Sampoerna Agro IPO, Indika Energy bonds & hunting down fugitives in Singapore

Recent reports at www.yosefardi.com:
1) Sampoerna Agro kicks off IPO
2) Full report on Indika Energy's US$200 million bonds, future projects, and people behind the group
3) Hunting down the fugitives in Singapore following the signing of Indonesia-Singapore extradition treaty.

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Artha coal deal, Harry Tanoe's maneuvers, WIKA IPO, Newmont deal

Today's menu at yosefardi.com:
1) Competition between Bumi Resources and Trakindo in Newmont divestment
2) Harry Tanoe's endless maneuvers: Updated with MNC IPO
3) WIKA expects Rp500bn from IPO
4) Artha Mas acquired Penton's coal assets

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Sanex dispute, Risjad-Tosin energy ventures, people behind Multistrada

Legal complexity at Sanex Group, new energy ventures of Judiono Tosin and Ibrahim Risjad, people behind tire manufacturer PT Multistrada Arah Sarana Tbk, and investment scandal involving Dressel investment are the new posts at www.yosefardi.com today. Take a tour!

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Hadi Surya's energy ventures, Mandiri scandal Part II, and Radiant's bond issuance

Take a tour to www.yosefardi.com for full report on Hadi Surya (BLTA controlling shareholder) and his energy business ventures, former Mandiri directors on new charges related to Kiani loans, and Radiant Utama's plan to issue bond and expansion!
Sorry for the technical problem appeared yesterday, it's fixed already!

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Behind MAKIN Group, M&A list, Salim's pig, others.

After almost two weeks of trial publication, those of you that have been granted access to yosefardi.com could now read the articles in full. Starting today, the service is live for subscribers. The team has just published several interesting topics: MAKIN Group, list of important M&A plans to watch, Salim's pig business, and others.

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Unhealthy Cabinet

I'm not writing about performance of cabinet members. It's about the state of their healthy. Below is the list of ministers currently having problem with that.


Mohammad Mar'uf: Minister for Home Affairs, heart attack
Taufik Effendi: Minister for State Apparatus Reform, mild stroke
Juwono Sudarsono: Minister of Defense, heart problems
Rachmat Witoelar: Minister for Environmental Affairs, accute fatigue
Djoko Kirmanto: Minister for Public Works, heart attack
Well, Minister of State Secretary Yusril Ihza Mahendra has even longer list. He said there are 13 ministers in the sick list of which eight with heart attack. Unfortunately he didn't give the details. I wonder why this cabinet has so many ministers' heart attacked?
How about other ministers?
"Physically fine, but.."

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Relaunching The Yosefardi.com

Dear readers, after two years of blogging which I enjoyed very much, I decided to run a new web service at yosefardi.com (I know it's narcistic, sorry for that) which is separated from this blog. As promised, the blog will remain as is, free, the forum for exchanging ideas. It's not because I agree with the Malaysian information minister who said recently that bloggers are merely frustrated journalists.
But stories based on research about people's business and exclussive corporate actions/news will only available at yosefardi.com which is currently in the period of trial publication. The research on people will include: family tree (members of the family, relationship with other families), business interests, political affiliations, network, track-records, and other backgrounds. There will be a database of more than 1,000 families and more than 2,000 companies. The Kalla Who's Who, for example, will be there as well that consisted of more than 100 interesting names. The administration system is not perfect yet. The tariffs are not definitive. Membership fees for news access only would be decent enough except for the database will be charged on individual basis. Just look around first!
The grand launching of Yosefardi.com will take place very soon and you're invited to come. Drop me an emal at yosef_ardi@yahoo.com if you want to join the launching.

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Lapindo disaster: Happy Ending for Bakrie

As predicted, president Susilo Bambang Yudhoyono has finally made crucial decisions in the last few days that give the Bakrie Family a happy ending. Last week, he established a new team called National Sidoarjo Mudflow Mitigation Agency led by coordinating minister for people's welfare affairs Aburizal Bakrie's expert staff. He also issued a decree that set the family free of almost Rp2.5 trillion financial burden to rebuild the damaged infrastructure.

