JAKARTA – Gas swap agreement between block operator and purchaser is targeted to finish in the second quarter of 2013. Upstream Oil and Gas Executive Task Force (SKK Migas) said the gas distributed through swap mechanism reaches 40 million cubic feet per day (MMSCFD).
The swap agreement involves Premier Oil Natuna BV – the contractor of Gajah Baru gas field, Natuna Sea Block A, Riau Islands with ConocoPhillips (Grissik) Ltd – contractor of Koridor Block in South Sumatra, and PT Perusahaan Gas Negara Tbk (PGAS) as the buyer of gas (offtaker).
Large-scale investment management company PT Mandiri Manajemen Investasi obtained total assets under management (AUM) growth as of April 2013 of 13.6 percent year-on-year (YOY) to Rp 22.5 trillion (US$ 2.3 billion) from Rp 19.8 trillion, which was supported by stock mutual funds.
As of April, 2013, state-owned social insurance company PT Askes (Persero) obtained investment proceeds hike of 46.43 percent YOY to Rp 522.17 billion from Rp 356.59 billion. The investments proceeds increase was supported by the rally of the Jakarta Composite Index (JCI), among others.
Integrated textile manufacturer PT Sri Rejeki Isman (Sritex) requires Rp 2.4 trillion to fund the company’s 2013 capital expenditure (capex).The capex is targeted to be mostly funded from initial public offering (IPO) proceeds, with the remaining funding from bank loans.
Listed cigarette manufacturer PT Wismilak Inti Makmur Tbk (WILM) targets to obtain 2013’s gross margin increase of 78-278 basis points (bps) to 28-30 percent from 27.22 percent in 2012. The company plans to increase its product selling price of 10 to 12 percent in order to reach the target.
Listed freight and port services company PT Tanah Laut Tbk (INDX) targets to obtain Rp 68.8 billion in proceeds from rights offering. The proceeds will be used to increase the company’s equity in its subsidiary and working capital.
PT Lippo Cikarang Tbk (LPCK), subsidiary of PT Lippo Karawaci Tbk (LPKR), will build an apartment for lease in Lippo Cikarang area in Bekasi, West Java, with investments reaching US$ 30 million. For this project, the company partners with PT Toyota Tsusho Indonesia, PT Toyota Housing Corporation and PT Tokyo Land Indonesia.
Operating of the Pasar Kembang flyover in Surabaya, Central Java, will start in the third quarter of 2013 from the initial target of 2012-end. The delay of the flyover’s operating was attributed to uncertainties on land acquisition and the halting of construction by the Ministry of Finance. The project is a joint venture project between PT PP (Persero) Tbk (PTPP), PT Gorip Nanda Guna and PT Bangkiet Lestari Jaya, with total investment of Rp 122.9 billion.
Interest-bearing debt-to-equity (D/E) ratio of PT Exploitasi Energi Tbk (CNKO) may increase to 1.08 times, following the company’s plan to seek loans worth Rp 1.6 trillion. The company’s interest-bearing D/E ratio for the first quarter of 2013 was at 0.46 times, or up 0.34 times YOY. The company’s interest expense also climbed 22 percent to Rp 35 billion.
The Financial Services Authority (OJK) affirmed that current President Director of PT Taspen (Persero) Iqbal Latanro has not been tested in a fit and proper test by the regulator. OJK assessed that Lantaro must be replaced if he has not yet passed the fit and proper test, as in accordance to existing regulations.
The Indonesian Telecommunications Regulatory Committee (BRIT) will summon PT First Media Tbk (KLBV) in relation to the company’s plan to temporarily shut down broadband wireless access (BWA) on June 7, 2013. The summoning is aimed at clarifying the compensation that the company will provide to its customers. As of Monday (20/5), BRIT has not yet received the official response letter from First Media in relation to the Wimax services shutdown. The regulator plans to summon First Media’s management this week.
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December 19th, 2012