Daily Business Briefs – Nov 27

JAKARTA (TheInsiderStories) – Good morning. Followings are some relevant news that might help your business decisions today:
Jasa Armada Offering 30% Shares via IPO
PT Jasa Armada Indonesia, a subsidiary of state owned port operator PT Pelabuhan Indonesia II, will divest 30 per cent of the company’s shares or 1.74 million units of shares to public via initial public offering (IPO), it said in a published prospectus (27/11). The company sets offering date on Dec. 15-18 followed by listing on the Indonesian Stock Exchange on Dec. 22). The company has appointed Danareksa Sekuritas, Mandiri Sekuritas and RHB Sekuritas Indonesia as the underwriters of the IPO.
Gapura Prima Sells Mega Kuningan Hotel
Property developer Gapura Prima Group has sold its GP Hotel Mega Kuningan in South Jakarrta for Rp100 billion. The hotel, which was previously called Best Western Kuningan, has 67 rooms. Managing Director of Gapura Prima Arvin F. Iskandar was quoted by Bisnis Indonesia daily as saying that the sale of the hotel was made after thorough consideration. Currently, the occupancy rate of the hotel is around 70 per cent.
Samudera Indonesia unit to acquire PBM Olah Jasa for $26M
PT Samudera Terminal Indonesia, a subsidiary of shipping line PT Samudera Indonesia Tbk (IDX: SDMR), has agreed in principle to acquire PT PBM Olah Jasa Andal, a unit of PT ICTSI Jasa Prima Tbk (IDX: KARW) for US$26 million. Jasa Prima expects the sale Olah Jasa to be completed in the first quarter 2018, Bisnis Indonesia reported. The sale is pending on ICTSI Jasa Prima shareholders approval at the company’s shareholders meeting to be held on Dec. 11. Both parties have signed the conditional sales and purchase agreement on Nov. 2.
FSA: Indonesia’s Foreign Debt Remains Tolerable
Indonesia’s foreign debt stands at US$343.13 billion, equivalent to Rp4,636 trillion until September 2017. This debt increased from US$340.93 billion in the previous month. Although the figure is quite large, the Financial Services Authority deemed it still tolerable. The reason is that the government can estimate when the right time to owe and their ability to pay.
Govt Breaks Ground on Phase 3 of Cisumdawu Toll Road Project
The Public Works and Public Housing Ministry broke ground the third phase of the 61.7-kilometer Cisumdawu toll road that connects several West Java towns, including Cileunyi, Sumedang and Dawuan. The third phase of the project would be completed in 2019, director general of roads Arie Setiadi Moerwanto told reporters on Friday at the ministry. The ministry’s toll road authority will be supervising the joint construction project of the China Road and Bridge Corporation and state-owned construction firm Adhi Karya.
KAI Will Remain as Main Investor in LRT
Minister of Transportation Budi Karya Sumadi said the Indonesian railway company PT Kereta Api Indonesia (KAI) will remain a major investor in the Light Rapid Transit (LRT) project amid the worries of the financial burden. Sumadi explained that based on the official decree, KAI is allowed to make a joint venture company in collaboration with PT Adhi Karya (ADHI) Tbk to ease the financial burden.
Black Friday, Thanksgiving Online Sales Climb to Record High

Black Friday and Thanksgiving online sales in the United States surged to record highs as shoppers bagged deep discounts and bought more on their mobile devices, heralding a promising start to the key holiday season, according to retail analytics firms. U.S. retailers raked in a record $7.9 billion in online sales on Black Friday and Thanksgiving, up 17.9 percent from a year ago, according to Adobe Analytics, which measures transactions at the largest 100 U.S. web retailers, on Saturday.

US Jobless Claims Fall After Two Straight Weekly Increases
The number of Americans filing for unemployment benefits fell last week after two straight weekly increases. Initial claims for state unemployment benefits declined 13,000 to a seasonally adjusted 239,000 for the past week. A backlog of applications from Puerto Rico was processed following repairs to infrastructure damaged by Hurricanes Irma and Maria.