AEC Feed

Indonesia’s Coordinating Maritime Affairs Minister Luhut Pandjaitan said President Joko “Jokowi” Widodo intended to privatise several airports.

According to a Antara report, Luhut said the airports that could be privatised included the newly inaugurated Silangit International Airport in North Sumatra, the HAS Hanandjoeddin International Airport in Bangka Belitung and the one in Jakarta.

“Those airports, Pak Luhut, just give [to the private sector]. Airports like Silangit, the ones in Jakarta and Bangka Belitung, just privatize [them] as long as the calculation is clear,” Luhut quoted from his discussion with President Jokowi.

Jokowi also informed him that Pakistan had just received a US$60 billion investment from China through the One Belt and One Road initiative, Luhut added.

Luhut said that the president also spoke of an airport in Islamabad, Pakistan, that was developed by China and would be named after Chinese President Xi Jinping. – The Jakarta Post 

Noble’s planned sale of vessels falls through

Noble Group said yesterday that a proposed divestment of four dry bulk carrier vessels to further pare debt has fallen through as the buyers failed to obtain approval from their boards before Febuary 1, 2018, making the deal void.

The disposal of the freight vessels for gross proceeds of about US$95 million had been approved by Noble shareholders at a special general meeting on Jan 25.

If the proposed sale had been completed, the net proceeds, after taking into account the repayment of the relevant mortgages attached to the vessels and deducting estimated transaction costs, would have amounted to approximately US$30 million, Noble said in a filing with the Singapore Exchange yesterday.

Noble noted that since the announcement of its deal for the vessels, the market value of the Kamsarmax dry bulk carrier vessels has increased, with the group having comissioned updated valuations of these assets on February 1.

The updated valuation now stands at an aggregate of US$95 million, higher than the prior average aggregate valuation of the vessels - conducted in October 2017 of US$92.25 million.

The vessels are, in the current market, profit generating and cash flow positive and remain available for sale and Noble has commenced discussions with interested third parties, Noble said. – The Straits Times 

US mart chain Circle K launches Cambodia stores

US-based convenience mart Circle K officially launched in Cambodia on Thursday, with three outlets already operating in Phnom Penh and plans to open 40 more by the end of the year.

Norm Tong, president of TH CVS Co, the company that has exclusive rights to operate Circle K in the Kingdom, said at a launch event yesterday that two more stores would be opening next week.

The company plans to open 300 Circle K outlets in Cambodia over the next 10 years, at a price tag of about $20 million, according to Tong. – Phnom Penh Post