Author: yosefardi.com

Bank Bukopin: What’s Up? (9)

Bank Bukopin (BBKP), which suffered liquidity issue in the past few months, has issued a fresh prospectus for the issuance of 4.66 billion new shares at Rp180 per share this morning. That means Bukopin will get fresh capital of Rp838.8 billion. Is it enough to restore public confidence in the bank, which is still controlled by Bosowa Group?

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Gibran & Business Groups

Gibran Rakabuming Raka, the eldest son of President Joko “Jokowi” Widodo, is seeking to run for mayor in the election of his hometown Surakarta, Central Java, this year. He’s waiting for a ticket from the ruling party PDIP. But some still wonder why Gibran decided to enter politics. Gibran is known as an entrepreneur, and as an entrepreneur he has relations with some major business groups.

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Cabinet Reshuffle Talks & the Opposition’s Maneuver

The opposition party PKS has challenged the President to dismiss underperforming ministers after President Joko “Jokowi” Widodo made public his disappointment in the performance of his cabinet. A political observer with known affiliation to PKS specifically challenged Jokowi to dismiss Airlangga Hartarto and Luhut Binsar Pandjaitan.

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Nurhadi and the Pastor 

At the beginning of June 2020, the Corruption Eradication Commission (KPK) managed to arrest the former Secretary of the Supreme Court Nurhadi Abdurrahman, and his son-in-law. Both had been on the run for four months. The KPK named the two men along with a businessman as suspects in the case of bribery. The inquisition of Nurhadi and his son-in-law are ongoing. The latest witness examination is worth noting.

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Corruption Journal 

Imam Nahrawi, the former Minister of Youth and Sports, who was accused of accepting grafts during his term of office, was found guilty earlier this week. Imam pleaded to become a Justice Collaborator, but the Panel of Judges decided to reject his proposal. They also revoked Imam’s political rights. Separately, the prosecution process on the Bengkalis graft case which brought down the then Regent of Bengkalis Amril Mukminin continues. The KPK named two new suspects in 2019 and ten new suspects earlier this year. Recently, the KPK read its demands for one of the new suspects, while the trial of Amril commenced last week. 

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Q1/20 Results: Matahari & Mitra Adiperkasa

Retailer Matahari Department Store (LPPF) suffered a loss of Rp94 billion in the first quarter (Q1) of 2020 against a profit of Rp143 billion in the corresponding period of 2019 as gross sales fell 18.1% to Rp2.72 trillion from previous Rp3.32 trillion. Same-store sales growth (SSSG) declined 18.2%, and net revenue fell 19.6% to Rp1.55 trillion.

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Q1/20 Results: Telkom, Waskita, Garuda

State-owned telecom firm Telekomunikasi Indonesia (TLKM), or Telkom, booked a net profit of Rp8.3 trillion in the first quarter (Q1) of 2020, declined 2.35% from Rp8.5 trillion in the corresponding period of 2019. Revenue declined 1.7% to Rp34.2 trillion from the previous Rp34.8 trillion.

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