing new sites and towers rather than investing.
XL incurred a net loss of Rp 306 billion due to the depreciation of Rupiah against USD and higher interest bearing debt level that led to forex loss of around Rp 643 billion (realized and unrealized) and interest expense of Rp 383 billion. Excluding the unrealized forex impact, XL recorded a normalized net income of Rp 14 billion.
XL’s total subscribers increased 39% YoY from 18.4 million in 1Q08 to 24.9 million in 1Q09. This number was slightly lower than the last quarter of 26 million. However, XL’s prepaid revenue generating subscriber base (prepaid RGB) increased by 34% YoY from 15.9 million in 1Q08 to 21.3 million in 1Q09 and increased 2% QoQ from 20.9 million in 4Q08. Prepaid RGB is the number of unique subscribers during a month creating one or more revenue generating events. XL focused on improving RGB rather than total subscribers which includes active and grace subscribers.
“We’d like to seriously address the so-called ’calling card phenomenon’ in order to improve the quality of our subscriber base. We have begun efforts to systematically reduce acquisitions of subscribers who exhibit the ‘calling card’ behavior or those who activate a SIM card, use up its pre-loaded value and throw it away, and sustain further use of the service by activating a new SIM card again. We believe that this segment is not profitable to be acquired and served. To begin with, we took an initiative to optimize supply and better match demand of starter packs (SP) in the market and improve the visibility and control of SP levels in the distribution network. By doing this, we will decrease our churn rate and reduce our subscriber acquisition cost”, said Hasnul.
He also added that XL expects to continue pursuing this strategy as XL believes this will result in a better churn rate level, improvement in longevity and eventually enhance its prepaid revenue/SIM card. At the same time, XL will continue to improve the quality of its subscriber acquisition and retention by continuously enhancing the attractiveness of its plans and services.
Axiata Group Bhd, may raise funds by selling bonds or shares in a rights offer.
President Director Excelcomindo Hasnul Suhaimi said the company need capital around US$300 juta-US$600 million.
XL recorded a positive revenue growth of 10% YoY compared to 1Q08. The revenue growth was mainly driven by voice revenue, as a result of a 263% upsurge in total outgoing minutes. This growth was strengthened by the 682% increase in tower business revenue.
EBITDA decreased 2% YoY to Rp 1,113 billion for the first quarter ended 31 March 2009 while EBITDA margin slightly decreased to 38% as a result of leasing new sites and towers rather than investing.
XL incurred a net loss of Rp 306 billion due to the depreciation of Rupiah against USD and higher interest bearing debt level that led to forex loss of around Rp 643 billion (realized and unrealized) and interest expense of Rp 383 billion. Excluding the unrealized forex impact, XL recorded a normalized net income of Rp 14 billion.
XL’s total subscribers increased 39% YoY from 18.4 million in 1Q08 to 24.9 million in 1Q09. This number was slightly lower than the last quarter of 26 million. However, XL’s prepaid revenue generating subscriber base (prepaid RGB) increased by 34% YoY from 15.9 million in 1Q08 to 21.3 million in 1Q09 and increased 2% QoQ from 20.9 million in 4Q08. Prepaid RGB is the number of unique subscribers during a month creating one or more revenue generating events. XL focused on improving RGB rather than total subscribers which includes active and grace subscribers.
“We’d like to seriously address the so-called ’calling card phenomenon’ in order to improve the quality of our subscriber base. We have begun efforts to systematically reduce acquisitions of subscribers who exhibit the ‘calling card’ behavior or those who activate a SIM card, use up its pre-loaded value and throw it away, and sustain further use of the service by activating a new SIM card again. We believe that this segment is not profitable to be acquired and served. To begin with, we took an initiative to optimize supply and better match demand of starter packs (SP) in the market and improve the visibility and control of SP levels in the distribution network. By doing this, we will decrease our churn rate and reduce our subscriber acquisition cost”, said Hasnul.
