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Medco Energi to offer Rp 1.5t in bonds to refinance debt

first_img“The public offering period for the bonds will run from Feb. 12 to 13 and will be listed on the Indonesia Stock Exchange [IDX] on Feb. 19,” the company said in an announcement posted on the IDX website on Friday.The proceeds of the bond issuance will be used to refinance some of its debt owed to state-owned Bank Mandiri, which will be due on Dec. 21, 2021.The company also issued $650 million worth of US dollar-denominated bonds through its subsidiary, Singapore-based Medco Bell Pte Ltd, on Jan. 16 on the Singapore Stock Exchange (SGX).The bonds, scheduled to be due on Jan. 30, 2027, offered a 6.38-percent annual coupon. Medco Bell will transfer the proceeds of the bonds to Medco Energi to be used to refinance its previously issued bonds that will be due in 2021 and 2022.The company received early commitments from several Singapore-based financial institutions for the bonds, such as DBS Bank Ltd, Mandiri Securities Pte Ltd, Standard Chartered Bank (Singapore) Limited, Morgan Stanley Asia (Singapore) Pte and Credit Suisse (Singapore) Limited, as well as Hong Kong-based Societe Generale.Topics : Privately-owned oil and gas company PT Medco Energi Internasional is set to offer rupiah-denominated debt papers following a recent global bonds issuance in a bid to refinance its debts that are due in the next two years.The company will issue Rp 1.5 trillion (US$ 110.15 million) in bonds in its third round of shelf-registration bonds.The rupiah-denominated bonds are set to be offered in two series, namely series A, which amounts to Rp 908.7 billion with a coupon of 8.9 percent per year that will be due in three years, and series B, worth Rp 476.15 billion with an annual coupon of 9.3 percent and a tenure of five years.last_img read more

Ministry proposes $69m stimulus for fisheries, aquaculture

first_imgThe stimulus package, which was proposed during the meeting, will provide Rp 413.27 billion in funds for fishermen and Rp 406.55 billion to aid aquaculture farmers.It also includes Rp 36.07 billion for fish processors and marketeers, Rp 54.1 billion for salt farmers, Rp 106.48 billion to strengthen poaching surveillance and Rp 8 billion for internal audits.“We also would like to have more cold storage facilities to anticipate the possibility of slow demand as several regions are still implementing the large-scale social restrictions [PSBB],” the minister said.The government has been working to ensure a secure supply of staple food across the country amid disruptions in production and logistics as a result of the pandemic. The government data presented by President Jokowi on April 28 showed that over 20 provinces faced shortages of staple foods, such as garlic, sugar, chili and eggs. The Maritime Affairs and Fisheries Ministry has proposed a Rp 1.02 trillion (US$69 million) stimulus package to aid small scale fishermen and aquaculture farmers affected by the COVID-19 pandemic.Minister Edhy Prabowo said the stimulus would include social aid for fishermen, fish farmers and salt farmers and funds to strengthen surveillance efforts against poaching.“We will optimize the budget to help enable fishermen to go on fishing while also providing the farmers with seeds, broodfish and infrastructure,” the minister said in an online press conference after attending a limited Cabinet meeting with President Joko “Jokowi” Widodo on Thursday. Jokowi, when opening the meeting on Thursday, stressed the requirement to provide incentives for farmers and fishermen to ensure the country’s food security.Statistics Indonesia (BPS) data show the agriculture, forestry and fishery sector contributed 12.84 percent of the country’s gross domestic product (GDP) in the first quarter, the third-largest contributor after manufacturing industry and trade.Edhy also said state-owned fishery companies PT Perikanan Nusantara (Perinus) and PT Perikanan Indonesia (Perindo) were preparing proposals for around Rp 500 billion each in state capital injections (PMN). The two companies are tasked with buying fishery and aquaculture products to boost demand.Furthermore, the minister also urged state-owned banks and financial institutions to provide loans for aquaculture farmers.The government has allocated Rp 34 trillion in loan interest subsidies and loan-payment relaxations for farmers and fishermen through the microcredit program (KUR) and the government’s UMi and Mekaar programs, among others.“I’ve sent out instructions to relax the access and procedures to get the stimulus so that our farmers and fishermen can secure funds and capital,” Jokowi said on Thursday.Separately, United Nations Economic and Social Commission for Asia and the Pacific (UN-ESCAP) environment and development director Stefanos Fotiou said on Thursday that countries should focus on helping poor coastal communities affected by the negative impact of the pandemic.“In the case of the COVID-19 pandemic, the people left behind were people that did not have access to proper health care, they did not have access to proper facilities,” Stefanos said in an online discussion.The government has projected that up to 3.78 million Indonesians will fall into poverty amid the pandemic, according to its worst-case scenario. That adds to the 24.79 million people who already lived in poverty last year.Fishermen’s average income have fallen sharply to a range of Rp 1 million to Rp 1.5 million per month from Rp 3 million to Rp 5 million as a result of the pandemic, according to the Office of the Coordinating Minister of Maritime Affairs and Investment’s human resource development, science and maritime culture deputy, Safri Burhanuddin.The pandemic is also expected to result in a decline of around 8 percent in production and prices, undoing an upward trend in the previous two years.The government, he said during the discussion, would disburse Rp 600,000 in cash assistance per month for three months to fishermen and salt farmers, among other workers in the fisheries sector.“We have done many things now, but of course it takes time and we will see the results after June or September,” Safri said.“The blue economy is very important for Indonesia as an archipelago so it is our ultimate goal to make it the primary driver of the economy,” he added, referring to the concept of the sustainable use of marine resources to improve economic growth and livelihoods.Topics :last_img read more

