Property player to watch: SPS Group
Property developer, PT Sri Pertiwi Sejati (SPS) Group will develop Cikarang International City (Cinity) as a center for commercial and residential areas in Cikarang, West Java province for Rp20 trillion of investment in its first stage. Sitting in 500 hectares of land, Cinity will be developed into a township while separating itself from the industrial area.
Baowu Steel in Indonesia
In August 2022, Reuters reported a plan from Tsingshan Holdings to sell some assets in Indonesia to Baowu Steel, one of the world’s largest steel producers with annual production capacity of 120 million tons. Both companies yet to update investors about progress of their talks, but Baowu has gained more grounds in Indonesia recently.
CATL: Here, There, and Everywhere
So, one in three electric cars uses batteries produced by China’s CATL. In the first three weeks of 2023, the company has signed three important agreements, two in China and one in Indonesia. In China, CATL signed business partnerships with NIO and NETA Auto, both are...
The Fall of TaniHub
As the digital era develops, start-ups in the agritech field have attracted attention. The aspirations of most of the founders are similar, breaking the distribution chain from farmers to buyers and strengthening the position of farmers. Several years passed with the receipt of fantastic funding by several start-ups. Out of all of them, TaniHub is one that stands out the most. However, since last year, rumors that the company went bankrupt began to emerge as the founders left. Towards the end of last week, the company finally had to face a PKPU lawsuit.
Jackson Tandiono and Nipress
The past few years have been difficult for PT Nipress Tbk (NIPS). Trading in the company’s shares has been suspended since 2020. The company is now on the verge of being delisted. The company and its subsidiaries and its affiliated companies have to face several lawsuits on Suspension of Debt Payment (PKPU). In March 2020, a PKPU lawsuit against NIPS was granted. The company resolved the dispute amicably towards the end of 2020, but the situation did not last long. Starting the end of 2021, creditors had been filing lawsuits, seeking to cancel the peace agreement. Recently, we learned that the leader of the companies, Jackson Tandiono, had been named suspect by the police in an unidentified criminal case. What a mess.
Esqa & people behind
A beauty brand Esqa by PT Keva Cosmetics International has raised US$6 million in a series A funding round led by Unilever Ventures with participation from East Ventures. The fresh funding, therefore, will be used for product development, hiring, marketing, and expansion purposes.
The New Chairman of HIPMI
The Indonesian Young Entrepreneurs Association (HIPMI) has a new chairman. Akbar Himawan Buchari has been elected as the new chairman of HIPMI for 2022-2025 period in the chairmanship congress held in Surakarta, Central Java. Akbar, as we’ve reported before, was supported by, among others, Bobby Nasution, the son-in-law of President Joko “Jokowi” Widodo.
Wedding of the Year
Kaesang Pangarep, the the youngest son of President Joko “Jokowi” Widodo, will tie the knot with Erina Sofia Gudono next month. The groom and the bride have yet to officially announce their wedding day, but many reports said the wedding day will be on Dec. 10, 2022....
Soeboeb Sariaatmadja passes away
Raden Muhamad Soeboeb Sariaatmadja, father of Raden Eddy Kusnadi Sariaatmadja, who is controlling owner of Emtek Group, has passed away on Thursday (Nov 10) at 98 years old.
Darmawan Kurniadi passes away
Businessman Darmawan Kurniadi, co-founder of Mayora Indah (MYOR), one of the largest food and beverages companies in Indonesia, has passed away on November 1st, 2022 at 89 years old. He leaves behind a daughter and two grandchildren.