Asia Roundup
SP Group Mulls Dollar Debt Debut for $2.8 Billion Private Credit Refinancing
Shapoorji Pallonji Group is preparing to enter the USD debt market for the first time as it seeks to refinance private credit coming due in April, IFR reported.
The Indian conglomerate aims to raise at least USD 2.8 billion from the upcoming trade, which includes a USD tranche besides a sizeable rupee bond portion.
Commercial Certainty in Uncertain Times: Singapore’s Role as a Restructuring Hub
Justice James Peck, International Judge of the Singapore International Commercial Court (SICC), shares his perspectives in an opinion piece for The Business Times on Singapore’s growing role as a trusted hub for cross-border restructurings in today's uncertain economic environment.
Malaysia’s Securities Commission Issues Arrest Warrant for Serba Dinamik CEO
The Securities Commission of Malaysia has obtained an arrest warrant for Serba Dinamik Holdings’ group managing director and CEO Datuk Mohd Abdul Karim Abdullah, The Star reported.
He was also the former chairman and non-executive, non-independent director of Sarawak Consolidated Industries.
Indonesia Roundup
Bank Indonesia to Hold Key Rate at 4.75% on 17 March, Reuters Poll Says
Bank Indonesia (BI) will keep interest rates steady for a sixth consecutive meeting on 17 March, according to a majority of economists in a Reuters poll, as renewed pressure on the rupiah from the Middle East war limits the central bank’s room to ease policy.
While BI has previously signalled its willingness to support economic growth, it has stood pat on policy since October as a fresh bout of rupiah weakness forced it to prioritise currency stability.
Indonesia Parliament Approves New Officials to Steer Financial Regulator Reforms
Indonesia’s parliament voted to endorse the selection of five top officials at the country’s financial regulator, as it rushes to implement key reforms and assuage global investor concerns about market governance, Reuters reported.
The selections, recommended by a parliamentary panel, included Friderica Widyasari Dewi as the regulator’s chair and Hasan Fawzi as its chief capital market supervisor, both for five-year terms.
Prabowo Says Danantara Should Aim to Contribute At Least $50 Billion Annually
Indonesian President Prabowo Subianto said Danantara should aim to contribute at least USD 50 billion annually to the state, Jakarta Globe reported.
This is based on a minimum return on assets (ROA) target of 5% from the USD 900 billion in assets managed by the sovereign fund.
The benchmark is modest for now given the fund’s early stage, the president said, adding that the long-term goal is to reach annual returns of 10% to 15%.
Danantara celebrated its first anniversary, pledging to help accelerate economic growth and strengthen oversight of state-owned assets.