Property developer Andalan Sakti shares soar 70% in stock market debut

first_img“Business potential in the real estate sector [is good] considering that the growth of housing demand continuously increases, driven by population growth, which increases significantly every year,” Andalan Sakti president director Suwandi Notopradono said in a written statement. Suwandi added that buying a house was seen as a form of investment as prices for houses always increased over the years. Through its subsidiary company, PT Andalan Sakti Nusa (Ansa Land), Andalan Sakti plans to build the Casa Serpong housing project in Parung Panjang, Bogor. About 85 percent of the funds raised from the IPO will be allocated for Ansa Land’s working capital, while 15 percent will go to paying debts to the company’s shareholders. Ansa Land, a residential property development company predominantly developing properties in the Greater Jakarta area, was acquired by Andalan Sakti in 2013 and has since developed numerous property complexes, including the Royal Matoa Residence in Depok and the Arkamaya Residence in Tangerang.  Topics : Shares of property developer PT Andalan Sakti Primaindo (stock symbol ASPI) soared 70 percent at its stock exchange debut on Monday as the company sought funds from the market to develop green properties in Greater Jakarta.Andalan Sakti’s share price skyrocketed from Rp 105 to Rp 178 within three minutes after trading opened, indicating investors’ strong interest in the company’s prospects.The company will use most of the Rp 34.6 billion (US$2.5 million) proceeds from its initial public offering (IPO) earlier this month to develop green residential properties in the middle-to-lower income bracket around the capital.center_img “We are developing the Casa Serpong complex [in Bogor] with a green concept, a modern concept for millennials,” Andalan Sakti director Jansen Kustianto said on Monday. Jansen added that the company focused on attracting the middle-to-lower income market segment and would offer its housing units for Rp 350 million to Rp 400 million per unit.Ansa Land would offer lower down payments and cooperate with banks who would provide the mortgage loans (KPR) for its buyers, Jansen noted. Of the 500 units that are planned to be built within the 15 hectares land set aside for the Casa Serpong complex, some 100 units will be developed this year and the rest will be completed in the next three to five years, according to Jansen. Indonesia Stock Exchange (IDX) assessment director I Gede Nyoman Yetna said in his opening remarks on Monday that Andalan Sakti was the 14th company to be publicly listed in 2020 and the 680th company overall. “We will not stop encouraging companies to list themselves on the stock market. We have a saying: don’t wait until [the company is] big to enter the stock market, but grow big on the Indonesian stock market,” the assessment director said while encouraging the company to realize its strategic action plan with the proceeds it had gathered.  Andalan Sakti offered 48 percent of its total listed shares during its IPO or a sum of 330 million shares. Trading of the company’s shares was temporarily suspended on Monday as the prices exceeded the allowable increase limit for a single-day transaction as regulated in the exchange’s auto-rejection regulation. (ydp)last_img read more

Indonesian cocoa to see deep dip, second-worst globally: ICCO

first_imgIndonesia is predicted to see the second-deepest drop in cocoa production volume this season, compared to other producing countries, due to the pandemic pressure on demand and operation, according to the International Cocoa Organization (ICCO).The world’s sixth-largest cocoa producer will see output dip by 20,000 tons year-on-year (yoy) to 200,000 tons between the 2019 and 2020 season, which runs from October to September, according to an ICCO report made available to The Jakarta Post on Oct. 2.The decrease is the second-deepest behind Côte d’Ivoire and is on par with Nigeria, both of which are also among the world’s top 10 cocoa producing countries. “Cocoa production has generally shown resilience but concerns still remain as COVID-19 prevails,” writes the ICCO report published in August.Indonesia’s continuous rise in COVID-19 cases is a lingering risk for the country’s agriculture industry, which has helped cushion the pandemic’s impact on the economy. On Monday, the country recorded more than 307,000 confirmed cases of the virus.The sector, the second-largest contributor to Indonesia’s economy, managed to grow 2.19 percent yoy in the second quarter this year, while the economy shrank 5.32 percent yoy, according to Statistics Indonesia (BPS). Read also: Agriculture resilient to pandemic’s impactGlobally, cocoa farmers have faced COVID-19 health risks and supply setbacks as international lockdowns restricted the influx of manpower, fertilizer and seedlings to cocoa farms and plantations. Meanwhile, the weak global economy induced by the COVID-19 outbreak is also expected to have a negative impact on the demand for commodities, including cocoa, the report notes.The ICCO is forecasting a 1.2 percent yoy decline in worldwide production to 4.72 million tons for the 2019 to 2020 season, compared to the previous season.In Indonesia, the challenge for farmers has been receiving state-sponsored seedlings in a timely and precise manner, Indonesia Cacao Council (Dekaindo) chairman Dwiatmoko Setiono told the Post on Monday.“It’s better now, more so with subsidized fertilizer, but these programs need continuity and consistency,” he said.Indonesia’s top two cocoa producing islands are Sulawesi and Sumatra, which contribute nearly 90 percent of total output, Agriculture Ministry data show.On the demand side, Indonesia’s cocoa grindings – the industry’s benchmark to measure demand – is expected to dip by 7,000 tons yoy to 480,000 tons this season, ICCO data show.“Although at the time of writing economies were gradually opening, a speedy recovery is not expected,” says the ICCO of the global cocoa demand outlook.The fall in domestic cocoa demand is also driven by falling chocolate demand as retailers closed shop while Indonesian cities imposed large scale social restrictions (PSBB).A case in point, publicly-listed chocolate producer PT Wahana Interfood Nusantara (COCO) saw its sales drop by half due to the lockdowns. The company’s revenue fell 47 percent yoy to Rp 47.6 billion (US$3.2 million) during the January-June period.“Many malls were closed such that tenant COCO customers were unable to run as usual and thus, demand plummeted,” wrote the company in a letter to the bourse on Sept 1.The company, however, noted an uptick in online sales during the Idul Fitri holidays, when many Indonesians customarily bake pastries and cakes. Going forward, the Indonesian Cacao Industry Association (AIKI) expects cocoa demand to recover next year “to the same level as before the pandemic”, AIKI chairman Piter Jasman told The Jakarta Post via text message on Monday.“We see demand already rising again in the fourth quarter of 2020,” he said.Demand recovery, he continued, would be driven by improvements in people’s purchasing power, which would trigger higher demand for cocoa-based products from supermarkets and online marketplaces.Topics :last_img read more

