Jacobus Busono passes away
Jacobus Busono, founder and chairman of Pura Group, one of the largest business groups based in Central Java, has passed away in Kudus on Sunday (Oct 22). Pura Group is widely known as the Government’s partner in printing security papers.
The New Constitutional Justice
Arsul Sani, the deputy speaker of the People’s Consultative Assembly, the highest legislative body in Indonesia, has been elected as the new justice of the Constitutional Court (MK). Arsul Sani’s election as the new constitutional justice is worth highlighting in light of the 2024 simultaneous elections because of his position as the deputy chairman of the United Development Party (PPP), an Islamic party that is strongly affiliated to the Nahdlatul Ulama (NU), the largest Islamic organization in the country. PPP is also a member of the ruling party PDIP’s coalition in endorsing Ganjar Pranowo as presidential candidate for 2024 race.
CBI Group, So Far
Shares of plantation firm PT Sawit Sumbermas Sarana Tbk (SSMS) ended lower by 2% on Tuesday (Sep 5), while sister palm processing company PT Citra Borneo Utama Tbk (CBUT) fell 3.8%. SSMS and CBUT are both controlled by Citra Indah Borneo (CBI) Group, which is owned by the family of H Abdul Rasyid AS.
Revisiting Kapal Api Group
Kapal Api is one of the largest F&B players yet to be listed on the Indonesia Stock Exchange (IDX). There was a plan for an initial public offering (IPO), but Covid-19 pandemic forced a delay. The pandemic is over, so some revisit the planned IPO.
Sukanta Tanudjaja passes away
Centenarian businessman Sukanta Tanudjaja, founder of PT Bridgestone Tire Indonesia and some other companies, has on Saturday (Aug 24) passed away in Singapore. Sukanta is father of Sunjoto Tanudjaja, founder of Great River, once one of the largest textile and garment companies in the country.
MNC Group & The 2024 Election
MNC Executive Chairman and General Chairman of the Perindo Party, Hary Tanoesoedibjo, is listed as a lawmaker candidate in the 2024 election. Hary will become the candidate for the electoral district of Banten III. Meanwhile, his wife, Liliyana Tanaja Tanoesoedibjo is also registered as lawmaker candidate the electoral district of East Java I.
Budiman & Prabowo
Budiman Sujatmiko, politician from PDI-P and former reform activist in 1998, has decided to join Prabowo Subianto’s campaign, a decision could cost him a dismissal. Budiman, who failed to get a parliament seat in 2019 election has been commissioner of state plantation company PT Perkebunan Nusantara V (PTPN).
Bakrie’s VIVA: From Bad to Worse
Visi Asia Media (VIVA), the parent of TVOne and ANTV owned by Bakrie Group, recorded revenues of Rp619.2 billion in the first half (H1) of 2023, declined 32.3% year on year (y/y), worsened from last year with revenues only declining 0.65%. VIVA, accordingly, was not able to reduce its tax liabilities to the State (Rp461 billion as of June 30, up 1.9% from December 31, 2022), which is ten times tax payables of Hary Tanoesoedibjo’s MNCN (parent of RCTI and GlobalTV).
Sinarmas Group in First Half (2): FREN continues to test the family
Following the merger of Indosat and Hutchison 3, Indonesia now has four players in the cellular business. By far, SmartFren Telecom (FREN), controlled by the family of Widjaja (Sinarmas Group), is the smallest, and until now struggles with years of losses.
Sinarmas in First Half (1): Pulp-Paper
Sinarmas Group has recently embarked on a US$3.6 billion expansion project to build new factory in West Java province with 3.9 million tons per annum capacity. Financing details of this project yet to be released, but Indah Kiat Pulp & Paper (INKP) and its sister company Lontar Papyrus have launched Rp19 trillion perpetual bonds program.