Category: Market
From Coal to Nickel (2)
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.
Read MoreCorporations to Watch
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.
Read MoreBudget Revised
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.
Read MorePalm Oil Export Ban Removed
President Joko “Jokowi” Widodo decided to revoke the export ban on palm oil and the export of cooking oil, effective on May 23, 2022.
Read MoreFrom Coal to Nickel
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?
Read MoreQ1/22 Results: PTBA & TINS
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.
Read MoreTelkom-GOTO
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.
Read MoreLimited Growth in Global Economy
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.
Read MoreRevisiting Krakatau Steel
State steel producer Krakatau Steel (KRAS) said five investors are keen to be involved in reactivating its blast furnace this year. Said investors are steel producers in Asia, and now they are conducting preliminary due diligence on said blast furnaces.
Read MoreFund Raisings
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.
Read MoreOutstanding export in the first four months
Indonesia reported a record trade surplus of US$7.56 billion in April 2022, expanded by 67% from March due to 3.1% increase in export, while import declined by 10%. The country, accordingly, already booked trade surplus of nearly US$17 billion in the first four months, surged by 116% from the corresponding period last year.
Read MoreRidwan Djamaluddin Respond
Ridwan Djamaludin, Director General of Minerals and Coal, has been made acting governor of Bangka Belitung. Many protested against the decision. Some see it as a conflict of interest as Djamaludin is known for being close to the Coordinating Minister for Maritime Affairs and Investment, Luhut B. Pandjaitan.
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