Taiwan’s Cathay Life to boost ownership in Bank Mayapada

Posted on October 19, 2020Categories pubotneiTags , , , , , , , , , , ,   Leave a comment on Taiwan’s Cathay Life to boost ownership in Bank Mayapada

first_imgThe OJK has not responded to the Post’s request for comment at the time of writing.Hariyono hinted that Bank Mayapada would be upgrading to a BUKU IV bank, or banks with a core capital of over Rp 30 trillion (US$2.08 billion), upon completion of the deal. The bank is now in the BUKU II category with a core capital between Rp 5 trillion and Rp 30 trillion. Throughout the year, shareholders have been funneling funds to strengthen the bank’s capital. Read also: Letting BI supervise banks could backfire, experts warnIt received a deposit of Rp 1 trillion by its controlling shareholder in two injections worth Rp 750 billion on July 1 and Rp 252 billion on April 24, according to its statement on July 3 as published by the Indonesia Stock Exchange (IDX).PT Mayapada Karunia channeled Rp 230 billion out of the Rp 252 billion in April, while PT Mayapada Kasih funneled Rp 22.09 billion, according to a statement on the IDX website on April 28. “The fund placement strengthened [the bank’s] capital and is part of the company’s plan to carry out rights issues in 2020 worth a total of Rp 4.5 trillion,” the bank’s statement says.A rights issue is usually offered when a company needs to raise capital by offering its shareholders the chance to buy newly issued shares at a discounted price. In the first quarter of this year, Bank Mayapada’s net profit plunged by 44.52 percent to Rp 79.22 billion from Rp 142.78 trillion in the same period last year.Its non-performing loans (NPL) stands at 6.94 percent as of March 31, up from 4.99 percent last year and above the OJK health threshold of 5 percent. The banking industry’s NPL, on the other hand, is at 2.77 percent in March, showing an upward trend as people’s purchasing power declined during the pandemic.Bank Mayapada’s shares, traded on the IDX under the code MAYA, have lost 28.57 percent of its value as of Monday. Throughout the same period, the finance sector was down by 17.5 percent while the benchmark Jakarta Composite Index declined by 19.61 percent. Read also: Bukopin inches closer to solving liquidity problems, regaining customer trustAviliani, a senior economist at the Institute for Development of Economics and Finance (Indef), told the Post on June 12 that foreign banks were attracted to Indonesia’s banking industry for its growth prospects. “Investing in developing countries, including Indonesia, is seen to have very big market potential. Secondly, they [foreign entities] see that the profit margin is still quite high,” Aviliani said.There have been several notable foreign acquisitions of Indonesian banks this year. In June, the OJK confirmed KB Kookmin Bank’s acquisition of Bank Bukopin with a $200 million deposit into an escrow account as part of the South Korean bank’s commitment. In May, Thailand’s Bangkok Bank completed the acquisition of Permata Bank through a $2.3 billion deal. Despite falling net interest margins (NIM), Indonesia’s banking industry’s NIM was still considered attractive relative to countries in the region, she added. According to OJK data, Indonesia’s NIM was at 4.57 percent in April. Meanwhile, Bank Mayapada’s NIM was recorded lower at 3.03 percent as of March 31, a significant downfall from 6.78 percent booked last year.Topics : Taiwan-based Cathay Life Insurance, a subsidiary of Cathay Financial Holdings, is preparing to increase its ownership of PT Bank Mayapada Internasional (Bank Mayapada), the bank’s executive says. The publicly listed insurance company now owns 37.33 percent of Bank Mayapada, making it the bank’s biggest shareholder, followed by PT Mayapada Karunia Corporation, which owns 26.42 percent of the total shares. “Cathay Life insurance is one of the controlling shareholders of Bank Mayapada at the moment. They do have a desire to increase their ownership as part of their long-term strategy,” Bank Mayapada president director Hariyono Tjahjarijadi told The Jakarta Post on Monday.  “In regard to the number of shares, what the composition of ownership will look like and when, are still being prepared by Cathay.”Read also: Government gives LPS more power to prevent bank failureThe Financial Services Authority (OJK) has reportedly given Cathay the green light to acquire 51 percent of the bank’s shares or more, which will make Cathay majority shareholder.“Cathay is doing its due diligence right now,” OJK deputy commissioner for banking supervision Slamet Edy Purnomo told tempo.co on Sunday. “As long as it has a commitment to better bank development, Cathay is a major company that doesn’t need to be doubted anymore.”last_img read more