Worker Loses Arm in Freak Accident at Fort Lauderdale Construction Site

first_imgA construction worker had an arm severed when he fell at a Fort Lauderdale job site.The incident happened as an elevator came down Thursday afternoon, rescue officials say.Fort Lauderdale Fire Rescue said they responded just before 3 p.m. to the downtown site off NE 7th Street and 4th Ave.When paramedics arrived, they discovered that a 39-year-old man had been working on the 6th floor when he fell to the 5th floor, next to an elevator shaft. The elevator was coming down at the time and severed his arm.Construction workers were able to pull the man safely down to the ground floor, and paramedics brought him to Broward Health to be treated for his injuries.Fire officials say he was alert when transported to the hospital, and was to undergo surgery late Thursday.Alta Developers said the man is an employee of L&R Structural, a subcontractor working at EON II Flagler Village, a multifamily development that is under construction.“Safety is a top priority at every one of our projects,” Juan Carlos Freyre, executive VP of the development company, said in a statement. “We will continue to monitor this situation and his condition. Our thoughts and prayers go out to this individual and his family.”last_img read more

Assam Premier Club Championship: Gauhati Town Club, Sonari Town Club Win

first_imgOur Sports ReporterGUWAHATI: Gauhati Town Club registered back-to-back win in second stage of Assam Premier Club Championship. GTC thrashed Tezpur College by 9 wickets in Head Quarter Zone match today at Judges’ Field. Avijit Singha Roy struck 55 in just 20 balls to help GTC to the target 87 in just 35 balls. Earlier Tezpur College were bundled out for 86 in 29.4 overs. Suraj Talukdar and Aditya Kaushik scored 25 and 24 respectively. Nayanjyoti Deka claimed 3 wickets for 3 runs.From Charaideo : Sonari Town Club outplayed City Boys Club by 103 runs in the Upper Assam Zone match. Brief Score: Sonari Town Club 219/6 in 40 overs (Manashjyoti Gogoi 53, Sanjib Dutta 40, Protyush Bora 33, Mujibur Ali 30) beat City Boys Club 116/10 in 27 overs (Dayal Krishna Dutta 31, Mihir Gowala 3/4, Sanjib Dutta 3/26).Also read: Local Sportslast_img read more

