JAKARTA (TheInsiderStories) – PT Pelabuhan Indonesia I also known Pelindo I, signed financing agreement worth of Rp1.3 trillion (US$88.43 million) from three state-owned enterprises lenders, PT Bank Mandiri Tbk (IDX: BMRI), PT Bank Rakyat Indonesia Tbk (IDX: BBRI) and PT Bank Negara Indonesia Tbk (IDX: BBNI) today.
According to the President Director Bambang Eka Cahyana, the fund was used by Pelindo I to buy cranes in the container terminal, arrangement of passenger terminals in Sibolga, North Sumatra and other purposes.
In addition, PT Prima Multi Terminal, the company’s subsidiary received investment credit from PT Sarana Multi Infrastruktur in the amount of Rp479 billion. The unit also made a restatement of Investment Credit Facility Financing of Rp2.1 trillion to finance the construction of the Kuala Tanjung Port from the three banks. The loans received in 2016.
The company expect the soft launch of Kuala Tanjung at the beginning of December 2018 and commercially operating in February 2019.
Four state-owned port operators, Pelindo I, Pelindo II, Pelindo III and Pelindo IV prepared capital expenditure Rp34.5 trillion this year, surged four times from Rp8.81 trillion in 2017. The spending will be used to expand the ports capacity as well as developing new projects.
Of the four port operators, Pelindo II and Pelindo III have set capital expenditure of Rp11.6 trillion and Rp13 trillion respectively.
Under President Joko Widodo’s administration, the development of maritime connectivity has become a main element of the national long-term development plan. He once said Indonesia has to seriously start exploiting maritime resources, which he believes are the future of the country’s economy.
Four state-owned port operators are tasked with much of this work and have begun courting foreign investors and the capital markets for funding. Major capacity expansion for the most strategic ports is likely to be financed either through special-purpose vehicles or on the balance sheets of the respective state-owned port company.
Opportunities for foreign companies and investors will be widespread, and investment banks are expecting a ramp-up in project finance deals as a result.
The Ministry of State-Owned Enterprises (SOEs) has put in motion a plan to establish a parent company or holding body in 2018, for ports, ships and industrial estates. The establishment of a maritime holding organ for SOEs is considered necessary to cut the cost of logistics in Indonesia while imposing closer regulations on inter-port, shipping and industrial areas.
In preparation, on March 10, 2017, the Ministry issued decree number 48/MBU/03/2017 on the establishment of a Project Management Office Maritime Sector Holding. This Holding will involve four state-owned Indonesian port operators, PT Pelayaran Nasional Indonesia, PT Bahtera Adhiguna, PT Djakarta Lloyd, PT ASDP Ferry Indonesia, PT Varuna Tirta Prakasya, PT Bhanda Ghara Reksa, PT PAL, PT Industri Kapal Indonesia, PT Dok Perkapalan Surabaya, and PT Dok Kodja Bahari.
The formation of a holding structure is useful for the synergy in developing strategic and investment plans, asset utilization, service and operations, capacity building and efficiency, since it benefits from economies of scale and competitiveness.
Currently, the four state-owned seaports operate in accordance with the division of work area. Pelindo I operates in western Indonesia, Pelindo II or IPC operates in parts of Sumatra, West Kalimantan, Banten, Jakarta, and West Java.
Further, Pelindo III operates from Central Java, Central Kalimantan, South Kalimantan, East Java, Bali and Nusa Tenggara. Meanwhile, Pelindo IV has the largest working area, covering Kalimantan and all provinces in Sulawesi, Maluku and Papua.
Interestingly, Pelindo I and Pelindo II have set a plan in motion to establish a joint venture company to develop and manage ports in Indonesia. The cooperation has been concluded through their subsidiaries, PT Prima Indonesia Logistik, a subsidiary of Pelindo I and PT IPC Terminal Petikemas, a subsidiary of Pelindo II.
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