He also added that XL expects to continue pursuing this strategy as XL believes this will result in a better churn rate level, improvement in longevity and eventually enhance its prepaid revenue/SIM card. At the same time, XL will continue to improve the quality of its subscriber acquisition and retention by continuously enhancing the attractiveness of its plans and services.
Davomas failed to pay bond coupon
PT Davomas Abadi Tbk failed to pay bond coupon worth US$13.09 million or IDR136.14 billion matured on 8 May due to the cash plummet and worsening financial performance.
Corporate Secretary of Davomas Hasiem Willy said the company has prepared the debt restructuring with creditor.
"We are processing the selection of professional to help restructure finance," he said in public expose to IDX yesterday.
The total US$238 million bonds or IDR2.48 trillion provide 11 percent coupon per year. The Davomas bond matured on 8 and 9 of May 2011. as from the total global bonds, some US$125 million was issued on May 8, 2006, US$25 million issued on December 21, 2006, and US$88 million sold on August 31, 2007.
The bond was guaranteed by repurchase order of all assets including loans among holding and subsidiary companies, share possession of Hassocks Enterprises Ltd, Caterpilllar Associates Ltd, Krigler Holdings Ltd, Polar Cap Investments Ltd, and Templeton Ltd. All the shares are collectively collected in BVI Companies.
The bond is guaranteed by BVI Companies owned by Tse Kam Bui the single shareholder of the company, Davomas account in Jakarta and Singapore, and repurchase order of all machinery and equipment on the eighth and ninth lines.
The rating company, Moody's Investors Service, last month cut down Davomas Abadi and its bond rating as from B2 into Caal with negative prospect.
Analyst of Moody's Wonny Chu said the downgraded rating was due to the corporate cash drop. Moody's questioned the capability of Davomas to meet the coupon payment in May and November this year.
Davomas is the largest producer and exporter of solid and powdered cocoa in Indonesia.
Davomas shares possession up to March 2009 is owned by some institutional investors, namely Krigler Holdings Limited (7.75 percent), Lehman Brothers Investment Pte Ltd S/A (11.11 percent), PT Sheriutama Raya (6.03 percent), Citi Pacific Securities (9.01 percent), and Caterpillar Associates Ltd (11.46 percent).
Corporate Secretary of Davomas Hasiem Willy said the company has prepared the debt restructuring with creditor.
"We are processing the selection of professional to help restructure finance," he said in public expose to IDX yesterday.
The total US$238 million bonds or IDR2.48 trillion provide 11 percent coupon per year. The Davomas bond matured on 8 and 9 of May 2011. as from the total global bonds, some US$125 million was issued on May 8, 2006, US$25 million issued on December 21, 2006, and US$88 million sold on August 31, 2007.
The bond was guaranteed by repurchase order of all assets including loans among holding and subsidiary companies, share possession of Hassocks Enterprises Ltd, Caterpilllar Associates Ltd, Krigler Holdings Ltd, Polar Cap Investments Ltd, and Templeton Ltd. All the shares are collectively collected in BVI Companies.
The bond is guaranteed by BVI Companies owned by Tse Kam Bui the single shareholder of the company, Davomas account in Jakarta and Singapore, and repurchase order of all machinery and equipment on the eighth and ninth lines.
The rating company, Moody's Investors Service, last month cut down Davomas Abadi and its bond rating as from B2 into Caal with negative prospect.
Analyst of Moody's Wonny Chu said the downgraded rating was due to the corporate cash drop. Moody's questioned the capability of Davomas to meet the coupon payment in May and November this year.
Davomas is the largest producer and exporter of solid and powdered cocoa in Indonesia.
Davomas shares possession up to March 2009 is owned by some institutional investors, namely Krigler Holdings Limited (7.75 percent), Lehman Brothers Investment Pte Ltd S/A (11.11 percent), PT Sheriutama Raya (6.03 percent), Citi Pacific Securities (9.01 percent), and Caterpillar Associates Ltd (11.46 percent).