Under the new decree, as reported by The Jakarta Post today, Lapindo Brantas Inc, the operator of the gas field, which has been widely blamed for causing the disaster, will only be liable for compensating the residents of Porong whose lands and homes had been inundated by the mud since May 2006 up until March 22. Meanwhile, government will be responsible for covering the cost of damage and dislocation arising after March 22.
The new decree is clearly offloading the burdens for Lapindo and Bakrie family dictated in the previous presidential decree (September 2006). So, initially, based on calculations of NGOs and the statement of VP Jusuf Kalla shortly after the eruption, the cost would be sky high for the Bakrie family. The September president decree lower it to 'near-the-sky-high', and seven months later the president lower it again to 'near-the-ground-high'.
On top of these, the president also appointed Retired Army General Sunarso as the chairman of The National Sidoarjo Mudflow Mitigation Agency. Mr Sunarso, a former military commander for Brawijaya Military Area in East Java, is currently an expert staff of Aburizal Bakrie at the ministry of people's welfare affairs.
Aburizal, as reported by Koran Tempo, denied the conflict of interest in the appointment of Mr Sunarso. He said it's the president who appoint Mr Sunarso.
"I recommended capable person," Aburizal said.

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Noonday refinances Recapital USD120 million for BTPN deal

Noonday Asset Management (Farallon Capital's unit) has provided USD120 million refinancing loans Recapital Advisors obtained in 2005 to acquire 71.6% shares of PT Bank Tabungan Pensiunan Nasional (BTPN). The Noonday loan matures in March 2009. Go to www.yosefardi.com for details of the deal plus Central Bank's comment.

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Polishing Soeharto's image

Two years ago Mrs Retnowati Abdulgani-Knapp (daughter of independence fighter Roeslan Abdulgani) launched a book titled: A Fading Dream: The Story of Dr H Roeslan Abdulgani and Indonesia. In the next few days, as reported by Kompas today, the lady will launch another biography, Soeharto: The Life and Legacy of Indonesia's Second President. She wrote all the positive things about Soeharto. As quoted by Gatra late last month, Retnowati wrote..."Most people who know Pak Harto (Mr Soeharto) agree that he is not a greedy man...he never shown an interest in foreign foods, he does not drink alcohol...does not use gold plates or crystal glasses..." What a conclusion. Polishing image. Mrs Retnowati is a graduate from the Faculty of Law, University of Indonesia in 1968. A former banker in New York City, USA, and now a business consultant in Indonesia, she lives in Bangkok and London.

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BNI secondary bickering (offering)

Megawati administration launched the secondary offering program for Bank Negara Indonesia (BNI) Tbk in 2004. The program was suspended shortly after regime change in late 2004. But in January 29, 2005, BNI CEO Sigit Pramono announced the plan to revive the program, targetting for execution by June 2005. It's almost two years since then, but no clear timetable of when this administration would execute (or ever?).

In mid-February, Mr Pramono said the secondary offering of up to 30% shares would use similar underwriters like when BNI's IPO (JP Morgan and Danareksa Sekuritas) (As reporte by Tempointeraktif.com). In February 2004, actually government appointed JP Morgan and Bahana Securities as the underwriters for BNI secondary offering.
Late last month, Minister for SOEs Sugiharto said government was conducting open bidding to select underwriters for BNI. JP Morgan and Bahana might be upset, while competitors are happy to try their luck. But that's not the point.
"I'm confused with the overall situation. Do not use the selection of underwriters as the scapegoat to postpone the offering. Make decision or we're going nowhere, scoring no progress in the last two and half years. You can't make everybody happy, but that's exactly what our leaders do, keep trying to make everybody happy and end up with no decision," one analyst said.
Similar situation, chaotic process in underwriters selection, has been observed in the IPO of turnpike operator PT Jasa Marga.
How about the most likely schedule?
Well, second half would be the safest bet using first quarter 2007 financial report as the basis. Jasa Marga might get out first, but things might change if president SBY reshuffle his cabinet and replace Sugiharto.

