Good Week for ...

PT Bosowa Corporindo, large-scale investment firm, has acquired 1.1 billion shares of PT Bank Bukopin (BBKP) or as many as 14. According to the directors, Bosowa bought these shares at a price of Rp 1,050 per share or equivalent to Rp 1.17 trillion. Bosowa realized Bukopin shares purchase on June 13, 2013.

PT Perkebunan Nusantara (PTPN) X, a state-owned sugar plantation company, plans to issue first bonds in 2013 worth Rp  700 billion. From the proceeds of the bonds, 39 percent of which is allocated for the credit expansion of PT Bank Rakyat Indonesia Tbk (BBRI) and PT Bank Mandiri Tbk (BMRI) and 61 percent was allocated for capital expenditure and working capital in the 11 units of the sugar factory.

PT Dharma Satya Nusantara Tbk (DSNG) and PT Tunas Baru Lampung (TBLA), two oil palm plantation companies, budgeted this year's capital expenditure amounting to Rp 360 billion and Rp 50 billion for the construction of palm oil mills. With the construction of the plant, the company's production capacity will increase by 16.6 percent to 36 percent.

PT Astra International Tbk (ASII), through PT Toyota Astra Motor, a subsidiary of (joint venture)  which is one of shares owned by the company, sold the land to the other Astra’s subsidiaries, namely PT Astra Towers valued at Rp 432.3 billion. Affiliate transaction, among others, aims to increase the value of land which is planned to be built into apartments and office buildings.

PT Chanda Asri Petrokimia Tbk (TPIA), through its subsidiary PT Petrokimia Butadiene Indonesia, formed a joint venture with Groupe Compagnie Financiere Michelin, to build a synthetic rubber plant worth US$ 43 million. Shareholding structure of the joint venture, among others, 55 percent will be controlled by Michelin and 45 percent held Petrochemicals Butadiene.

PT Multipolar Technology Tbk (MLPT), information technology issuer, subsidiary of PT Multipolar Tbk (MLPL), is targeting the proceeds from the iitial public offering (IPO) amounted to Rp 19.4 billion to Rp 187, billion. The IPO proceeds will be deployed as capital expenditures and to repay debt to the parent company which matures this year.

PT PLN (Persero), the state-owned enterprise in the electricity sector, said the company was able to meet the needs of capital expenditure this year of Rp 60 trillion. The funding comes from government loans worth Rp 9.8 trillion, proceeds from the issuance of bonds and sukuk ijara I reached Rp 10 trillion and Rp 2 trillion, also from internal cash worth Rp 20 trillion.

PT Asuransi Jiwa Bakrie Life, a life insurance company owned by the Bakrie Group, plans to pay obligations to its customers amounting to Rp 13 billion. Such obligations will be paid in two stages, each worth Rp 62 billion.

PT Bank Mayapada Internasional Tbk (MAYA is offering subordinated debt (sub-debt) amounting to Rp 700 billion in seven-year term. The companies offers coupons of 10.5 percent to 11.5 percent or premium coupons amounting to 427 basis points to 611 basis points.(*)

Bad Week for ...

Five coal mine contractors recorded assets which were less productive in the first quarter of 2013 compared to the same period of 2012. The five mining contractors include PT Samindo Resources Tbk (MYOH), PT Darma Henwa Tbk (DEWA), PT Petrosea Tbk (PTRO), PT ABM Investama Tbk (ABMM), and PT Delta Dunia Makmur Tbk (DOID). Asset turnover of five mining contractor issuers were slower between 1.73 times to 0.04 times.

PT Hotel Mandarine Regency Tbk (HOME), hospitality property company, estimates a net loss of Rp 2 billion in the first quarter of 2013 to cover losses in 2012 amounting to Rp 9 billion due to foreign exchange losses. Until the first quarter of 2013, the company recorded revenue of Rp 10 billion from year-end target of Rp 47 billion.

The Financial Services Authority has included PT Asuransi Jiwa Bumi Jasi Jasa to the special supervision after sanction restrictions on business activities. According to company officials, Bumi Asih has liabilities amounting to Rp 1.3 trillion. Total liabilities of the company is greater than the company's core assets which is only around Rp 533 billion. (*)