Jakarta, Oct 15 (ANTARA) - Publicly-listed instant noodle producer PT Indofood CPB Sukses Makmur Tbk (ICBP) said on Saturday it had used 50 percent or Rp4.065 trillion of funds raised through an initial public offering (IPO) to settle its debts.
"The debt settlement accords with the plan to use a great chunk of IPO funds to settle debts," ICBP Director Hendra Wijaya said.
The company raised Rp6.086 trillion in funds from the IPO to settle debts and finance capital expenditure. However, according to the company's initial prospectus, the plan to use the IPO funds to finance capital expenditure expected to reach Rp2.021 trillion had yet to materialize.
"This means that we will use the remaining Rp2.021 trillion from the IPO to finance our capital expenditure," he said.
According to the company's prospectus published in December 2010, 67 percent or Rp4.1 trillion of the IPO funds would be used to settle debts. As such, the company's spending on interest expense would decline by 6-7 percent per year.
The company is expected to spend Rp954 billion on capital expenditure this year, while the amount of short-term debts to a number of banks reaches about Rp1.1 trillion.
ICBP saw its first-semester net profit surge 23.7 percent to Rp990 billion from the same period last year, fueled by rising sales which grew 5.7 percent to Rp9.42 trillion.
The instant noodle and dairy divisions respectively contributed 68 percent and 19 percent of the first-semester sales. ***5***
Showing posts with label Business Indonesia. Show all posts
Showing posts with label Business Indonesia. Show all posts
Saturday, 15 October 2011
INVESTMENT IN INDONESIA TO GROW 16.6 PCT NEXT YEAR
Nusa Dua, Bali, Oct 15 (ANTARA) - The Investment Coordinating Board (BKPM) has predicted investment in Indonesia will grow by 16.6 percent to Rp280 trillion next year from Rp240 trillion this year.
With the increase in investment, the Indonesian economic growth would remain stable, BKPM Chief Gita Wirjawan said after addressing a seminar on New Asia Rising here on Saturday.
"We are optimistic that the domestic economy will continue to grow well and will not be affected by the global crisis triggered by the sovereign debt crisis in the US and Europe," he said.
Asked about security conditions and natural disasters in Indonesia, he said the matter was one of the factors that investors needed to consider.
"Yet security conditions and natural disasters do not very much influence investors to cancel their investment plans in Indonesia," he said.
Indonesian permanent representative to ASEAN Ngurah Swajaya said on Thursday investment in the Southeast Asian region almost doubled to US$70.8 billion in 2010 from US$37.8 billion the year before.
The investment mostly went to the industrial sector in line with the aim of forming an ASEAN community by 2015 to turn the region into a competitive industrial hub for the world's industrialized countries such as Japan and Germany, he said.
With the increase in investment, the Indonesian economic growth would remain stable, BKPM Chief Gita Wirjawan said after addressing a seminar on New Asia Rising here on Saturday.
"We are optimistic that the domestic economy will continue to grow well and will not be affected by the global crisis triggered by the sovereign debt crisis in the US and Europe," he said.
Asked about security conditions and natural disasters in Indonesia, he said the matter was one of the factors that investors needed to consider.
"Yet security conditions and natural disasters do not very much influence investors to cancel their investment plans in Indonesia," he said.
Indonesian permanent representative to ASEAN Ngurah Swajaya said on Thursday investment in the Southeast Asian region almost doubled to US$70.8 billion in 2010 from US$37.8 billion the year before.
The investment mostly went to the industrial sector in line with the aim of forming an ASEAN community by 2015 to turn the region into a competitive industrial hub for the world's industrialized countries such as Japan and Germany, he said.
PERTAMINA TERMINATES AIRCRAFT FUEL SUPPLY TO MERPATI
Jakarta, Oct 15 (ANTARA) - State-owned oil/gas firm PT Pertamina has terminated its aviation turbine fuel (Avtur) supply to Merpati Airlines at Juanda and Hasanuddin aiports as of 00:00 October 15, 2001, Merpati's president director said.
"Consequently, we have to stop our flight operations from and to Surabaya's Juanda and Ujung Pandang's Hasanuddin's airports until an unspecified time," Merpati President Director Capt Sardjono Jhony told the press here on Saturday.
Marpati has imposed a limited termination of its Avtur supply to Marpati because the state-owned airlines had yet to settled its obligation to pay for the avtur to Pertamina.