Monday, May 11, 2009
Darmin, new Deputy Governor Bank Indonesia
Indonesia's parliament approved Director General for Tax Darmin Nasution as the central bank
senior deputy governor, replacing Miranda Goeltom.
Nasution, born in 1948, will succeed Goeltom, whose five- year term expires in June. Nasution was endorsed by all of the 40 legislators in a parliamentary panel.
The Indonesian House of Representatives will confirm the appointment at a plenary
session tomorrow.
Darmin Nasution, who earned his doctorate from Paris Sorbonne University in 1986, will help Governor Boediono in fighting inflation and maintaining economic growth amid the global
recession. Bank Indonesia forecasts inflation of between 5 percent and 7 percent this year.
Indonesia's president Susilo Bambang Yudhoyono, who is seeking re-election in July, last month nominated Nasution and PT Bank Mandiri Commissioner Gunarni Soeworo for the second-most
senior post at Bank Indonesia.
senior deputy governor, replacing Miranda Goeltom.
Nasution, born in 1948, will succeed Goeltom, whose five- year term expires in June. Nasution was endorsed by all of the 40 legislators in a parliamentary panel.
The Indonesian House of Representatives will confirm the appointment at a plenary
session tomorrow.
Darmin Nasution, who earned his doctorate from Paris Sorbonne University in 1986, will help Governor Boediono in fighting inflation and maintaining economic growth amid the global
recession. Bank Indonesia forecasts inflation of between 5 percent and 7 percent this year.
Indonesia's president Susilo Bambang Yudhoyono, who is seeking re-election in July, last month nominated Nasution and PT Bank Mandiri Commissioner Gunarni Soeworo for the second-most
senior post at Bank Indonesia.
Demokrat win the election
Indonesia's General ElectionCommission said President Susilo Bambang Yudhoyono's Democrat
party won 20.85 percent of the national votes in the April 9 parliamentary elections.
The election featured more than 171 million eligible voters. A total of 104 million votes were valid, less than the 113.46 million of the ballot in the 2004 elections.
Parties that win more than 2.5 percent of the national votes are eligible for seats in parliament.
party won 20.85 percent of the national votes in the April 9 parliamentary elections.
The election featured more than 171 million eligible voters. A total of 104 million votes were valid, less than the 113.46 million of the ballot in the 2004 elections.
Parties that win more than 2.5 percent of the national votes are eligible for seats in parliament.
Finnally, APP agreed with Gramercy
Asia Pulp & Paper Co., which defaulted on $14 billion of debt after the 1998 Asian financial crisis,
said it agreed to a debt revamp plan with Gramercy Advisors LLC, one of the creditors.
Gramercy sold its debt to a third party ( a unit of Sinar Mas Group) , and stopped
all legal proceedings against the Indonesian company and its units, Asia Pulp said in an e-mailed statement in Jakarta.
It didn't give financial details or say who bought the debt.
Asia Pulp's controlling Widjaja family has been wrangling with creditors since freezing payments on the record $14 billion of debt in 2001. The latest agreement follows a deal reached by
Asia Pulp' s unit PT Indah Kiat Pulp & Paper, with another creditor, Oaktree Capital Management LP in September.
The U.S. Export-Import Bank is still fighting its case in courts.
Gandi Sulistiyanto Soeherman, vice chairman of Asia Pulp's debt-revamp panel, did'nt wont to elaborate financial detail.
A group of creditors that provided unsecured loans to Indah Kiat and two other Indonesian units of Asia Pulp agreed to restructure the debt in 2004. Several others, secured creditors
including U.S. Export-Import Bank and hedge funds Gramercy and Oaktree, sued.
Asia Pulp resumed payments to overseas creditors, including JPMorgan Chase & Co. and Goldman Sachs Group Inc., in April 2005.
