JAKARTA – PT Asuransi Ekspor Indonesia (ASEI), a state insurance company, has started insurance and reinsurance coverage cooperation with PT Asuransi Central Asia (ACA). Zaafril Razief Amir, President Director of ASEI, said that in the cooperation, both companies will share all existing businesses.
He said the company hopes to share 20 percent of premium portion from all projects that are obtained by ASEI. He added different from regular specific co-insurance partnership, the two companies will share all business lines.
PT Asuransi Adira Dinamika (Adira Insurance)
The subsidiary of PT Bank Danamon Indonesia Tbk (BDMN) will focus on developing marine cargo. The company targets its 2014 marine cargo premium revenues to jump 100-120 percent to Rp 50 billion to Rp 55 billion from 2013’s estimate of Rp 25 billion. Marine insurance cargo products grow each year, albeit not yet significant. The company’s premium revenues from marine cargo insurance product as of October of 2013 only gained five percent YOY to Rp 21 billion from Rp 20 billion.
PT Medco E&P Indonesia
The subsidiary of PT Medco Energi Internasional Tbk (MEDC) has been appointed by the government—through the Ministry of Energy and Mineral Resources—as the temporary operator of the Kampar Oil and Gas work area in Riau Islands. The partnership contract for Kampar work area ended on November 27, 2013. Oil production in Kampar in 2013 reaches an average of 2,000 barrels per day.
PT Arwana Citramulia Tbk (ARNA)
The increase in selling price and operating cost efficiency drove the company’s profitability for the first nine months of 2013 to climb. The company’s operating margin as of the third quarter grew 3.8 percent YOY to 23.8 percent from 19.9 percent, or the highest among similar issuers. The company’s selling price rose by 15 percent, while sales volume also increased by eight percent to boost the company’s revenue and net profit.
PT Japfa Comfeed Indonesia Tbk (JPFA)
The listed livestock feed company’s 2014 capex allocation decreases 14 percent to Rp 1.2 trillion from 2013’s capex of Rp 1.4 trillion. The company will obtain funding for the 2014 capex from the remaining issuance of global bond on April of this year. Most of the 2014 capex will still be used to support breeding farm business that produces day old chick (DOC), livestock feed expansion, and fish cultivation.
PT Darma Henwa Tbk (DEWA)
The listed mining services and integrated energy company has slashed its 2014 capex to US$ 21 million from 2013’s capex of US$ 108.8 million. The company will not seek loan loans next year due to the benchmark interest rate hike that caused loan interest rates to increase. The company will use 40-46 percent of the 2014 capex to fund the Bengalon coal project.
PT Indomobil Multi Jasa
The subsidiary of PT Indomobil Sukses Internasional Tbk (IMAS) has conducted IPO. However, the IPO proceeds obtained by the company were lower than the initial IPO plan. Indomobil Multi offered 450 million shares in its IPO, or at 10.4 percent of total shares. The number of shares offered was lower than the initial IPO target of 1.29 billion shares. The company’s share price for the IPO was also lower than its initial target of Rp 500 to Rp 650 per share. The company’s IPO was set at Rp 500 a share.