Category: Profiles

Tjahjo Kumolo passes away

Tjahjo Kumolo, minister of state apparatus and bureaucratic reform (Menpan RB), who is senior politician from PDIP, has passed away at Abdi Walujo hospital, Jakarta Friday (July 1st). Born December 1st, 1957 in Surakarta, Central Java, Tjahjo was interior minister in the first term of Joko ‘Jokowi’ Widodo (2014-2019). 

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Indonesian startups: Fresh Factory

The overheated global venture capital climate might have eventually cooled down in recent months, but national media reported that last Monday Fresh Factory, an integrated cold chain fulfillment and enabler startup, secured US$4.5 million of seed funding led by East Ventures with participation of PT Saratoga Investama Sedaya (SRTG), Trihill Capital, Indogen Capital, Prasetia Dwidharma, Number Capital, Y Combinator, and some angel investors. 

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The case hanging in balance, Indosurya?

So, Henry Surya, son of Surya Effendy (founder of Indosurya Group), has recently been released from the police custody as time lapsed before the State prosecutor concluding dossiers related to Kospin Indosurya scandal (US$1 billion plus losses). The chief detective of the national police, however, vows to detain Henry again because his alleged crime hurts tens of thousands members and investors of Indosurya cooperative.

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Lakuemas

Media reported yesterday that digital bank, Bank Neo Commerce (BBYB) cooperated with digital gold trader Lakuemas Indonesia (Lakuemas) for getting the easier access to gold commodity for its customers to purchase and sell gold through bank application.

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Revisiting FKS Group

FKS is one of the largest, yet underreported, business groups in the country with interest in various sectors including agriculture, food, coal mining, and logistics. The group is one of the largest importers of soybeans through...

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Danny Nugroho’s Capital Financial Group

Bank Capital (BACA), ultimately controlled by businessman Danny Nugroho, issues 19.96 billion new shares with preemptive rights. The bank, which is only valued less than half of its equity, has to raise funds to strengthen its equity because the capital adequacy ratio (CAR) is very low. 

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Hillcon & Its Key Persons

Hillcon, which has just launched an initial public offering (IPO), is a fast growing contractor in Indonesia, thanks to aggressive investments by Tsingshan and partners in the nickel processing. More nickel smelters in the Indonesia Weda Bay Industrial Park (IWIP), Halmahera, North Maluku province contributed to 94% jump in Hillcon’s revenues to Rp1.98 trillion last year.

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Those continue to invest: Hanwa

Hanwa Co Ltd is one of the largest companies in the region with sales revenue of 2.16 trillion yen and operating profit of 62.3 billion yen in the fiscal year ended March 31, 2022. The Japanese company enjoyed strong growth, among others thanks to its overseas investments, particularly in Indonesia.

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Sariaatmadja-Tanoesoedibjo

Jessica Herliani, daughter of Hary Tanoesoedibjo (MNC Group), has tied the knot with Jonathan Natakusuma, son of Fofo Sariaatmadja (Emtek Group). MNC and EMTEK are two of the largest media groups in the country. MNC controls TV stations like RCTI, MNC TV and TPI, while EMTEK owns SCTV and Indosiar.

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Gudang Garam (GGRM): Beyond Cigarette

Shares of Gudang Garam (GGRM), a major cigarette producer, ended higher by 2% to Rp31,225 on Wednesday to make a market capitalization of Rp60 trillion, only slightly above its equity (Rp59 trillion). Sarana Menara Nusantara (TOWR), a telecommunication infrastructure company controlled by another cigarette giant Djarum Group, meanwhile, is now worth Rp53.3 trillion, four times equity.

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Revisiting Musim Mas

PTS, general manager corporate affairs of Musim Mas, one of the largest processors of crude palm oil (CPO) into cooking oil, oleochemicals, and biodiesel, has recently been named suspect in the so-called ‘cooking oil mafia’ case. Like two other groups implicated in the case, Permata Hijau and Wilmar International, Musim Mas could also be named ‘corporate suspect’ as hinted by Attorney General.

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