JAKARTA (TheInsiderStories) – Followings are some news that could affect trading on the stock market today, which are compiled by our team :
- Saudi Arabia’s King Salman will visit Jakarta and Bali on the Indonesian leg of his Asian tour next month, bringing 1,500 people in his entourage including 10 ministers, Indonesian officials said. According to Cabinet Secretary Pramono Anung, Indonesian President Joko Widodo hoped the visit would bring Saudi investments of up to $25 billion.
- In the draft regulations (RPP) entitled Limit Foreign Ownership Law Firm in Insurance Company presented to the Financial Services Authority (FSA) and the Parliament, the Ministry of Finance turned out opportunities or options grandfathering provisions easing the limits on foreign ownership.
- Ministry of Energy and Mineral Resources (ESDM) in the near future will revise the Government Regulation (PP) No. 35/2004 on Upstream Oil and Gas. Revisions were made to adjust the rules gross revenue share split in oil and gas.
- Yamaha Indonesia Motor Manufacturing (YIMM) lawyer Rikrik Riziyana questioned the verdict by the Business Competition Supervisory Commission (KPPU) in relation to an allegation of cartel practice carried out in the automatic scooter industry. He said KPPU’s verdict was based on an inaccurate interpretation of data presented by Yamaha. The KPPU alleged that Yamaha had manipulated the data. Rikrik added that the KPPU also ignored the facts presented at the hearing, where expert witnesses declared that no evidence proving that there had been a communication established between Yamaha Indonesian and Honda. The Indonesian Consumers Foundation (YLKI) has urged automatic scooter manufacturers to lower selling prices of the product following the KPPU’s verdict saying that Yamaha and Honda are guilty of price-fixing.
- Indonesia will be ready to exchange information in the financial services sector with 101 other countries starting next year. President Joko Widodo said that the plan must be considered as a momentum for the financial information system reform. He expected that the country’s taxation database system will be comprehensive and integrated before joining the initiative. The plan, Widodo added, is aimed at improving the tax ratio and preventing tax frauds. Earlier, the Indonesian government declared its full support for the implementation of automatic exchange of information (AEoI). The information exchange was initiated to support tax affairs in G-20 country members. President believes that the policy will boost the state tax revenue.
- PT Pertamina is currently looking for strategic partners and investors to develop the Grass Root Refinery (GRR) project in Bontang, East Kalimantan. The refinery is expected to be fully operational by 2023 at the latest. The GRR Bontang project that needs an investment of at least US$12 billion is expected to refine 300,000 barrels of crude oil per day. The project development is a follow-up of Energy and Mineral Resources Ministry’s Decision No. 7935/ K/10/MEM/2016 issued in December 2016 on the appointment of Pertamina as the operator of the oil refinery in Bontang. Pertamina has scheduled a project expose on February 28, 2017, in relation to the partnership plan. For the first stage, Pertamina planned to set a 5-25 percent ownership with a right or option to increase the ownership in a period to be agreed later. The consortium is also expected to be involved in crude oil or raw materials procurements and prepare the funding. In addition, the partner is also expected to be able to market unabsorbed domestic products by exporting them to Australia, Papua New Guinea, New Zealand, and the Philippines.
- PT Jasa Marga Tbk (JSMR, Rp4.710, BUY, TP Rp5.175) has allocated capital expenditure in 2017 amounted to Rp26 trillion. The budget amount is higher 136.36% of the planned capital expenditure in 2016, which is Rp11,620 trillion. However, the realization of absorption around Rp9,576 trillion over the past year. Plans capital expenditure this year to support the acceleration of infrastructure development.
- Shares of PT Waskita Toll Road (WTR) diborong PTPT Sarana Multi Infrastruktur (SMI) and PT TASPEN. WTR has issued new shares amounting to 2,312 million shares or 29.07%, with a value of Rp3,499 trillion. The new shares were taken over by SMI as many as 992 043 shares or 12.46% and TASPEN as much as 1,321 million shares or 16.61%. WTR is a subsidiary of PT Waskita Karya Tbk (WSKT, Rp2.460, BUY, TP Rp3,200).
- PT Sarana Menara Nusantara Tbk (TOWR, Rp3.460, BUY, TP 5,000) plans Private Placement in the second quarter. The plan, in the action of private placement, shareholders will sell at least 4.9% of the total shares issued and fully paid shares in the company. This plan will will held both domestically and abroad. This happens because TOWR start post-acquisition liquidity drought in 2,500 the tower PT XL Axiata Tbk (EXCL) worth Rp3.56 trillion through its subsidiary PT Professional Telekomunikasi Indonesia (Protelindo).
- PT Saratoga Investama Sedaya Tbk (SRTG, Rp3.430) increased its interest in PT Merdeka Copper Gold Tbk (MDKA, Rp1,990) to buy 1 million shares in the company. Based on information disclosure was published on Wednesday stated that SRGT, as one of the major shareholders of MDKA has increased its interest in MDKA through the purchase of 1 million shares in the company.