Indonesia Market summaries 26 September 2013

• Ministry of Communication and Informatics Republic of Indonesia (Kominfo) insists will only approve the consolidation of PT XL Axiata Tbk (EXCL, Rp 4.425) with PT Axis Telekom Indonesia in the event of a merger. Kominfo will only support the merger because the number of telecom operators will be reduced.
  
  Kominfo said, the fewer number of operators will make a quality mobile broadband network to meet its criteria. They also said that the CDMA operators in the 850MHz spectrum should also get ready to unite its network even though the company will not unite. (Bisnis.com)
• PT Modernland Realty Tbk (MDLN, 700) acquired 100% property project of Jakarta Garden City in Cakung, East Jakarta. The acquisition of this project occurred because MDLN has acquired the shares of PT Mitra Sindo Sukses and Mitra Sindo Makmur.
  
  On the other hand, MDLN projected revenue this year could reach Rp 2 trillion. By mastering Jakarta Garden City project, MDLN revenue targets next year increased to Rp 2,6 trillion. (Kontan)
• Management of Bank Nagari still keen to do the initial public offering (IPO). IPO step is done to support the company's expansion. They would discuss the IPO plan with directors and shareholders. (Inilah.com)
• Fitch Ratings assessed that tightening LTV for second and third homes will tame the property and house price growth in Indonesia. Significant growth occurred during the last 3 years. Fitch Ratings still believes that the property market is still attractive despite the growth of price will slow, and the developers are still able to compete in the more challenging conditions. (Fitch Ratings)
• PT Sat Nusapersada Tbk (PTSN, Rp 92) allocates Rp 40,74 billion to buy back shares of about 20 % of the paid-up capital. The Company has appointed PT Samuel Sekuritas Indonesia, which will help the company in the buyback. (Inilah.com)
• Energy services company PT Elnusa Tbk (ELSA, Rp 285) to realize the sale of 40% stake in its subsidiary, PT Patra Telekomunikasi Indonesia (Patrakom) PT Telekomunikasi Indonesia Tbk (TLKM, Rp 2.175). Sales made ​​on 25 September 2013 and the effective date of this sale is upon receipt of payment in full. (imq21.com)
• PT Dharma Satya Nusantara Tbk (DSNG, Rp1.880) got a loan of Rp 201,58 billion of BBCA (Rp10.300, NEUTRAL, TP Rp10.300). 7-10 year loan tenure obtained by DSNG through eight subsidiaries for investment in oil palm plantation. (IDX)

for Indonesia Market summaries 26 September 2013