Indonesia Today by Yosef Ardi

Coal stocks lost steam

2010-03-15T10:25:00.005+07:00

Coal-related stocks lost steam this morning on weakened thermal coal prices. Shenhua and China Coal dropped 4.2% and 3.53% respectively in Hong Kong, while Bumi Resources and Adaro declined 1.98% and 0.53% on IDX this morning.Bukit Asam, Indo Tambangraya, and Indika also declined, while BHP and Rio Tinto lost 0.42% and 0.3% respectively in Sidney. Delta Dunia Makmur (DOID) declined further by

Mobile-8 stocks trading suspended

2010-03-15T10:16:00.004+07:00

IDX suspended the trading of Mobile-8 Telecom (FREN) stocks in the first session of trading this morning due to the delay in payment of bonds issued in 2007.IDX suspended the trading based on Mobile-8 letter dated March 12 stating the company has not been able to provide the 12th interest payment on the bonds issued in 2007. Mobile-8 has also yet to pay fines on the overdue interest payments and

Mobile-8 stocks trading suspended

2010-03-15T10:16:00.001+07:00

VWM discovered substantial molybdenum in Sulawesi

2010-03-15T09:27:00.004+07:00

Victory West Moly Ltd has completed a detailed, three-dimensional, double-offset dipole-dipole Induced Polarization (IP) geophysical survey over Anomay B, located within the PT Inti Cemerlang concession, part of five concessions forming the company's Malala Molybdenum project in Sulawesi.The IP survey was conducted by Khumsup Limited, an internationally recognized geophysical contracting company.

Innotech to launch MOKO.mobi in Indonesia

2010-03-15T09:17:00.002+07:00

MOKO.mobi Limited has signed an agreement with PT Innotech Wireless Solutions, a leading mobile specialist service provider to all the major Indonesian mobile carriers.Innotech has been appointed as the exclusive agent for MOKO.mobi in Indonesia and will be responsible for coordinating the launch of the service on the carrier's portals with zero rated-data, premium MMS, and WAP billing. Indonesia

PP posted 35% net profit growth

2010-03-15T08:59:00.004+07:00

State-owned construction and investment company PT Pembangunan Perumahan (PTPP) Tbk posted net profit of Rp163.26 billion last year, increased 34.7% from Rp121.6 billion in 2008 on improved margins.PTPP then reported EPS of Rp43. Last Friday, the stock closed at Rp680. At EPS Rp43, PTPP is traded with PE multiple 15.8 on 2009 earnings.PTPP reported net sales revenue of Rp4.2 trillion, increased

Bloomberg & Anti-Smoking Edict

2010-03-14T08:55:00.007+07:00

PP Muhammadiyah, the second largest Moslem organization in Indonesia, dismissed allegation that Bloomberg Initiative's Rp3.6 billion donation has contributed to the issuance of an anti-smoking edict, which triggered a controversy and protest from tobacco farmers. Why Muhammadiyah denied while the project's description is clear: it seeks a fatwa!"What's wrong with Bloomberg's donation as long as

Umar Patek is still out there

2010-03-13T12:53:00.005+07:00

Police shot dead the US$10 million man Dulmatin, the most wanted terrorist in South East Asia. How about the US$1 million man Umar Patek?Well, Indonesian police suspected Umar Patek entered Indonesia about two months ago. His colleague, Heru Kuncoro, is believed to have left the Philippines as well, Detik.com reported. Heru AKA Uceng is reportedly brother in law of Dulmatin.Some speculated that

Mandala appoints Adrian Hamilton-Manns

2010-03-13T12:15:00.003+07:00

Mandala Airlines has appointed Adrian Hamilton-Manns as the new chief commercial operation, who controls all commercial activities and future direction of this airline, Kompas.com reported.Mandala Airlines is the only Indonesian carrier allowed to fly to Europe. Mandala Airlines CEO Diono Nurjadin (son of former transportation minister) expects Adrian would strengthen the airline's

Four companies win Village Internet project

2010-03-13T12:05:00.003+07:00

ICT Ministry has finally appointed four companies to build Internet infrastructure for 5,748 villages in 4,700 sub-regencies in Indonesia worth US$40 million.The four companies are PT Telekomunikasi Indonesia (TLKM) Tbk, PT Aplikasinusa Lintasarta (subsidiary of Indosat), PT Jastrindo Dinamika, and PT Sarana Insan Muda Selaras.Telkom wins three packages: package 1 (Aceh and North Sumatra),

When SOE Minister Wants a 'BUMN Tower'

2010-03-12T11:22:00.001+07:00

Minister for State Enterprise Mustafa Abubakar encourages Wijaya Karya, state-run construction company and other state-owned companies (SOEs) to develop the so-called ‘BUMN Tower’. He hopes the tower could be similar to that of Petronas tower in Malaysia.The minister made the statement when delivering a speeching marking the 50th anniversary of PT Wijaya Karya (perserso) Tbk.One would wonder what

Moody’s Revises Down Indosat Outlook to Negative

2010-03-11T21:59:00.002+07:00

Moody’s Investors Service has revised the outlook on PT Indosat’s Ba1 corporate family ratings and senior unsecured ratings to ‘negative’ from ‘stable’. The downward revision is affecting the company’s debt securities of around US$344 million."The revision in outlook to negative is driven by our expectation that Indosat's adjusted debt/EBITDA will rise above 3.0x and remain there for a prolonged

Axiata divests up to 20% XL Axiata

2010-03-11T19:08:00.003+07:00

Axiata, the sole ultimate shareholder of Indocel, proposes to undertake an offering of up to 20.0% of the issued and paid-up share capital of telecommunication provider PT XL Axiata (EXCL) to eligible institutional/sophisticated investors via a bookbuilding exercise. At the current price, Axiata could bag US$656 million from the divestment.The Proposed Offering involves an international private

