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BCA Closes Rabobank Acquisition, Paves Way for Its Islamic Banking Expansion

Jakarta. Bank Central Asia, or BCA, Indonesia’s most valuable lender, has closed the deal on the acquisition of Bank Interim Indonesia, formerly Bank Rabobank International Indonesia for Rp 644 billion, or $44 million from a Dutch lender Coöperatieve Rabobank in a move that would pave way for the local lender expansion in the Islamic banking business.  Vera Eve….

South Korean investor to build ‘largest power plant’ in North Sumatra

PT Hanlim Power Corporation, the local arm of a South Korean company, plans to build a 4,800 megawatt (MW) gas-fired power plant (PLTGU) in Batubara regency, North Sumatra, which is touted to be the largest in the province. The company signed a deal with North Sumatra Governor Edy Rahmayadi on Wednesday to expedite the issuance….

Jokowi inaugurates Yogyakarta International Airport

President Joko “Jokowi” Widodo officially inaugurated Yogyakarta International Airport (YIA) in Kulon Progo regency on Friday, several months after its full operation began in March. Situated around 45 kilometers from the city of Yogyakarta, the new airport has replaced the older Adisutjipto International Airport as the main flight hub in the province of Yogyakarta. The….

Indonesia’s Indofood CBP to buy Pinehill Co for US$3b

JAKARTA (June 8): PT Indofood CBP Sukses Makmur, owned by Indonesian billionaire Anthoni Salim, plans to acquire a producer of instant noodles in Africa and the Middle East for US$3 billion (RM12.8 billion) to expand in fast-growing markets for consumer products. Indofood CBP, part of conglomerate Indofood Sukses Makmur, will acquire 100% of Pinehill Co from….

BBCA will acquire Rabobank and merge it with its subsidiary

JAKARTA. PT Bank Central Asia Tbk (BBCA), plans to acquire PT Rabobank International Indonesia and merge it with its subsidiary. BBCA estimates that the acquisition may cost Rp 500 billion. However, the final figure will be decided based on Rabobank’s equity value at the time of the acquisition, plus a fixed premium of US$ 20.5….

Kopi Kenangan obtains US$ 109 million from Series B funding round

JAKARTA. Kopi Kenangan, one of the largest coffee shop chains in Indonesia, has just obtained US$ 109 million from a Series B funding round led by Sequoia Capital. In an official statement received at idnfinancials.com, Kopi Kenangan will use the funds to strengthen its operations in Indonesia. In addition, the company will also allocate funds….

Coronavirus Clouds M&A Lending Market

When financial markets swoon, private equity pros are known for checking the debt side of the equation first as that determines their cost of leverage for deals. Because the full effect of Covid-19, the disease caused by a novel coronavirus, remains unknown, the outlook for lending and M&A is far from clear in the wake of….

Olam International sells 50% shares of Indonesia’s Far East Agro

Singapore’ Olam International has sell its remaining 50 percent stake of Far East Agri Pte. Ltd. for around US$85.0 million to its joint venture partner Thailand-based Mitr Phol Sugar Corporation. After the transaction, the global food and agriculture supplying company food book a capital gain about $40.0 million. Olam divest is part in the sugar joint venture is….

Aviva announces exit, sells entire stake in Indonesian joint venture

British insurance company Aviva Holding Ltd. has announced its exit from Indonesia, selling all its shares in its joint venture in the country, PT Astra Aviva Life (Astra Life), to its partner, PT Astra International. Aviva released the statement on the company’s website on Friday. “The transaction is expected to be completed in quarter four….