Author: Editor

Astra Otoparts Establishes Two New Subsidiaries

Posted by | January 5, 2012 | , , | 0 |

JAKARTA (Indonesia Today) – PT Astra Otoparts (AUTO) Tbk, automotive component subsidiary of Astra International (ASII), has established two new subsidiaries, namely PT Autoplastik Indonesia and PT Velasto Indonesia. Robby Sani, director of Astra Otoparts, informed stock market authorities Friday that establishment of the two subsidiaries is not a material transaction because AUTO’s total investment will be less than 20% of equity. PT Autoplastik Indonesia will produce plastic parts for four-wheel OE player. The plant will be located in Karawang Regency, West Java with paid-up capital of Rp75 billion. AUTO holds 100% shares in this subsidiary. PT Velasto Indonesia, meanwhile, will produce (1) tube for two-wheel vehicles, (2) hose for both two and four-wheel vehicles, and (3) transmission belt for two-wheel. The plant will be located in Purwakarta Regency, West Java with paid-up capital of Rp2.5 billion. AUTO also holds 100% shares in this company. (Indonesia Today)...

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Lawmakers Keep Trying to Weaken KPK

Posted by | January 5, 2012 | , , | 0 |

JAKARTA (Indonesia Today) ??? House of Representatives (DPR) has submitted a revised bill on the antigraft commission KPK to legislative body. Some crucial points in the amendment of KPK Law include reduction of KPK’s power in wiretapping and prosecution. Ahmad Dimyati Natakusumah, deputy of The House???s Legislative Body, confirmed that the draft has been submitted by the lawmakers. According to him, Commission III of the House (overseeing law), in the draft, wants KPK to ask for permission from district court chief before conducting a wiretapping. Dimyati stated that the idea is questionable considering the long bureaucracy for the permission could trigger an information leak. The law commission, moreover, also try to reduce the wiretapping duration. ???The wiretapping duration will be...

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XL Axiata Down 4.5% on Etisalat Placement

Posted by | January 5, 2012 | , | 0 |

JAKARTA (Indonesia Today) – XL Axiata (EXCL) shares drop 4.5% to Rp6,400 Thursday (Sept 13) following reports about Etisalat’s plan to sell EXCL shares at Rp6,100-6,300 per share to strategic investors. More than 5 million shares were exchanged hands in the first hour of trading on IDX. At Rp6,400, XL Axiata has market capitalization of Rp54.6 trillion. The company booked net profit of Rp1.46 trillion from sales revenue of Rp10.17 trillion in the first half of 2012. Etisalat, which owns 13.3% shares in EXCL, reportedly offers 775 million shares or about 8.4% of total issued shares, at Rp6,100-6,300, a discount of 6%-9% to Wednesday’s closing price...

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8 Foreign Francise Firms Postpone to Enter Indonesia

Posted by | January 5, 2012 | , | 0 |

JAKARTA (Indonesia Today) – Up to eight foreign franchise companies have postponed their plans to enter Indonesian market following unclear regulation on franchise business in the country, Bisnis Indonesia reported this morning. Chairman of Indonesian Franchise and License Amir Karamoy said the companies, coming from Australia, US, South Korea, and Malaysia, are still waiting on the regulation issuance, especially on store expansion limitation issue. ???Their investment reach up to Rp10 ??? 12 billion and most of them will run retails, health clinic, and...

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Hendarman Dragged into Hartati-Buol Regent Graft Case

Posted by | January 5, 2012 | , , | 0 |

JAKARTA (Indonesia Today) ??? Former Attorney General Hendarman Supandji has been dragged into the graft case related to Demokrat Party advisor and businesswoman Siti Hartati Murdaya and Buol regent Amran Batalipu. Tempo on Friday (Sept 14) reveals document of examination over Amran Batalipu that mentioned about Hendarman???s involvement in the case. Hendarman, according Amran in the document quoted by Tempo, had been appointed as director at the company owned by Hartati. ???Related to the issue of 4,500 hectares land, Hartati has conveyed that she has been examined at her office by the team from the Palu High Prosecutor Office, because she was called twice but yet to fulfilling the call. However, because Hendarman Supandji was appointed a director, then the issue handled by the Palu High Prosecutor Office was...

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