Jakarta, CNBC Indonesia – Closing the weekend, the Jakarta Composite Index (JCI) managed to gain 11 points (+0.19%) to 6,077. The sectoral indices driving the JCI included the financial sector which rose 0.34% and the consumer sector which increased 0.73%, Friday (10/8/18).
Meanwhile, during the last week the JCI recorded a gain of 1.16%. The JCI’s progress was driven by the release of economic growth data for the second quarter of 2018 which was above expectations. Throughout the second quarter, the Central Bureau of Statistics (BPS) noted that the Indonesian economy grew by 5.27% on an annual basis (YoY).
The positive economic growth figures have dispelled investors’ concerns that this year’s economic pace will be sluggish like last year, even though the economic growth figures for the third and fourth quarters will be decisive.
During this period, various actions were taken by various issuers, starting from the plan to issue bonds to the acquisition of new companies with quite fantastic values. The following are corporate actions during the past week that need attention.
1. The Exchange Rejects ARTI’s Reverse Stock Plan
The Indonesia Stock Exchange (IDX) flatly rejected the plan to combine share values (reverse stock splits) PT Ratu Prabu Energi Tbk (MEANING) because the company’s fundamentals are considered not to allow the company to carry out these corporate actions.
IDX Director of Corporate Valuation IGN Yetna Setia said the company’s current fundamental condition was not sufficient to support the company to do so reverse stock splits. Coupled with the condition of the company’s share price which is currently still ‘sleeping’ at a price of Rp. 50, aka gocap shares.
2. Initial Listing, Manoj Punjabi Company Shares Increase 49.52%
Shares of PT MD Pictures Tbk (FILM) experience auto reject above with a 49.52% increase to IDR 314/share from the opening price of IDR 210/share. Meanwhile, the Composite Stock Price Index opened down 0.02% to 6,100 points.
The company’s 31st shares in 2018 were traded with a frequency of 1 time and a volume of 101 lots of shares, resulting in a value of IDR 3.17 million.
3. BCA Provides Loans of IDR 1.3 T for Bosowa to Build Toll Roads
A subsidiary of PT Nusantara Infrastructure Tbk (META) which is engaged in the development and management of toll roads, namely PT Bosowa Marga Nusantara (BMN) received a syndicated credit facility worth IDR 1.54 trillion.
The syndicated credit facility is provided by PT Bank Central Asia Tbk (BBCA) and PT Regional Development Bank South Sulawesi and West Sulawesi (Bank Sulselbar) which will later be used to finance the construction of the AP Pettarani elevated toll road project in Makassar, South Sulawesi.
4. Garuda Indonesia Finalizes Rp 4.3 T Loan
PT Garuda Indonesia (Persero) Tbk (GIAA) is finalizing a global syndicated loan (global syndicated loan facility) to replace short-term funding with more long-term funding.
The company hopes that the loan amount that can be given is around US$200 million-US$300 million or equivalent to Rp.4.3 trillion. Nevertheless, this number is not an exact amount, because his party will still see the condition of market readiness.
5. Post-acquisition, UNTR Disbursed Loans of IDR 4.64 T to Agincourt
PT United Tractors Tbk (UNTR) will take over PT Agincourt Resources through its subsidiary, PT Danusa Tambang Nusantara, which is also a subsidiary of PT Pamapersada Nusantara. The transaction value reached US$918 million. Until now, the completion time of the transaction is not known with certainty.
Furthermore, the company and PAMA will also provide loans to PTAR worth US$325 million or the equivalent of Rp.4.64 trillion (exchange rate of Rp.14,300/US$). Thus, the material transaction plan to be disbursed by the company reaches US$ 1.24 billion, equivalent to 33.63% of the company’s equity as of March 31 2018.
6. Seven Companies to Issue Bonds Worth IDR 13.76 T
The Indonesia Stock Exchange (IDX) currently has seven companies in the pipeline for issuing bonds in the form of bonds and sukuk with a total emission value of Rp 13.76 trillion.
Currently seven companies are in the process of administrative settlement to be able to record their debt securities.
The seven companies include PT Tiphone Mobile Indonesia Tbk/TELE (Rp 1.20 trillion), PT Jakarta Lingkar Baratsatu (Rp 1.30 trillion), PT Bank Mayapada Internasional Tbk/MAYA (Rp 3 trillion), PT Lontar Papyrus Pulp & Paper Industry (Rp 2.5 trillion), PT Adira Dinamika Multi Finance Tbk/ADMF (Rp 2.26 trillion), PT XL Axiata Tbk/EXCL (Rp 2 trillion) and PT Sarana Multigriya Financial (Rp 1.5 trillion.
7. Bank Mandiri Issues IDR 3 T Bonds, Coupons 7.75% -8.5%
PT Bank Mandiri (Persero) Tbk (BMRI) plans to issue IDR 3 trillion in bonds which are part of the 2018 Phase III 2018 Sustainable Public Offering (PUB) I. The total issuance value of PUB I Phase III in 2018 reaches IDR 14 trillion.
PUB I Phase III will be issued with a 5-year tenor with a coupon range of 7.75% – 8.50%.
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