Market

The devil is in the detail! Hashim Djojohadikusumo, brother of president elect Prabowo Subianto, said his brother will kick off development of 3 million homes per annum. Singapore’s Housing Development Board (HDB) and Surbana Jurong Ltd, subsidiary of Temasek Holdings, will be involved in the project as ‘advisors and consultants’.

Hashim Djojohadikusumo, CEO of Arsari Group (a diversified business group with interest in mining, renewable energy, plantation, etc), who is brother of president elect Prabowo Subianto talked a lot (as usual) in an economic discussion organised by KADIN Indonesia on Monday (Oct 7). 

It is well anticipated. Hashim Djojohadikusumo, brother of president elect Prabowo Subianto, has accepted the nomination as chairman of advisory board of KADIN Indonesia (Chamber of Commerce and Industry), siding chairman Anindya Bakrie, whose election is still considered illegal by the ousted chairman Arsjad Rasjid MP. 

Within less than two months before Prabowo Subianto is sworn in as the new president, Adaro Energy (ADRO) surprised some with the proposal to spin-off the ‘dirty but profitable’ thermal coal business reportedly for the sake of ‘transition to green business. Some buy the story, while others continue to speculate on the other motivation.

Shares of Adaro Energy (ADRO) have gained 11.4% in the past three weeks or so since the company announced a plan to spin-off the thermal coal business, offering the shares to its existing shareholders. It is the first such kind on the Indonesia Stock Exchange (IDX), which might be followed by other players seeking ways to transform themselves into ‘green companies’. 

CCK Consolidated Holdings Bhd is divesting 40% stake in its Indonesian subsidiary PT Adilmart to Creador with RM163.1 million of investment. This is slightly lower than the initial investment proposed by Creador of RM170.3 million, when the deal was announced back in May.

Shares of Merdeka Battery Materials (MBMA), currently one of the largest nickel players in the country co-owned by Saratoga, Provident, and Thohir (Boy, brother of Erick Thohir—-minister of state-owned enterprises), ended at Rp585 on Monday (Sep 30) to make a market capitalisation of Rp57 trillion.

Shares of flag carrier Garuda Indonesia (GIAA) ended substantially higher by 6.1% to Rp70 on Monday (Sep 30) even when the airline reported net loss of US$101.7 million in the first half, an increase of nearly 33% from the corresponding period last year.

Shares of United Tractors (UNTR), a subsidiary of Astra International engaged in construction machinery supply, coal mining contracting, own coal business, gold mining, power generation, and civil construction, ended higher by 1.47% to Rp27,700 on Friday (Sep 27) to make a market capitalization of Rp103.3 trillion.

Commercial Court of Central Jakarta District Court has on September 20 extended the Permanent PKPU (Suspension of Debt Payment Obligations) until November 4th, 2024 to  four companies under the so-called Bakrie’s Media Group—-Visi Media Asia (VIVA), Intermedia Capital (MDIA), Cakrawala Andalas Televisi (ANTV), and Lativi Mediakarya (TVone). This gives them time to restructure the debts.