Category: Market

In November last year, TOBA formed a joint venture with ride-hailing giant Gojek. They aim to capitalize on the development of the electric motorcycle business in Indonesia. Through its subsidiary, PT Karya Baru TBS, TOBA signed the deed of establishment of PT Energi Kreasi Bersama, a joint venture company in the form of a limited liability company established by PT Rekan Anak Bangsa. The paid-up capital at PT Energi Kreasi Bersama is Rp. 71.75 billion.

Flag carrier Garuda Indonesia (GIAA) is said to launch the rights issue, offering new shares, or private placement, to certain investors to raise fresh funds or capital injection.

The Government proposed revising the state budget and spending (APBN) for 2022. The Budget Body of House Representatives (DPR) approved the said proposal. The Government needs to revise, especially on the spending side, as higher crude oil prices will impact higher subsidies for energy.

A number of coal companies are now flocking into nickel mining and the electric vehicle ecosystem. Is the threat of the coal “apocalypse” really in sight?

State coal miner Bukit Asam (PTBA) booked profit attributable to owners of Rp2.24 trillion in the first quarter (Q1) of 2022, surged 355% year on year (y/y), as revenues jumped 110% y/y to Rp8.2 trillion and operating profit surged 457% y/y to Rp2.86 trillion. PTBA also recorded a finance income of Rp103.7 billion in Q1 this year, which doubled from Q1 last year.

State-owned telco firm Telekomunikasi Indonesia (TLKM), or Telkom, opted to maintain its investment in PT GoTo Gojek Tokopedia Tbk (GOTO) for developing a larger digital ecosystem. The current drop in GOTO shares prices is considered normal in line with the market dynamic.

The Euro Area economy expanded 0.3% on quarter in the first three months (Q1) of 2022, slightly higher than initial estimates of a 0.2% rise and matching the previous quarter’s growth.

State construction firm Adhi Karya (ADHI) issues bonds worth Rp3.75 trillion, used to refinance its bond debt of Rp2.81 trillion issued in 2017 and fund its working capital.