JAKARTA (TheInsiderStories) – Good morning. Followings are some relevant news that might help your business decisions today:
Lippo to hold rights issue in Q1 2018
Property developer PT Lippo Karawaci plans to hold a rights issue next year to raise Rp 600 billion (US$44.34 million) to strengthen its capital reserves and support expansion. Lippo president director Ketut Budi Wijaya said the offering was expected in the first quarter of 2018 The terms and conditions of the limited public offering will be subject to the approval of the general shareholders meeting next week (15/12).
Garuda Maintains its Full Year $3.1b in Revenues
National flag carrier Garuda Indonesia still appears confident it can collect between US$3.1 and $3.2 billion in revenue this year, despite having canceled about 100 flights because of the eruption of Mount Agung in Bali. Garuda Indonesia president director Pahala N. Mansury said the flight cancellations during the four days of the volcanic eruption did not significantly affect the company’s revenue.
BRI Agroniaga Replaces All Directors Board
PT BRI Agroniaga Tbk has replaced all of its board director and commissioner members with new executives. The decision was made during the bank’s extraordinary shareholders meeting last week. Agus Noorsanto was appointed as president director replacing I Komang Sudiarsa, Ebeneser Girsang and Herry Paryudi as new directors, replacing Sahala Manalu and Mustari Damopolii.
PSN to Launch New Satellite
Pasifik Satelit Nusantara, or PSN, a private company that provides satellite-based communications and information services in Indonesia, is set to launch a new satellite named PSN VI in 2018 to meet high demand in the country’s broadband data sector. PSN said the new satellite will reinstate its status as the leader in providing broadband services in Indonesia with the aim to provide data transfer rates of at least 130 gigabytes per second by 2022.
Singapore Halycon Acquires Indonesian Rubber Producer
Halcyon Agri Corp. Ltd is acquiring an 80% holding in PT. Pulau Bintan Djaya (PBD), which owns a natural rubber processing factory in Bintan Timur, Indonesia, Halcyon announced 8 Dec. The acquisition, through Halcyon’s Indonesian subsidiary PT. Hok Tong, is under an agreement entered into with vendors Global Key Holdings Ltd (GKHL) and Lydia Yuliaty Tandi. Following completion of the proposed acquisition, PBD will be 80% owned by Hok Tong and 20% owned by GKHL.
Qatar, Indonesia Discuss Trade Cooperation
Qatar Chamber held a forum with an Indonesian delegation yesterday to discuss ways to enhance trade cooperation ties of both their countries, it was announced in a statement. Both parties discussed trade cooperation opportunities in the fields of food, furniture, pharmaceuticals, contracting, and construction materials. Qatar Chamber board member Ali bin Abdullatif al-Misnad said there are a number of Qatari investments in Indonesia, especially in the communications and banking fields, adding that there are around nine Qatari-Indonesian joint companies that work in the field of contracting, engineering, and Information Technology. He added there are ongoing negotiations for many infrastructure projects in roads, power plants, ports, mining, and communications. Major imports from Indonesia include cars, transport vehicles, building materials, electrical appliances, woolen textiles, iron and steel products. On the other hand, Qatar exports petroleum gases, ethylene polymers, iron, steel, and raw aluminium to Indonesia.