Day: August 25, 2022

Government plans to set up PalmCo, a sub-holding entity for state-owned plantation firms–PT Perkebunan Nusantara (PTPN) 1-PTPN 10, which will launch the initial public offering (IPO) sometime next year. It is a long overdue. The integration of all state plantation firms would make it the largest plantation firm in the world.

Shares of property developer Sentul City (BKSL) ended higher by 3.85% to Rp54 on Wednesday (August 24) to make a market capitalization of Rp3.62 trillion as investors responded positively the company’s actions. 

Cellular provider XL Axiata (EXCL) has dropped 21% from its recent peak, deeper than Indosat (ISAT) and Telkom (TLKM). EXCL booked profit attributable to owners of Rp615 billion in the first half (H1) of 2022, declined 14.2% year on year (y/y), due to higher expenses.