Under the agreement, Asia Pulp will repay creditors about $4.2 billion over 13 years and a further $2.5 billion in 18 to 22 years. About $6 billion of the debt is effectively included
in the agreement because creditors holding only 93 percent of debt endorsed the final plan.
said it agreed to a debt revamp plan with Gramercy Advisors LLC, one of the creditors.
Gramercy sold its debt to a third party ( a unit of Sinar Mas Group) , and stopped
all legal proceedings against the Indonesian company and its units, Asia Pulp said in an e-mailed statement in Jakarta.
It didn't give financial details or say who bought the debt.
Asia Pulp's controlling Widjaja family has been wrangling with creditors since freezing payments on the record $14 billion of debt in 2001. The latest agreement follows a deal reached by
Asia Pulp' s unit PT Indah Kiat Pulp & Paper, with another creditor, Oaktree Capital Management LP in September.
The U.S. Export-Import Bank is still fighting its case in courts.
Gandi Sulistiyanto Soeherman, vice chairman of Asia Pulp's debt-revamp panel, did'nt wont to elaborate financial detail.
A group of creditors that provided unsecured loans to Indah Kiat and two other Indonesian units of Asia Pulp agreed to restructure the debt in 2004. Several others, secured creditors
including U.S. Export-Import Bank and hedge funds Gramercy and Oaktree, sued.
Asia Pulp resumed payments to overseas creditors, including JPMorgan Chase & Co. and Goldman Sachs Group Inc., in April 2005.
Under the agreement, Asia Pulp will repay creditors about $4.2 billion over 13 years and a further $2.5 billion in 18 to 22 years. About $6 billion of the debt is effectively included
in the agreement because creditors holding only 93 percent of debt endorsed the final plan.
Summit Oto issue bonds IDR600 billion
PT Summit Oto Finance, the Indonesianmotorcycle finance unit of Japan's Sumitomo Corp., plans to sell 600 billion rupiah ($58 million) of bonds to fund expansion in Indonesia.
The Jakarta-based company plans to issue notes with maturities of one, two and three years. Summit Oto will offer 200 billion rupiah of one-year bonds paying a 13.5 percent coupon, 35 billion rupiah of two-year 14.25 percent notes and 365 billion rupiah of three-year 25.25
percent notes, the prospectus shows.
Summit Oto's bond offering is scheduled for May 12 through 14, with a listing planned for the Indonesian Stock Exchange on May 20. PT DBS Vickers Securities Indonesia, PT HSBC Securities and PT Standard Chartered Securities Indonesia are helping arrange the sale.
The Jakarta-based company plans to issue notes with maturities of one, two and three years. Summit Oto will offer 200 billion rupiah of one-year bonds paying a 13.5 percent coupon, 35 billion rupiah of two-year 14.25 percent notes and 365 billion rupiah of three-year 25.25
percent notes, the prospectus shows.
Summit Oto's bond offering is scheduled for May 12 through 14, with a listing planned for the Indonesian Stock Exchange on May 20. PT DBS Vickers Securities Indonesia, PT HSBC Securities and PT Standard Chartered Securities Indonesia are helping arrange the sale.
Indocement on sale
HeidelbergCement AG, the major shareholder of PT Indocement Tunggal Prakarsa Tbk, divested its 10-15 percent shares through private placement at market.
In the divestment, Heidelberg was assisted by RBS and Mandiri Sekuritas. RBS handles the overseas investors and Mandiri for local investors.
HeidelbergCement, through Birchwood Omnia Limited, UK, owns 65.14 percnet or 2.39 billion Indocement shares. The other shareholders include Salim Group through PT Mekar Perkasa with 13.03 percent possession, and public 21.83 percent.
In the divestment, Heidelberg was assisted by RBS and Mandiri Sekuritas. RBS handles the overseas investors and Mandiri for local investors.