DC charge cap could result in ‘inconsistent’ fee disclosure

first_imgWhen used by pension investors, the OCF charged by a fund vehicle would cover management charges, regulatory, audit and depositary fees and the cost of administration, the industry body suggested.However, it would exclude the cost of performance-related and brokerage fees, while any incurred transaction taxes would also need to be met through a separate payment.“With respect to the introduction of the charge cap for DC automatic-enrolment default strategies, we note the emergence of a new term, ‘Member Borne Deduction’ (MBD),” the paper said.“We urge the government, regulators and the pensions industry to use the term MBD only in the context of charge-cap compliance, not consumer disclosure.“This will help to facilitate the kind of consistent, intuitive messaging on charges that government, regulators and industry agree is necessary.”The report comes a week after the Department for Work & Pensions (DWP) published the final regulation surrounding the UK’s 0.75% charge cap.The final guidelines will see DC schemes that offer a guaranteed return exempted, but they also recommended that trustees ensure “low value” promises not be used as a way of avoiding the cap.Pensions minister Steve Webb has previously insisted trustees have a fiduciary duty to ensure charges are being levied as a result of decisions that are in a member’s interest.The government also recently pledged to explore whether members should have access to information about tendering of asset management contracts, which would potentially include greater transparency on fees.For more on asset management fees and how pension funds are tackling them, see a recent Special Report in IPE,WebsitesWe are not responsible for the content of external sitesLink to Investment Association paper on costs and charges The Investment Association has cautioned against describing management fees as a charge incurred by members unless discussing the UK’s forthcoming defined contribution (DC) charge cap, as it could lead to an inconsistent approach to the disclosure of costs.In a paper debating how the investment industry should disclose fees and charges, the association highlighted the use of the ongoing charges figure (OCF) as a metric for unit trusts and other funds over the total expense ratio (TER).The paper said it accepted pension funds were different from investment funds, and that there was no reason the OCF could not be extended.It argued that the use of the OCF would allow consumers to compare fund charges, but said it accepted the metric would need to be adapted to incorporate costs related to pension administration when used by trustees.last_img read more

Dearborn County joins neighboring counties with a travel advisory

first_imgLawrenceburg, IN—Dearborn County Board of Commissioners will place the County under an “orange” travel watch starting at 12:00 PM today.An orange (watch) travel status means that conditions are threatening to the safety of the public. During a “watch” local travel advisory, only essential travel, such as to and from work or in emergency situations, is recommended, and emergency action plans should be implemented by businesses, schools, government agencies, and other organizations.During this declared WATCH Travel Emergency Dearborn County citizens are notified that only travel authorized in Dearborn County is travel that is permitted. According to the ordinance, “Dearborn County citizens should be, and hereby are, notified that a person who knowingly, intentionally, or recklessly violates any provision of Governor Holcomb’s Executive Order 20-18 commits a Class B misdemeanor, punishable by a fine of up to One Thousand Dollars ($1,000.00) and a sentence of Zero (0) to One Hundred Eighty (180) days pursuant to Indiana Code § 10-14-3-34.”last_img read more

