Author: yosefardi.com

Bakrie vs Medco in Oil & Gas

PT Energi Mega Persada Tbk (ENRG), a company controlled by Bakrie Family, currently has market capitalization of Rp610 billion only. Medco Energi (MEDC), controlled by Panigoro Family, is valued Rp13.7 trillion. The two, of course, can’t be compared in the context of market capitalization, because MEDC has non oil and gas businesses, including its shares in copper & gold miner PT Amman Mineral Nusa Tenggara (previously Newmont Nusa Tenggara, wherein Bakrie Family used to be the second largest shareholder). ENRG, meanwhile, is focused on oil and gas business. 

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Japan Trade Deficit Widens in May

Japan posted a trade deficit of JPY 967 billion in May 2019 compared with a JPY 577 billion shortfall in the same month a year earlier.  Exports fell 7.8% from a year earlier to JPY 5.84 trillion in May 2019, and after a after a...

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Jokowi’s Son-in-Law & PSSI Congress

Bobby Afif Nasution, the son-in-law of President Joko “Jokowi” Widodo, is in the spotlight following the rumor saying that he will serve as the secretary general of the Indonesian Football Association (PSSI) should Police Comr. Gen. Mochammad Iriawan become the new chairman of the association. Mochammad Iriawan a.k.a Iwan Bule is one of the strongest candidates to compete in the upcoming extraordinary chairmanship congress (KLB) of PSSI next month.

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Corporate Actions

State-owned steel producer Krakatau Steel (KRAS), through its subsidiary, PT Krakatau Tirta Industri (KTI) in collaboration with Petrochemical producer Chandra Asri Petrochemical (TPIA) is building seawater utilization facilities for producing industrial water. Both parties signed the cooperation agreement on Monday (June 17). The water treatment facility is projected to be the largest water treatment facility in the country.

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Market & IPO

Global stocks rallied on Tuesday (June 18) as equities got an extra boost when the United States (U.S.) President Donald Trump confirmed a meeting with China’s president amid the countries’ trade dispute, Reuters reported.

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PKPU Lawsuit against Bumi Hasta Mukti

On June 17, 2019, the Commercial Court of the Central Jakarta District Court registered a lawsuit for Suspension of Debts Payment (PKPU) against PT Pertalahan Arnebatara Natura and its parent company PT Bumi Hasta Mukti. The...

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Corruption Journal

For the past month the Corruption Eradication Commission (KPK) has been facing pre-trial lawsuits filed by the parties they named suspects of corruption. Luckily for the KPK, some decided to withdraw their lawsuit, and the most recent party to do so is PT Palma Satu, the sixth corporate suspect ever named by the KPK. PT Palma Satu was named suspect in the case of corruption related to the conversion of forest land that ensnared the disgraced Governor of Riau Annas Maamun. The owner of the Company the conglomerate Surya Darmadi was also named a suspect in the case, and he also filed a pre-trial lawsuit. His lawsuit, however, was rejected by the court. Separately, investigation into the case of bribery involving Romahurmuziy (Rommy), the chairman of the United Development Party (PPP) continues. The investigation now focuses on allegations of bribery practices that could have occurred in the rector’s election at a number of State Islamic Universities (UIN).

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