HeidelbergCement, through Birchwood Omnia Limited, UK, owns 65.14 percnet or 2.39 billion Indocement shares. The other shareholders include Salim Group through PT Mekar Perkasa with 13.03 percent possession, and public 21.83 percent.
Sunday, May 10, 2009
Holcim Indonesia acquire sister operation
PT Holcim Indonesia Tbk (HIL) outlined its plans to assume majority ownership of Holcim Sdn. Bhd. (HSB) a private limited liability company domiciled in Malaysia. Shareholder approval will be sought at an Extraordinary General Meeting to be held on May 18th 2009, after the company’s Annual General Meeting of Shareholders.
HSB owns and operates a 1.2 million tonne per year cement grinding station, blending plant and ready-mixed concrete operation in the southern peninsula state of Johor, Malaysia. The plan is intended to capitalise on a growing market and Holcim’s established presence there. It has benefits to both parties: a secure source of clinker for HSB, a reliable source for utilising available clinker capacity at HIL and a valuable source of foreign currency earnings to enhance HIL shareholder value. It is envisaged this provides HIL with further flexibility in future in serving Indonesian inter-island sites from this facility.
The proposed plan constitutes an affiliated transaction under Bapepam & LK regulations and consequently shareholder approval is required. The acquisition will be financed from internally generated funds and bank finance.
HSB owns and operates a 1.2 million tonne per year cement grinding station, blending plant and ready-mixed concrete operation in the southern peninsula state of Johor, Malaysia. The plan is intended to capitalise on a growing market and Holcim’s established presence there. It has benefits to both parties: a secure source of clinker for HSB, a reliable source for utilising available clinker capacity at HIL and a valuable source of foreign currency earnings to enhance HIL shareholder value. It is envisaged this provides HIL with further flexibility in future in serving Indonesian inter-island sites from this facility.
The proposed plan constitutes an affiliated transaction under Bapepam & LK regulations and consequently shareholder approval is required. The acquisition will be financed from internally generated funds and bank finance.
Thursday, May 7, 2009
Who get Elnusa ???
Four investors compete against PT Pertamina to acquire 37.15 percent of PT Elnusa Tbk shaes which will be divested by PT Tri Daya Esta.
Pertamina should compete with four other contenders, namely Northstar Pacific, Nippon Oil, Ciptadana Sekuritas, and Petronas [Petrolian Nasional Bhd].
Now, Tri Daya has appointed Bahana Securities and CIMB Securities to help Elnusa divestment. Pertamina has appointed PT Danareksa Sekuritas and PT Mandiri Sekuritas to assist the corporate actions. Danareksa acts as the finance consultant that helps expand Elnusa stocks and Mandiri as finance consultant helps Pertamina become go public company.
Meanwhile, PT Danareksa Sekuritas called for legal consultancy to the Capital Market and Finance Institutions Supervisory Agency (Bapepam-LK) dealing with the acquisition of 37.15 percent Elnusa stocks.
Pertamina should compete with four other contenders, namely Northstar Pacific, Nippon Oil, Ciptadana Sekuritas, and Petronas [Petrolian Nasional Bhd].
Now, Tri Daya has appointed Bahana Securities and CIMB Securities to help Elnusa divestment. Pertamina has appointed PT Danareksa Sekuritas and PT Mandiri Sekuritas to assist the corporate actions. Danareksa acts as the finance consultant that helps expand Elnusa stocks and Mandiri as finance consultant helps Pertamina become go public company.
Meanwhile, PT Danareksa Sekuritas called for legal consultancy to the Capital Market and Finance Institutions Supervisory Agency (Bapepam-LK) dealing with the acquisition of 37.15 percent Elnusa stocks.
Tuesday, May 5, 2009
Danareksa advisor Pertamina for acquire Elnusa
PT Pertamina picks PT Danareksa Sekuritas became a advisor for acquire PT Elnusa Tbk.