Different world for Zaha

first_img Although Zaha joined the Old Trafford outfit in January, in the process becoming Sir Alex Ferguson’s last signing as Red Devils boss, he spent the remainder of the season on loan back with his previous club Crystal Palace. It meant when he linked up with his team-mates for their current tour to the Far East and Australia he did not really know what to expect. But after three days in Bangkok, Zaha is now acutely aware of how big United are. Wilfried Zaha has admitted his eyes have been opened to a whole new world following his move to Manchester United. Press Associationcenter_img “It’s my first time on a tour like this,” he told MUTV. “I’m not used to it. To have so many fans coming to watch a pre-season game is different.” The England Under-21 star is making a positive impression, though. He might only have featured for the final half-hour of Saturday’s surprise defeat by the Singha All Stars but he was one of the better players on view and came closest to grabbing an equaliser for the Old Trafford outfit when he smacked a shot against the post. “I really just put my head down and tried to connect with the ball properly,” he said. “It would have been a different story if it had gone in. “I’m glad I had a go and it would have been a great day for me if I’d scored one. But it doesn’t matter now. Just knowing I was on the pitch with Rio (Ferdinand), Ryan Giggs and Anderson was good enough for me.” United flew straight out of Bangkok in the early hours of the morning and have now reached Sydney, where they will spend a week before facing the A-League All Stars in the second game of their five-match tour on Saturday. last_img read more

US PGA Championship called off its match in San Francisco due to coronavirus outbreak

first_imgLos Angeles: The US PGA Championship, scheduled to be held in San Francisco from May 11-17, has been postponed due to the ongoing coronavirus outbreak.“Throughout our evaluation process, we have been committed to following the guidance of public health authorities and given the coronavirus shelter-in-place order in effect in San Francisco, postponement is the best decision for all involved,” said PGA of America CEO Seth Waugh in a statement.“This is a reflection of a thoughtful process.“We are and have been working in concert with Commissioner Jay Monahan and our partners and friends at the PGA TOUR to find an alternative date that works for all. We are all very hopeful for a great outcome,” he added.The US PGA Tour has also announced it was extending its own tournament moratorium.On March 12, the US tour had announced it was canceling or postponing four weeks’ worth of events on all six of its tours through April 5. Now, it will be on hiatus at least up to May 10.“With the most recent recommendations from the Centres for Disease Control, the World Health Organisation and the Office of the President of the United States, the PGA TOUR will now cancel four additional events: RBC Heritage (April 13-19); Zurich Classic of New Orleans (April 20-26); Wells Fargo Championship (April 27-May 3); and AT&T Byron Nelson (May 4-10),” read a statement.Over 100 people have lost their lives in the US due to the coronavirus pandemic, which has globally claimed over 7,000 lives. (IANS)Also Read: Patrick Reed Wins Northern Trust PGA Tournament by One ShotAlso Watch: KMSS leader Akhil Gogoi granted bail as NIA fails to submit charge-sheetlast_img read more

Wasim Akram, Babar Azam to inspire Pakistan women’s team

first_imgLAHORE: To help players learn from the crickets elite and remain focused on the game during the COVID-19 lockdown, the Pakistan Cricket Board (PCB) has organised online sessions for the Pakistan national womens team with the legendary Wasim Akram and Babar Azam.The interactive sessions will be held via videoconference calls in which around 35 women cricketers — current internationals and emerging players — will be provided insights about how to strategize and approach the game in different conditions. ICC hall of famer and the highest wicket-taker in Test cricket from Pakistan, Wasim Akram, on Monday, will share his experiences and provide an overview about his learnings over the course of his extraordinary 18-year-long international career. Wasim had delivered a similar session to Pakistan men’s and a selection of emerging team players last week. The session with Babar Azam — whose stratospheric rise has seen him at the top of the T20I rankings, number three in ODI rankings and number five in Test rankings — will be attended by women batters in which the captain of the national men’s T20I side will shed light on the art of batting by sharing how he gears up for different conditions and situations. Sharing her excitement about the opportunity to learn from Wasim Akram, Aliya Riaz said: “I have grown up watching videos of Wasim Akram and how he brought laurels for Pakistan with both bat and ball from some adverse of situations. “It is a great opportunity for me and I am eager to learn from the great of the game and understand his work ethic which made him stand apart from the rest.” Looking forward to the session with Babar Azam, Omaima Sohail said: “Babar Azam is a top batsman and a session with him will help all the batters to understand what makes him different than the others and reflect on how we can continue to improve ourselves.” Urooj Mumtaz, the chair of the national women’s selection committee, said: “It is extremely important that the players continue to develop during this phase when cricket is on hold and these sessions are certainly going to be beneficial in that aspect. “We keep looking for ideas to keep the players engaged and motivated. Fitness plans have been provided to both the senior and junior group of players and they have been working at home to ensure they are ready once the situation normalises. “Sessions with Wasim Akram and Babar Azam will provide the players an opportunity to listen and learn from the best, helping them in improving their game. Pakistan has produced some of the most extraordinary cricketers in the history of the game and we will continue to bring them on board for the benefit of our players.” IANS Also Read: Would’ve killed Wasim Akram if he had asked me to do match-fixing: Shoaib Akhtar Also Watch: East Siang District Administration in Arunachal Pradesh cautious over corona viruslast_img read more