"Based on the Pertamina letter, the balance of our unpaid aircraft fuels for the August 27, 2011 - October 13, 2011 period amounts to Rp2.7 billion and US95.6 thousands," the Merpati president director said.
Sardjono admitted that the problem had happened as a result of the fact that Merpati had been in financial troubles in the last several years and at present it was waiting for the disbursement of the government's financial assistance.
He said that actually, we have agreed to settle the debts during a meeting on February 12, 2011 with Pertamina and the Asset Guarantor Company (PPA) which was led by the state-owned enterprises (BUMN) minister.
The results of hour meeting on August 18, 2011 concluded that Marpati's accumulative debts amounting to Rp270 billion plus an avtur obligation would get payment priority when the government's capital participation worth Rp561 billion was disbursed.
"This means that institutionally, Marpati's obligation to Pertimina is guaranteed," he said.
"Consequently, we have to stop our flight operations from and to Surabaya's Juanda and Ujung Pandang's Hasanuddin's airports until an unspecified time," Merpati President Director Capt Sardjono Jhony told the press here on Saturday.
Marpati has imposed a limited termination of its Avtur supply to Marpati because the state-owned airlines had yet to settled its obligation to pay for the avtur to Pertamina.
"Based on the Pertamina letter, the balance of our unpaid aircraft fuels for the August 27, 2011 - October 13, 2011 period amounts to Rp2.7 billion and US95.6 thousands," the Merpati president director said.
Sardjono admitted that the problem had happened as a result of the fact that Merpati had been in financial troubles in the last several years and at present it was waiting for the disbursement of the government's financial assistance.
He said that actually, we have agreed to settle the debts during a meeting on February 12, 2011 with Pertamina and the Asset Guarantor Company (PPA) which was led by the state-owned enterprises (BUMN) minister.
The results of hour meeting on August 18, 2011 concluded that Marpati's accumulative debts amounting to Rp270 billion plus an avtur obligation would get payment priority when the government's capital participation worth Rp561 billion was disbursed.
"This means that institutionally, Marpati's obligation to Pertimina is guaranteed," he said.
Monday, 10 October 2011
INDOSAT GETS AA+ RATINGS
Jakarta, Oct 11 (ANTARA) - Credit rating agency PT Pemeringkat Efek Indonesia (Pefindo) has assigned its AA+ ratings to state telecommunications operator PT Indosat Tbk.
The outlook of the ratings is stable, a Pefindo analyst said in a press release issued on Tuesday.
The ratings also apply to Indosat bonds II of 2002, bonds V of 2007, bonds VI of 2008 and bonds VII of 2009 as well as sukuk ijarah II of 2007, sukuk ijarah III of 2008 and sukuk ijarah IV of 2009.
The Pefindo analyst said the ratings reflected strong support from the company's majority shareholders, strong market position and improving operational performance.
Yet the ratings were restricted by the company's aggressive capital structure and tight competition among telecommunications operators.
Indosat is one of the country's leading providers of telecommunication and information services covering cellular business, multimedia, internet, data communication and fixed line services.
As per June 30, 2011, Indosat was 65 percent owned by Qatar Telecom Pte Ltd, 14.3 percent by the Indonesian government, 5.6 percent by SKAGEN Funds and 15.1 percent by the public.
Next year the company is expected to spend Rp650 billion, about the same as last year's, on capital expenditures.
The outlook of the ratings is stable, a Pefindo analyst said in a press release issued on Tuesday.
The ratings also apply to Indosat bonds II of 2002, bonds V of 2007, bonds VI of 2008 and bonds VII of 2009 as well as sukuk ijarah II of 2007, sukuk ijarah III of 2008 and sukuk ijarah IV of 2009.
The Pefindo analyst said the ratings reflected strong support from the company's majority shareholders, strong market position and improving operational performance.
Yet the ratings were restricted by the company's aggressive capital structure and tight competition among telecommunications operators.
Indosat is one of the country's leading providers of telecommunication and information services covering cellular business, multimedia, internet, data communication and fixed line services.
As per June 30, 2011, Indosat was 65 percent owned by Qatar Telecom Pte Ltd, 14.3 percent by the Indonesian government, 5.6 percent by SKAGEN Funds and 15.1 percent by the public.
Next year the company is expected to spend Rp650 billion, about the same as last year's, on capital expenditures.
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