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Relaunching The Yosefardi.com

Dear readers, after two years of blogging which I enjoyed very much, I decided to run a new web service at yosefardi.com (I know it's narcistic, sorry for that) which is separated from this blog. As promised, the blog will remain as is, free, the forum for exchanging ideas. It's not because I agree with the Malaysian information minister who said recently that bloggers are merely frustrated journalists.
But stories based on research about people's business and exclussive corporate actions/news will only available at yosefardi.com which is currently in the period of trial publication. The research on people will include: family tree (members of the family, relationship with other families), business interests, political affiliations, network, track-records, and other backgrounds. There will be a database of more than 1,000 families and more than 2,000 companies. The Kalla Who's Who, for example, will be there as well that consisted of more than 100 interesting names. The administration system is not perfect yet. The tariffs are not definitive. Membership fees for news access only would be decent enough except for the database will be charged on individual basis. Just look around first!
The grand launching of Yosefardi.com will take place very soon and you're invited to come. Drop me an emal at yosef_ardi@yahoo.com if you want to join the launching.

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Creditors to control 92.5% Surya Kertas

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Cabinet reshuffle updates

Latest rumor: Cabinet reshuffle will be announced on Thursday with the following line-up: Ryaas Rasyid to replace Mar'uf as home affairs minister; Kemal Stamboel (profile at yosefardi.com) to replace Sugiharto as SOE minister; Hamid Awaluddin will be out of the cabinet to be replaced by Andi Matalatta (Golkar politician from South Sulawesi;

Purnomo Yusgiantoro to replace Aburizal Bakrie as coordinating minister for people's welfare (???); Luluk Sumiarso (director general for oil & gas) to replace Purnomo as energy minister. Well, bear in mind, I got the information not from president SBY. Make sure you check to SBY himself.
But a politician at Golkar doubted the rumor. "Golkar wants Fahmi Idris (currently the minister of industry) to be the SOEs minister and Professor Muladi as minister for home affairs," he said.
Other rumor: Djoko Suyanto (military commander) to replace Mar'uf, while Djoko Santoso (army chief of staff) to be promoted as military commander.
"Kemal is close to PKS, so SBY doesn't want to let PKS down," another source said.

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Palma Agro Ltd converted loans to Mitra Jaya

Go to www.yosefardi.com to read the full article & analysis.

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Chandra Asri acquires Styrindo

Go to www.yosefardi.com for the full report and analysis.

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Garuda privatization

About a month ago, Garuda Indonesia's aircraft crashed landing in Yogyakarta and distracted the privatization program. The following days, Rajawali Corporation---one of potential strategic investors along with Texas Pacific Group and other names, pushed government to accelerate the flag carrier's privatization arguing the need for a better management.

Today, Bisnis Indonesia reported that Garuda Indonesia has appointed Bahana Securities as the financial consultant for divestment of up to 49% shares to prospective investors amid protests from several pressure groups on the privatization plan. Bahana's partner is Ernst & Young. Garuda has also appointed Wiriadinata Wirawan as legal advisor for the privatization.
But don't ask the timetable. It's long way to go!
In the meantime, Garuda is seeking USD1 billion for financing of 25 Boeing 737-800 NG series with delivery to start May 2009.

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Jasa Marga IPO: Gov't appoints CIMB as fin advisor

Government has appointed CIMB-GK goh as the financial advisor for IPO of PT Jasa Marga. Under supporting advisors (legal, PR etc) have also been appointed. Pending approval is the lead underwriter. Two groups (Bahana-CSFB & Danareksa-Mandiri) are competing fiercely. Remember my previous post of a dinner few weeks ago when I overheard the conversation between the guys involved in the deal?

