New, Combined Stock Exchange

A new Indonesian stock exchange merging the two main bourses in Southeast Asia’s largest economy is set to debut before December, the official who will become its president said.

The president of the current Jakarta Stock Exchange, Erry Firmansyah, said that the new bourse would be created by December 1 with a combined market capitalization of about Rp2,400 trillion or US$263 billion.

Shareholders of the Jakarta and Surabaya stock exchanges approved the merger of the two bourses on Tuesday, he said.

BP Indonesia Signs $884m Deal: BP Indonesia has signed an US$884-million loan agreement with six international financial institutions for funds to finance the Tangguh liquefied natural gas (LNG) project, an official said this week.

The massive project is expected to provide employment to more than 6,000 workers and contribute some $12 billion to state budget revenue over the next 10 to 20 years.

The syndicated loan agreement was signed this week with Intesa, Bank of Tokyo-Mitsubishi, DnB, Bank of China, Royal Bank of Scotland and Mitzuho, said Kardaya Warnika, head of Indonesia’s upstream oil and gas regulator, BP Migas.

Semen Gresik Posts Profit Rise: Indonesia’s largest cement producer, Semen Gresik, has announced a 47-percent rise in its third-quarter profit from a year earlier on higher sales and cost efficiencies.

Semen Gresik booked a net profit of Rp572 billion (US$63 million), compared to Rp388 billion a year before, it said this week.

The company’s operating profit rose 50 percent to Rp795 billion and sales rose 11 percent to Rp2.66 trillion.

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