Sampoerna Agro to Hold IPO of 419.500 MN Shares in June

PT Sampoerna Agro which operates in oilpalm seed breeding, plantation and processing, has planned to hold an initial public offering (IPO) of 419.5 million shares at nominal price of IDR200 per unit.Sampoerna Agro's management said in the IPO prospectus that the offering period is scheduled for June 12-14 while listing at the JSX on June 20, 2007.But the offering price will be set up later after the effective statement from the Capital market Supervisory Board (Bapepam) which is expected to be received on June 7, 2007, it said. It added that PT Danareksa Sekuritas has appointed as the underwriter. Of the total IPO proceeds, 60% will be used for repaying loan facility to Credit Suisse. The company's principal debt to Credit Suisse is US$100 million at interest rate of LIBOR+2.5% per year while the last debt installment will be January 26, 2012. Besides, 35% of the IPO proceeds will be used for financing the program of oilpalm plantation expansion and 5% will be used as working capital.Sampoerna Agro recorded sales of IDR977.3 billion in 2006, rising by 56.2% from IDR625.7 billion in 2005, supported chiefly by the higher in sales volume of CPO and palm kernels.CPO sales increased 59.3% from IDR524.4 billion in 2005 to IDR835.6 billion in 2006 supported by the sales volume that rose from 155,681 tones to 237,918 tones. At the same time, the gross profit climbed up 48.5% at IDR248.7 billion from IDR167.5 billion, while the operating profit rose 59.1% from IDR120.7 billion to IDR192.1 billion, and the net profit stepped up 83.8% at IDR112.7 billion from IDR61.3 billion.

BRI Net Profit Rises 4.64% at IDR1.22 Tn

PT Bank Rakyat Indonesia Tbk (BRI) recorded net profit of IDR1.255 trillion as of March 2007, rising by approximately 4.64% versus IDR1.17 trillion in the same period of 2006.The net profit increase was supported by interest income which climbed up by approximately 13.43% at IDR5,59 trillion from IDR4.93 trillion while net interest income was IDR3.96 trillion versus IDR3.241 trillion.BRI president Sofyan Basir said here yesterday (26/7) that the interest income during that period was contributed mostly (76.99%) by loan interest.During that period, BRI disbursed loan worth IDR14.65 trillion, rising by approximately 19.17% at IDR91.059 trillion from from IDR76.409 trillion.Basir said micro- and small-scale business segments had the highest contributions for the total loan growth, IDR4.37 trillion and IDR5.808 trillion each.

Fajar Surya Wisesa 1Q Net Profit Plunges 96.31%

Industrial paper manufacturer PT Fajar Surya Wisesa Tbk (FASW) booked net pofit of IDR2.463 billion (IDR0.99 per share) during the period of January-March 2007, falling sharply by 96.31% from IDR66.701 billion (IDR26.92 per share) in the same period of 2006.The net profit fell sharply, possibly because of other net expenses that reached IDR57.538 billion versus other net revenues of IDR66.337 billion, which made the pre-tax profit stumble by 95.72% from IDR96.289 billion to IDR4.124 billion.Yet, the net sales climbed up by approximately 49.13% from IDR368.889 billion to IDR550.142 billion, which boosted the gross profit by 69.79% from IDR53.763 billion to IDR91.282 billion although the cost of goods sold (COGS) rose from IDR315.126 billion to IDR458.861 billion.

JCI Slumps 5.373 Points at 2,010.660

The Jakarta composite index (JCI) stepped down in the morning session today (27/4) and by JATS time the index dropped 5.373 points (0.266%) at 2,010.660 due to profit-taking of most bluechip stocks after increasing fairly significantly in yesterday's (26/4) trading.Among the losers in the morning session today were TLKM by IDR150 or 1.39% at IDR10,650, TINS by IDR400 or 3.15% at 12,300, ANTM by IDR100 or 0.63% at 15,750 and BBRI by IDR100 or 1.82% at 5,400 per share.At the same time, BDMN rose by IDR50 or 0.74% at 6,800, UNVR by IDR50 or 0.88% at 5,700, BBNI by IDR25 or 1.09% at 2,325 and BBCA by IDR50 or 0.93% at 5,400 per unit.Volume was 85.45 million shares with value of IDR115.55 billion and frequency of 965 transactions, while the total number of actrive stocks was 32 with six gainers, six losers and 20 flat.

