Hong Kong-based Road King Infrastructure Ltd continues to boost its investment in Indonesia. On September 27, 2022, its indirectly 75%-owned Kings Bless entered into the conditional sale and purchase agreement (SPA) for acquiring 39.77% equity interest in in PT Jasamarga Semarang Batang (JSB) from PT Waskita Toll Road (WTR), subsidiary of state construction firm Waskita Karya (WSKT), at consideration value of HK$1.98 billion, equivalent to Rp3.82 trillion.

President Joko “Jokowi” Widodo in his visit to inspect PT Wika Bitumen, a unit of state construction firm Wijaya Karya (WIKA), in Buton Regency, Southeast Sulawesi province yesterday urged the import of asphalt to be stopped by 2024. The domestic industry would be encouraged to meet the needs of the raw materials for road construction. 

E-grocery start-up HappyFresh is back in operation in Indonesia after receiving fresh funds in the form of debt from Genesis, Innoven, and Mars. The amount of funds received is kept confidential by the company. Bear in mind that the company decided to temporarily stop...

Pathetic oversupply in domestic market has led to series of consolidation in the cement industry. After acquisition of Holcim Indonesia (SMCB) few years back, the state cement producer Semen Indonesia (SMGR) is getting closer to acquire smaller state cement firm Semen Baturaja (SMBR), awaiting the signing of Government Regulation by President Joko ‘Jokowi’ Widodo.

President Joko “Jokowi” Widodo has on Tuesday (Sep 20) inaugurated two new toll roads, namely the Cibitung-Cilincing toll road (two sections) and Serpong-Balaraja toll road (one section). The Cibitung – Cilincing toll road is part of Jakarta Outer Ring Road (JORR)-2 which links industrial and residential areas in the western and the eastern sides of Greater Jakarta. 

The development of Indonesia’s new capital, Nusantara, is ongoing. There are so many things happening at the same time and in such a short time, while the Government is looking for investors.  Last week, it was made known that the Government was drafting a Government Regulation on Ease of Doing Business. There, the Government is planning to offer several incentives. 

Township and industrial estate developer Kawasan Industri Jababeka (KIJA) has developed Correctio, the so-called ‘Indonesia’s Silicon Valley’ in Bekasi, West Java province. Supported by ministry of industry, the company has engaged state research agency BRIN, Indogen, BISA AI, Telkomsel, Mitsubishi Heavy Industries, Auk Industries, Gamatechno, Arcstone, and SemCorp.

Indonesia’s import expanded only by 3.8% month-on-month in August, but this was mainly due to nearly 17% fall in import of oil and gas. Import of non oil and gas actually expanded 9.23% from July, suggesting a strong domestic economy. 

So, Indonesia booked trade surplus of US$5.76 billion last month, expanded from US$4.2 billion in July thanks to higher export (+9.17%) growth than import (+3.77%). Higher volume of palm oil, iron & steel, and nickel contributed to higher export growth despite correction in international price of the commodities.