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Cabinet reshuffle updates

Is there any cabinet reshuffle? Only president SBY could answer this question precisely. Other than that are swirling rumors. What's the rumor? Well, you have the answers that SBY would kick Sugiharto out of the cabinet to be replaced by Sofyan Djalil. That's been around for two years already. Need something new? Former Telkom CEO Arwin Rasyid to replace Djalil as the minister for information & communication. Others say Bank Mandiri CEO Agus Martowardojo will replace Sugiharto as the minister for SOEs, Djalil retain his post, and Rasyid take Martowardojo's seat. Internal Affairs Minister Mohammad Mar'uf, currently hospitalised for heart attack amid rumors published by Rakyat Merdeka yesterday of possible poisoning, to be permanently replaced. Yusril Ihza Mahendra & Hamid Awaluddin to be replaced as well.

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Michael Sampoerna & The Poker Network

Michael Sampoerna, son of Putera Sampoerna, is a professional poker player like Indonesian born poker star John Juanda (USA). Go to www.yosefardi.com to read the full article!

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Tan Kian adds Ritz-Carlton in Bintan

Two Ritz-Carlton luxury hotels in Jakarta is not enough. Property magnate Tan Kian plans to build a Ritz-Carlton resort & hotel in Bintan Island with USD65 million investment, Bisnis Indonesia reported today. Currently, Salim Group is the owner of the largest resort area in the island. Salim and Tan Kian are partners in Jakarta's Sudirman Plaza complex. It's not clear if Salim is also involved in the Bintan Ritz-Carlton project.

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Republika improved, Indosiar worsen

PT Abdi Bangsa Tbk---publisher of Republika, newspaper established by former president BJ Habibie but currently controlled by Mahaka Group, reported operating profit of Rp9.99bn last year, a significant improvement compared to operating losses of Rp3.7bn in 2005.

Meanwhile PT Indosiar Karya Media Tbk---parent company of TV station Indosiar, reported operating loss of Rp256bn in 2006 against operating profit of Rp21bn in 2005 on significant drop in revenue of 25% to Rp607bn.
Another listed TV station SCTV (PT Surya Citra Media Tbk) recorded operating profit of Rp220bn last year, slightly increased from Rp207bn in 2005 on higher revenue from advertising at Rp1.2 trillion.

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Bumi share price down 1.5%

Share price of PT Bumi Resources Tbk declined 1.5% to Rp1,310 today as some analysts predicted the deal between Tata Power and Bumi on 30% shares of KPC and Arutmin reflects a discount on last week's closing price. Bumi expects to receive total proceeds of approximately US$1.3 billion, including base price US$1,1 billion and additional price adjustment at the closing of transaction. The Sale will close subsequent to customary formal approvals for both the parties.

Bumi announced late last week that it intends to use the sale proceeds to fully redeem the outstanding balance of the existing US$900 million in Bumi’s subsidiaries, intercompany debt in Bumi’s mining company subsidiaries, Bumi debt and for Bumi’s working capital. The redemption of all debt in Bumi’s subsidiaries and intercompany loans will make the Coal Companies debt free. It will also fully repay the outstanding debt at Bumi level.
Till today, I got no details of terms/conditions of the deal. Anybody?

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The Advisors

President SBY has finally appointed nine advisors. They are Adnan Buyung Nasution (lawyer), Ali Alatas (former foreign affairs minister), Emil Salim (former environment affairs minister), Ma'ruf Amin (Moslem cleric), Abdul Gani (lecturer), Subur Budi Santoso (lecturer, former chairman of SBY's Partai Demokrat), TB Silalahi (ret army general, former minister), Rachmawati Soekarnoputri (?, sister of former president Megawati Soekarnoputri), and Sjahrir (economist).

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