Shares of Bank Panin (PNBN) opened lower by 4.1% to Rp1,170 this morning. At this price, Bank Panin has market capitalization of Rp28.18 trillion, consistently below its equity (Rp39 trillion). This is the only major bank valued way below its equity despite its report about stronger financial performance in the third quarter.
Read MoreThe Corruption Court of the Central Jakarta District Court recently listened to the prosecutors’ demands for Edward Soeryadjaya, son of William Soeryadjaya and founder of PT Sugih Energy Tbk (SUGI). Edward is standing trial on the case of misplaced investments made by Dana Pensiun Pertamina. The prosecutors demanded the Panel of Judges to sentence Edward to 18 years in prison. Edward is 70 years old.
Read MoreFor more than a year, the police have focused on responding to reports on crimes related to refined sugar trade. In 2017 the police named two suspects from two different companies, one of them was convicted in mid-2018. Last month, in response to a number of reports submitted by sugar cane farmers under the auspices of the Indonesian Sugar Cane Farmer (Aptri) organization, the police announced that they had named three other suspects related to a similar case. At the time of the incident, one of the suspects was a director at PT Permata Dunia Sukses Utama (PDSU), a company affiliated with PT FKS Multi Agro Tbk (FISH)—PDSU announced his dismissal last week.
Read MoreCoal miner Bayan Resources (BYAN) has obtained the permission to acquire Kangaroo Resources Limited shares from the Supreme Court of Western Australia, said the Australian miner in an official statement on Tuesday (Dec. 4). “The Scheme of Arrangement between Kangaroo and its shareholders, excluding Bayan Resources have been lodged today with the Australian Securities and Investments Commission. As a result, the Scheme is now effective,” said Kangaroo’s spokesman Paul Jurman.
Read MoreQatar National Bank (QNB) Indonesia (BKSW) has on November 29, 2018, sold its non-performing loan (NPL) worth Rp1.22 trillion, representing 31.8% of its equity (Rp3.83 trillion) per December 2017. Said NPL was sold to BDFK Limited, an affiliated firm based in the Cayman Islands.
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