PT Bahana Securities and CIMB-GK Securities are appointed by PT Tri Daya Esta to handle the divestment of 37.15 percent of Elnusa shares.
Elnusa divestment will last some times ahead. Tri Daya owns 37.15 percent Elnusa stocks. Pertamina possesses 41.1 percent shares of the oil and gas company here.
Some local and offshore companies expressed their interest to buy the oil and gas service firm stocks here such as Petrolian Nasional Bhd (Petronas) and Northstar Pacific. Trid Daya set the divestment of 37.15 percent shares price at US$92 million or IDR1 trillion.
PT Bahana Securities and CIMB-GK Securities are appointed by PT Tri Daya Esta to handle the divestment of 37.15 percent of Elnusa shares.
Elnusa divestment will last some times ahead. Tri Daya owns 37.15 percent Elnusa stocks. Pertamina possesses 41.1 percent shares of the oil and gas company here.
Some local and offshore companies expressed their interest to buy the oil and gas service firm stocks here such as Petrolian Nasional Bhd (Petronas) and Northstar Pacific. Trid Daya set the divestment of 37.15 percent shares price at US$92 million or IDR1 trillion.
Benny Tjoeng, new CEO Lonsum
Former CEO Astra Sedaya Benny Tjoeng became a new CEO London Sumatra. He replace Eddy Kusnadi Sariaatmadja.
The Shareholder approved the changes of composition the board of commisioners and the board of director the company.
In 2008, Lonsum achieved net income of IDR928 billion, increase of 64% on 2007. Total sales revenue company grew 31% from IDR2,92 triliun in 2007 to IDR3,84 triliun in 2008 due to the strong commodity prices, particularly CPO and rubber, for the first eight months of the year.
The Shareholder approved the changes of composition the board of commisioners and the board of director the company.
In 2008, Lonsum achieved net income of IDR928 billion, increase of 64% on 2007. Total sales revenue company grew 31% from IDR2,92 triliun in 2007 to IDR3,84 triliun in 2008 due to the strong commodity prices, particularly CPO and rubber, for the first eight months of the year.
Monday, May 4, 2009
Antasari Named Suspect for murder case
The future of corruption eradication is gloomy following the naming of Chairperson of the Corruption Eradication Commission (KPK) Antasari Azhar as a suspect in the murder of Director of PT Putra Rajawali Banjaran Nasrudin Zulkarnaen.
According to him, the other elites of KPK, albeit hard, had to maintain public confidence in corruption eradication.
Following his status as a suspect, Antasari-the former Head of the South Jakarta District Attorney-has also been banned from traveling after the Directorate General of Immigration yesterday afternoon received travel ban requests from the Attorney General's Office (AGO) and the National Police.
Nasrudin was shot dead on March 14 after playing golf at Padang Golf Modernland, Tangerang.
Triangle love is suspected as the motive of the homicide. On March 15, the Tangerang Resort Police examined 11 witnesses.
With Antasari-leading KPK since 2007-named a suspect, the police only needed to track down one more suspect. Previously, the National Police had named and arrested nine suspects, one of whom is Sigit Haryo Wibisono, President Commissioner of PT Pers Indonesia Merdeka.
According to him, the other elites of KPK, albeit hard, had to maintain public confidence in corruption eradication.
Following his status as a suspect, Antasari-the former Head of the South Jakarta District Attorney-has also been banned from traveling after the Directorate General of Immigration yesterday afternoon received travel ban requests from the Attorney General's Office (AGO) and the National Police.
Nasrudin was shot dead on March 14 after playing golf at Padang Golf Modernland, Tangerang.
Triangle love is suspected as the motive of the homicide. On March 15, the Tangerang Resort Police examined 11 witnesses.
With Antasari-leading KPK since 2007-named a suspect, the police only needed to track down one more suspect. Previously, the National Police had named and arrested nine suspects, one of whom is Sigit Haryo Wibisono, President Commissioner of PT Pers Indonesia Merdeka.
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