D’Tigers Beat Mali to Stay on Course for World Cup Ticket…

first_imgD’Tigers yesterday defeated host country Mali 82-59 in their third game of the FIBA World Cup Africa Qualifying series in Bamako.With this victory, the Ike Diogu led Nigerian team is in the driver seat of Group B.The Nigerian team that had an easy first quarter run of 21-5 advantage, struggled in the second quarter, with the Malians narrowing the gap down to 37-21. They finished the quarter tied on same 16-16. The Alex Nwora led coaching crew watched as the D’Tigers also struggled to avoid a deficit in the third quarter but the home team still managed to lead by a point, ending the period with 21-20 points against Nigeria.Ike Diogu doubled his efforts to ensure Nigeria dominate the last quarter and with the efforts of both Obekpa and Efevberha, the team was able to win the quarter with 25-17 points to close the game at 82-59.Diogu contributed 22 points, Obekpa added 10 rebounds while Efevberha produced eight assists in the game.With the three victories in a row, Nigeria will now go into the next round of qualifiers with six points.The next round is to hold in June and Nigeria is likely to host the FIBA World Cup qualifier which will also feature Nigeria, Uganda, Mali and Rwanda.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

Women’s lacrosse to face tough test in Boston

first_imgThis year, Apuzzo is averaging 4.5 goals per game, tied for fourth in the NCAA.  The women’s lacrosse team travels east to Boston this weekend to face off against elite opponents in No. 1 Boston College and Boston University. No. 17 USC is at an all-time record of 12-12 in games on the East Coast. The game against Jacksonville told a different tale. Going into halftime, the Trojans held just a 1-point lead in the back-and-forth game. The offense exploded in the second half to take over the game. Junior midfielder Kerrigan Miller scored 3 second-half goals to help propel the team to a win.  With wins this weekend, the Trojans could extend their win streak to five and likely leapfrog in the NCAA rankings. Wins would also help down the road in May for tournament seeding. Securing the program’s first win against a No.1-ranked team will also boost team morale and confidence.  This weekend brings the Trojans’ first ranked opponent of the season, making it a chance for the team to establish itself among the elite of women’s lacrosse. Miller scored a team-best 5 goals the last time USC played Boston College and will need to put up a similar performance for it to beat the dominant Eagles. Miller said she is not satisfied with the team’s 3-0 start to the season. In last weekend’s games, USC defeated San Diego State 20-16 and Jacksonville University 15-10, improving to 3-0 on the season. In the first half, the Trojans led the San Diego State Aztecs 16-7. USC was able to weather the Aztecs’ comeback and hold on to their victory.  First draw is set for noon Friday at the Newton Campus Field. “At the end of the day, the season is long, and the teams that are still playing at the end of May are the ones that are constantly getting better,” Miller said. “We still have a long journey to go in order to get to where we want to be and reach our full potential,” Miller said. Miller had nothing but good things to say about Apuzzo, her former teammate on the USA National Team.  Perhaps the biggest challenge for the Trojans will be slowing down Eagles senior attacker and last year’s Tewaaraton Award winner, Sam Apuzzo. Apuzzo scored 3 goals and assisted on the game-winning overtime goal against the Trojans last season. “If we place more focus on our development as a team, striving to play to our full potential, our record will take care of itself,” Miller said.  Following their match against the Eagles, the Trojans will play a follow-up match against Boston University. It’s been two years since USC last played the Terriers, a historic first meeting from which the Trojans came away with the win. USC looks to improve its overall record against the Terriers to 2-0 with a win on Sunday. USC likely wouldn’t be undefeated without junior midfielder Kerrigan Miller, whose 7 goals are tied for second on the team. (Michelle Mankoff/Daily Trojan) The Trojans played Boston College last season in a nail-biting match in the team’s home opener at McAlister Field. USC put up a hard fight against the Eagles but was ultimately defeated in overtime, 13-12. “She is by no means a player any team can underestimate,” Miller said.last_img read more