Chelsea 2-1 Man United: Blues’ dramatic comeback!

first_imgA first Chelsea goal from David Luiz ensured that Carlo Ancelotti’s side still have a slim hope of retaining the Premier League title after Wayne Rooney had given Manchester United the lead in West London. Frank Lampard completed the recovery with a second half spot kick which keeps United’s lead at four points ahead of Arsenal in second spot.Chelsea could have made the breakthrough on two occasions in the opening moments, after Fernando Torres was denied his first goal for the club following a foul inside the penalty box, with the referee having penalised fellow January signing Luiz for a tug.And the hosts could have found the net after five minutes, when a run down the right from Ramires was closely checked by United’s John O’Shea, but the Irishman couldn’t stop the ball continuing for Nicolas Anelka. He delivered a cross which Florent Malouda fired in from the edge of the area. The shot was aimed directly at Edwin van der Sar, but the lack of defenders in Malouda’s vicinity was not encouraging for United fans.As the half progressed, both sides had spells in which the opening goal could have been scored. Both Anelka and Rooney dragged shots wide from long range efforts.In an even contest like this, chances need to be taken, and as the 30 minute mark approached it was the visitors who took theirs after an overlapping run from Patrice Evra opened an avenue for Nani to explore. The Portuguese winger’s run drew sufficient attention from the Chelsea defence to allow Rooney space, and after Nani moved the ball onto him, the England striker turned to face goal and let rip a right footed shot from the edge of the box which beat Petr Cech low to his right.There was much derision from the home support as they felt Rooney shouldn’t have even been on the field following his indiscretion at Wigan on Saturday. No matter, Rooney was available for selection and Sir Alex couldn’t have cared one jot. And the United boss had more reasons to be cheerful when Van der Sar showed he’s still got it with a couple of quick and instinctive saves from close range. Lampard launched a free-kick in from the Chelsea right which flew to the far post where Branislav Ivanovic prodded the ball goalwards only to see the panther-like Van der Sar keep him at bay.It was a close as Ancelotti’s men had come to levelling up the game but as the players returned to the dressing room, United looked like extending their lead at the top of the table.Chelsea needed a response. They came out for the second half with determination and guile and this paid dividends as Luiz reclaimed parity with his first goal for the club.A cleared ball from the United defence was scooped up by Michael Essien who delivered the ball back into the danger area where Ivanovic flicked the ball onto Luiz, who with an excellent volley, smashed the ball into the left corner of Van der Sar’s goal and give the Blues a way back into the contest.With the scores level, the game truly opened up and chances were in abundance. Rooney could have had another had his errant shot been remotely on target after 64 minutes. Gary Neville, who was with the United fans in the Shed End was cursing his former colleague. Shortly after, an error by Michael Carrick could have been punished had Malouda made more of the chance. Carrick would have been sighing with relief after Nemanja Vidic and Chris Smalling combined to nullify the threat.With the game standing all square, the changes began. Didier Drogba was on for Nicolas Anelka, Dimitar Berbatov replaced Chicarito. Yury Zhirkov came on for Malouda. But most noteworthy was Ryan Giggs making his record equalling 606th league appearance for Manchester United when he replaced another stalwart, Paul Scholes.In neat piece of symmetry, Giggs was equalling the record of Sir Bobby Charlton who made his 606th and final league appearance on the same ground, and 20 years and one day since he made his debut for the Red Devils.With time waning the game sprung another surprise, a contentious foul conceded by Smalling on Zhirkov gave Chelsea the chance to take the lead. Lampard stepped up and thundered the ball straight down the middle to give Ancelotti’s men the lead for the first time.To compound matters for United, captain Vidic received a second yellow card in the dying moments for a foul on Ramires; suffering a suspension which will rule him out of the weekend’s clash with Liverpool At half time Ferguson would have been happy and settled with the game, but a second half revival from Chelsea keeps the title race alive, but only just.Source: Goal.comlast_img read more