HK Realtindo plans to issue 35% of its share base to the public to raise Rp1 .0t-1.4t. The company has assigned Bahana Securities, MAndiri Sekuritas, Danareksa Sekuritas, BNI Securities and RHB Securities Indonesia to handle the IPO, which will be conducted In Apr-May 17.
Adira Dinamika Multi Finance (ADMF) plans to issue sustainable bonds worth Rp9.0t in two types – conventional bonds and Sukuk. The proceeds will be used to refinance its debt and for expansion. The company expects its loans to grow 8-9% yoy in 2017.
Christmas on A Great Street will be returning for its eight consecutive year next month, and despite concerns about the sluggish economy, the Orchard Road Business Association (ORBA) is hopeful that the annual Christmas lights event will attract shoppers. Under the theme Spread The Joy, the whole of Orchard Road, spanning 2.9km from Tanglin Mall to Plaza Singapura, will be decorated and feature seven set pieces, such as glowing reindeer in different colours, a 12m-tall arch. Christmas activities and performances, such as a Christmas market and Christmas caroling, have also been planned for the festive season. A feature that is new this year is the fact that you can interact with the set pieces, which includes glowing Christmas trees and a dome of stars. For example, when you place your hand on them, they will start flashing lights and playing music.
United Overseas Bank (UOB) posted a 7.8% drop in third-quarter net profit, hurt by a jump in bad debt charges due to losses from its exposure to the oil and gas sector. Singapore banks are facing mounting risks as credit woes deepen for the offshore services sector, which has been hit hard by an almost two-year rout in oil prices and a slowing economy. UOB reported net profit of S$791m in the three months ended September, versus a profit of S$858m last year. Bad debt charges rose 15.7%.
Many employees had their contracts terminated without clear explanation — just before their firms moved overseas. Others were let go because they did not meet their performance targets, or so they were told. But investigations showed that they are actually disquieting examples of “disguised retrenchments”, a trend the National Trades Union Congress (NTUC) is concerned about. NTUC is unhappy about such veiled layoffs because firms get away with not having to pay workers retrenchment benefits. It also allows them to avoid bad press or business repercussions if the word gets out. Hence, they axe staff but “don’t say it’s (a) redundancy”. Right now, firms do not have to notify the Government of any forthcoming retrenchment exercises, but are encouraged to do so. Retrenchment benefits are not mandatory under the law, and the quantum hinges on agreements between employers and employees. Quantums are to be negotiated between the two parties if no provisions are made.
High-profile cyanide coffee murder suspect Jessica Wongso was sentenced to 20 years in prison by the Central Jakarta District Court. The suspect is expected to the verdict. Jessica maintained that there is no evidence proving that she added cyanide into the coffee.
The House of Representatives passed revisions of the controversial Electronic Information and Transactions Law, Indonesia’s internet law and popularly known as ITE Law, including reducing jail time for violators. The revisions are meant to make implementation of the law — loose interpretations of which have caused public outcries — more consistent. In 2009, Prita Mulyasari was jailed after an email she wrote criticizing the treatment she received at Omni International Hospital in Tangerang went viral. She lost a defamation suit against the hospital.
Indofood Sukses Makmur (INDF) booked net income of Rp3.2t in 9M16, up 92.5% yoy from Rp1.7t in 9M16. With 9M net income typically contributing an average of 72.4% (over 2012-2015) of full-year net income, 9M16 net income is ahead of our and market expectations, accounting for 82.1% and 81.9% of our and market forecasts respectively.