Two years ago, oil and gas company Sugih Energy (SUGI) was valued Rp9 trillion. On Wednesday, the stock touched the lowest quotable price on Indonesia Stock Exchange (IDX): Rp50. At this price, SUGI, linked to Edward Soeryadjaya, brother of Erwin Soeryadjaya, has ‘market value’ of Rp1.24 trillion. What a mess for Pension Fund of state-oil and gas company Pertamina, which entered SUGI with valuation of Rp8.6 trillion.To subscribe please click here
