Shares of Vale Indonesia (INCO) ended lower by 3.04% to Rp3,830 on Monday (Feb 26) as MIND ID, holding company for state mining companies, completed acquisition of additional 14% shares with substantial discount at Rp3,050 per share. This marks a new chapter for Vale Indonesia, which sits over one of the largest nickel assets in the country.
Read MoreShare of Sinarmas Group telecommunication firm Smartfren Telecom (FREN) lost 1.92% to Rp51 on Friday last week (February 24), to make market capitalization of Rp17.1 trillion. FREN said it would increase capital with preemptive rights or a rights issue, targeting funds of up to Rp8.57 trillion.
Read MoreWe feel sorry for ANZ Bank, co-owner of Bank Panin (PNBN), one of the largest banks in Indonesia with total assets of Rp222 trillion. The bank, majority controlled by the family of Mu’min Ali Gunawan, is now worth around half of its equity only, nothing compared to other major banks in the country.
Read MorePrabowo Subianto and his running mate Gibran Rakabuming Raka, who is the eldest son of President Joko “Jokowi” Widodo, held a meeting on Friday, Feb. 23. This is perhaps their very first meeting being disclosed to the public after the election. The meeting is truly worth highlighting in relation to the question of power sharing within Prabowo-Gibran’s coalition and whether Gibran will get a substantial role in the next administration.
Read MoreThe problematic PT Asuransi Jiwa Kresna (known as Kresna Life linked to PT Kresna Graha Investama Tbk – KREN) managed to avoid bankruptcy in February 2021 only to have the decision annulled by the Supreme Court. The firm is declared bankrupt. Two years after the chaotic dispute was made known to the public, the police announced that they had named the President Director of Kresna Life as suspect in an ongoing investigation into a criminal case. Months later, the investigation developed into another case of alleged money laundering involving affiliated companies. All this happened while the firm’s license had been revoked by the Financial Service Authority (OJK). Recently, however, the Jakarta State Administrative Court (PTUN Jakarta) decided to annul OJK’s decision. What does this mean?
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