Bakrie & Bhakti stocks dominated trading

2010-03-11T18:21:00.002+07:00

Bakrie-related stocks dominated stocks trading on Indonesia Stock Exchange (IDX) today, led by Bakrieland and Bumi Resources which gained 5.88% and 2.02% respectively.Bakrieland (ELTY) topped the trading frequency with 995 million shares exchanged hands (worth Rp275 billion), followed by Bumi Resources with Rp251 billion. Bakrie Sumatra Plantation (UNSP) also gained 3.85%, while Energi Mega

Saleh Basarah passed away

2010-03-11T10:56:00.003+07:00

Former Air force Chief of Staff, Marshall (ret) Saleh Basarah passed away in Jakarta this morning. Saleh was the air force chief of staff in 1973-1977 and Indonesian Ambassador to UK (1978-1981).Born in Tasikmalaya, August 14, 1928, Saleh was president commissioner of aircraft manufacturer PT Dirgantara Indonesia (1978-1984), commissioner of PT London Sumatra Tbk in 1984-1991, and joined Bank

Seven Indonesians in the global rich list

2010-03-11T09:21:00.003+07:00

Four Indonesians---Michael B Hartono, Robert Budi Hartono, Martua Sitorus, and Peter Sondakh---are listed on Forbes Global Rich List with over US$2 billion net worth.According to the 2010 List, Michael and Robert, both the owner of Djarum Group and Bank Central Asia, are ranked 258 with US$3.5 billion net worth each, while Martua Sitorus (substantial shareholder in Wilmar International) in No.

Sosro founder passed away

2010-03-11T07:05:00.003+07:00

Soetjipto Sosrodjojo, founder of PT Sinar Sosro, passed away yesterday in Mitra Keluarga Hospital, Jakarta at 77. Soetjipto AKA Liem Hway Hoo is the son of Sosrodjojo who started the business in Slawi and Tegal, Central Java. Soetjipto and his brothers Soemarsono, Soegiharto, and Surjanto managed to grow Sinar Sosro to become a major player in the industry. The group is now in the hands of Joseph

Dino Djalal, new Ambassador to US?

2010-03-10T23:28:00.005+07:00

President SBY has reportedly signed the appointment of spokesperson Dino Patti Djalal as the new Ambassador for the United States of America. Rumors have been swirling around since last November about Dino's future position. He has been the President's spokesperson for international affairs since 2004. The spokesperson for domestic issues, Andi Mallarangeng, is now minister for youth and

Elnusa Secures US$20 Mln Oilfield Service Contract

2010-03-10T20:12:00.002+07:00

Oil and gas service company PT Elnusa (ELSA) Tbk, a unit of Pertamina said it has secured oilfield maintenance service contract worth US$20 million. The projects will be located in Java and East Kalimantan.In the first two months of this year, Elnusa already secured oilfield service contract worth US$55.19 million.It said it will use hydraulic work-over, snubbing and well testing barge in taking

Sarana Menara gains another 25%

2010-03-10T13:06:00.003+07:00

PT Sarana Menara Nusantara (TOWR) Tbk gained another 25% in the first session of trading on Indonesia Stock Exchange (IDX) this morning to make a 133% gain in its third day of trading.Sarana Menara is the parent company of PT Protelindo, the largest independent tower operator in the country. Protelindo expects to finalize the acquisition of almost 4,000 towers from PT Hutchison CP

Bhakti stocks trading suspended

2010-03-10T12:59:00.002+07:00

IDX authorities suspended the trading of PT Bhakti Investama (BHIT) Tbk stocks this morning after a 225.6% jump in the period of February 16 to March 9, 2010.The trading suspension applied this morning in both regular and cash markets for a cooling down period. Bhakti confirmed earlier its plan to acquire some companies in insurance, mining and energy sector. Bhakti is controlled by Tanoesoedibjo

Sumatra Gold Updates Sontang Project

2010-03-10T12:31:00.001+07:00

ASX-listed mining company Sumatra Copper & Gold Plc has given an update on the progress of its exploration activities in the Sontang project, which is located some 160 km north of Padang. The exploration indicates a “significant copper-arsenic soil anomally,” and “large gold anomaly,” the company said.It said recent activity at Sontang during January and February 2010 has focused on tracing

Jakarta Setiabudi boosts ownership in Cikini Realty

2010-03-10T11:54:00.001+07:00

Property and hotel developer PT Jakarta Setiabudi Internasional Tbk said on Wednesday that it has purchased new shares issued by its unit PT Hotel Cikini Realty worth Rp 16.7 billion that will lead to a rise of its shares in the company 99.58% from 99.02% previously.Cikini Realty is the operator of Hotel Formule 1 hotel chain. Cikini Realty will use Rp 9.2 billion of the funds to repay debts to

SBY confirmed Dulmatin's death, got standing applause

2010-03-10T11:22:00.003+07:00

President SBY has confirmed one of three guys shot dead yesterday in a police raid in Pamulang, Tangerang, Banten province is the most wanted terrorist Dulmatin. He announced that in a speech before Australian parliament in Canberra this morning."Before enclosing this speech, I inform you that after Noordin M Top and Azahari, Indonesia had brought down Dulmatin," SBY said. Australian

Pertamina acquires 15% Semai II Block

2010-03-10T11:01:00.002+07:00

State-owned oil and gas firm PT Pertamina has reached an agreement with a consortium of Murphy Semai Oil Co. Ltd., PTT EP Semai II Ltd, and Inpex Seram Sea Ltd to acquire 15% of participation interest in Block Semai II, offshore West Papua. The acquisition is pending government approval.