Bank Danamon 1Q Net Profit Soars 92%

PT Bank Danamon Tbk (BDMN) booked net profit of IDR482 billion in the first quarter of 2007, rising sharply by 92% from IDR251 billion in the same period of 2006, the bank's president Sebastian Paredes said. Paredes said here yesterday (26/4) the sharp increase was triggered by the operatingrevenue that climbed up by 41% at IDR2.163 trillion from IDR1.539 trillion, while net interest income, provision and commission contributed 35% and 61% of the operating revenue. "The total assets stepped up 20% at IDR84.946 trillion from IDR70.758 trillion, while the public fund climbed up 21% at IDR58.475 trillion, supported by the sharp hike in deposits and savings," he said further.Bank Danamon's loans to small- and medium-scale businesses and the commercial sector increased by 11% and 13% each at IDR8.339 trillion and IDR5.544 trillion, while loan to the corporate sector was up 15% at IDR5.535 trillion.Meanwhile, Danamon's director and chief financial officer, Vera Eve Lim, said the NPL (gross) was 3.2% or slightly lower than 3.3% in the same period of 2006. "But the net NPL remained zero because the ratio of debt write-off to NPL was 158% after figuring in the guarantee value," Lim added.

Pan Brothers to Pay Dividends of IDR1 per Share on June 4

Garment company PT Pan Brothers Tbk (PBRX) has planned to pay cash dividends of IDR445.440 million (IDR1 per share) for the 2006 fiscal year, the management said. The management said that the dividends will be paid out on June 4, 2007, and the total dividend value (IDR445.440 million) is only 4.5% of the 2006 total net profit which was IDR9.747 billion. The dividends will be paid out to the shareholders whose names are recorded on May 23, 2007, and the plan to pay the cash dividends was approved by the shareholders in the AGM on Monday (23/4) in Jakarta. Cum dividend dates in the regular/negotiated and the cash markets are May 16 and 23, 2007, while ex dividend dates in the two markets are May 21 and 24, 2007.

New book on Soeharto tells thoughts on probe, enemies

An authorized biography of former president Soeharto has been published arguing that his historical legacies should be remembered over his ill-fated rule.

Author Retnowati Abdulgani-Knapp, the daughter of the late Indonesian freedom fighter Roeslan Abdulgani, said Tuesday she wanted to put Soeharto's reign into a perspective she believed was accurate without intending to convert any staunch haters of the country's second president. Soeharto resigned in 1998 following nationwide demonstrations.

"There's no political motivation whatsoever, let alone a desire to clear (Soeharto's) image or name," she said during her book launch here, adding that she acknowledged many readers would have reservations about picking up the book.

She began intensive interviews with Soeharto in 2005 and has met with him three to four times a year since. Each visit, she said, lasted for no more than an hour.

Retnowati said she was aware the 376-page book, titled Soeharto: The Life and Legacy of Indonesia's Second President, could appear as defending Soeharto, but that she believed the former president was a victim of the actions of his children and former ministers.

"(The biggest misconception about Soeharto) is that he's like his children. I don't think he's corrupt. His children on the other hand, must have been difficult to control," she said, adding that Soeharto believes he is innocent of corruption charges filed against him.

"He doesn't feel guilty. Whatever moves he made were products of a Cabinet, which included all former officials ever to have worked with him. So if they're seeking his prosecution, they would have to involve all former vice presidents and ministers," said Retnowati.

The book also details grudges Soeharto still holds against those he believes betrayed and deserted him at the time of his fall in the wake of the 1997 financial crisis.

One of these people is Soeharto's successor, B.J. Habibie, who was vice president prior to the 1997 resignation of the "smiling general".

Judging from her interviews with Soeharto, Retnowati believes he is still unable to forgive Habibie, who was seen as one of his closest friends, for allowing his prosecution. The Supreme Court declared Soeharto unfit to stand trial in 2002.

The corruption charges were revoked last year by the Attorney General's Office over the impossibility of a trial due to what a presidential team of doctors claim to be permanent brain damage and a physical inability to stand trial.

Retnowati said it was difficult to discuss with accuracy past issues with Soeharto because of his memory loss, and that Soeharto's case highlighted to future leaders that they should not overly trust their ministers, but rather examine political situations from the grassroots level up.

Muhammadiyah figure Ahmad Syafii Maarif said the book was empathetic toward Soeharto, but agreed that the former president should be remembered for his accomplishments during his 32-year reign.

"His children should be mature enough to defend and face all the charges against their father. There's no way he's ever going to be able to stand trial, so his children need to wake up and be bold," he said.

Azyumardi Azra, rector at state Islamic university Syarif Hidayatullah, said that despite his fall, none of Soeharto's successors had managed to combine his political skills with his ability to "conveniently" position Indonesia in the international community.