Governor’s Office Statement on the Untethered JLENS Aerostat Over Pennsylvania

Posted on October 17, 2020Categories pdyqyhoqTags , , , , , , , , , , ,   Leave a comment on Governor’s Office Statement on the Untethered JLENS Aerostat Over Pennsylvania

first_img PSA,  Statement Updated: October 28, 2015, 4:26 PMPosted: October 28, 2015, 2:19 PMHarrisburg, PA – Governor Wolf’s administration continues to work with federal, state and local authorities to secure the J-LENS aerostat equipment. Federal authorities and local emergency management personnel have confirmed the aerostat is contained and no longer moving in Montour County.Pennsylvania State Police (PSP) and the Pennsylvania National Guard will continue to assist authorities to secure the area and the downed equipment. These agencies will continue to be on scene to secure the area and ask all residents to remain away from the scene.Pennsylvania Emergency Management Agency, PSP and the National Guard worked closely with local emergency management agencies from Schuylkill, Montour, Columbia and Lycoming Counties and numerous federal agencies to track the balloon throughout the afternoon.The tether attached to the aircraft caused widespread power outages across Pennsylvania. PPL Electric reports that the damage appears most extensive in Columbia and Schuylkill counties. PEMA has been in contact with PPL and continues monitor power outages along the path of the balloon.PEMA is continuing to provide equipment and logistical support to both local and federal agencies to bring the event to a close. There were approximately 30,000 residents without power at the peak of outages and approximately 15,000 remain without power at latest update from PPL.The state Department of Health and Public Utility Commission (PUC) provide the following safety information and tips during power outages:Prevent carbon monoxide poisoning. Some people try to power their homes using generators, which can release carbon monoxide. Carbon monoxide is an odorless, colorless gas that is released from many types of equipment, builds up in closed spaces, and is poisonous to breathe. Never use a generator in your home or attached garage, and do not connect it directly to your home’s wiring, which can be dangerous for crews attempting to restore power in your area. Leave your home immediately and call 9-1-1 if your carbon monoxide detector sounds. Get medical help right away if you are dizzy, light headed or nauseous.Never use candles or any open flame to light your home when the power goes out, because they can cause fires. It is recommended that you use battery-operated flashlights.Prevent electrical injuries. Never touch a fallen power line or drive through standing water if power lines are in the water. Electrical wires on the ground may be “live” and could hurt or kill you, so stay at least 30 feet away. Avoid contact with overhead power lines while cleaning up after the storm and call the power company to report any fallen power lines. Be aware that downed lines that are de-energized can become re-energized.Make sure food is safe. If the electricity in your home has been off for long periods of time, throw away any food that can spoil, like meat, poultry, fish, eggs, leftovers, etc. When in doubt, throw it out!Natural gas customers should immediately leave a home or building if they smell gas inside. Once safely outside, call 9-1-1 or your gas company. Never use a cell phone or any electrical device inside a building if the odor of natural gas is present. Do not smoke or use lighters, and do not attempt to re-enter a building until it’s been cleared by emergency or utility officials. Never attempt to re-light a pilot light.Contact information for all electric power companies in Pennsylvania – including hotlines for reporting downed power lines – is available from the PUC at http://www.puc.state.pa.us/consumer_info/electricity/electric_companies_suppliers.aspx.Harrisburg, PA – The Governor’s Office released the following statement regarding the untethered JLENS aerostat over Pennsylvania:“The Governor’s Office is in communication with the Pennsylvania Emergency Management Agency, the Pennsylvania State Police, the National Guard, and the appropriate authorities with the federal government. We are closely monitoring the situation, and we will work with the appropriate authorities to respond to any resource requests and assist in any way possible.”# # # October 28, 2015 Governor’s Office Statement on the Untethered JLENS Aerostat Over Pennsylvaniacenter_img SHARE Email Facebook Twitterlast_img read more