JAKARTA (TheInsiderStories) – Good morning. Followings are some relevant news that might help your business decisions today:
Indonesia Fish Exports Reach $3.6B in 10 Months
The value of fish exports in the period of January to October has reached US$3.62 billion, increased 6.38 per cent from the same period last year at $3.4 billion, the Ministry of Marine Affairs and Fisheries data shows. The exports growth was higher than the fishery exports of neighboring countries such as Thailand, Vietnam, China and the Philippines. Indonesia’s main exports market were US, Japan, China, Southeast Asia and EU. Among top products were shrimp, lobsters and seaweed.
President to Officiate Surabaya-Mojokerto Toll Road Today
President Joko Widodo is scheduled to inaugurate the operation of the sections IB, II and III of the Surabaya-Mojokerto toll road in East Java. The 36.27-km toll road is part of the Trans-Java toll road which stretches from west to the east of the Java Island. The toll road is developed by a joint venture company, with majority stakes owned by PT Jasa Marga Tbk (IDX:JSMR) at 55 per cent, PT Moeladi 25 per cent and PT Wijaya Karya Tbk (IDX:WIKA) at 20 per cent.
Energi Mega Announces Buyback and Private Placement Plan
PT Energi Mega Persada Tbk (IDX:ENRG), an oil and gas company owned by Bakrie Group, has announced its plan to launch buyback and private placement program. The company has appointed Danatama Makmur to carry out the buyback plan. In addition, the company plans to launch a private offering of 4.2 million shares, representing 40.65 per cent of the company’s enlarged capital. The price of shares will be set at Rp104 per share that will allow the company to raise Rp437.19 billion. The private placement is a move by Energi Mega to convert its debts into equity. The private offering will be absorbed by Greenwhich International Ltd, Stallon Investment Pte Ltd, Ultrapro Ltd, PT Wira Cipta Perkasa and PT Prime Petroservices.
State Asset Management to Allocate Rp25 Trillion for Toll Road Projects
The State Asset Management Agency said it will set aside Rp25 trillion next year to fund the development of toll road projects. The company’s Director Rahayu Puspasari said the funds will be used to fund the land clearing process. Under the current scheme, the land clearing is funded by the toll developers using bridging funds and then the bridging finance will be repaid by the State Asset Management Agency once the clearing process is completed. He said the fund allocation is an effort by the government to speed up the development of toll road projects in the country.