SWG acquires Swing Indonesia
PT Surya Wicaksana Gunanusa (SWG) acquires majority shares (96.98%) of PT Swing Indonesia, a company engaged in designing and construction of water and wastewater treatment facilities, from Swing Corporation, Japan for undisclosed considerations.
Domestic processing of natural rubber
Indonesia is the second largest producer of natural rubber in the world, but it generates substantially smaller revenues from the export market than Malaysia. In the first 10 months of 2021 alone, Malaysia recorded around US$15 billion of export revenues from natural rubber and rubber products, surged by nearly 71% from the corresponding period of 2020, driven by huge demand for latex-based goods, including medical gloves.
Nursalim and Mitsubishi in luxury outlet mall business
Tuan Sing Holdings Limited, a property company controlled by Nursalim Family, has entered into partnership with Mitsubishi Estate Co Ltd to develop an international luxury outlet mall in Karawang, West Java province.
Lygend Resources IPO & Indonesian Ambitious Projects
Chinese nickel company Lygend Resources and Technology Co Ltd has applied for an initial public offering (IPO) in the Hong Kong Stock Exchange (HKEX). While details of the IPO yet to be revealed, proceeds will likely be used to finance the company’s ambitious projects in Obi Island, North Maluku province.
Toll road projects update
Walk the talk. The government has on March 8, 2022 signed an important agreement with PT Penjaminan Infrastruktur Indonesia (PII) and PT Toll Jagat Kerthi Bali, developer of the toll road in Bali Island, which connects Gilimanuk and Mengwi. Construction of the toll road is expected to complete in November 2024, but some anticipate delays.
The troubled projects cost Aneka Tambang dearly
State-owned mining company Aneka Tambang (ANTM) booked net profit of Rp1.86 trillion last year, jumped 62% from 2020. The company should have recorded significantly higher net profit last year without huge impairment loss from the troubled chemical grade alumina (CGA) project in Tayan, West Kalimantan.
FY21 Results of Chandra Asri
Petrochemical giant Chandra Asri Petrochemical (TPIA) booked a net profit of US$152 million in 2021, jumping 191% year on year (y/y), mainly supported by a combination of demand recovery and stronger margins.
Industry Update
Steel rebar futures fell to below US$5,000 per ton (4889 on Monday), the lowest in near two weeks, as surging Covid-19 cases and a decline in Shanghai nickel futures more than offset supply issues and expectations of robust demand.
Walk the Talk: Indonesia’s F1 Circuit
Indonesia has long tried to be in the Formula One calendar. More than one decade actually. Two ASEAN members have hosted the races: Malaysia and Singapore. Vietnam supposedly is the third, but the maiden Hanoi Grand Prix was aborted due to Covid-19 pandemic in 2020. Will Indonesia become the fourth ASEAN member to host F1 races?
Data center business: Getting crowded…
PT Data Center Indonesia Tbk (DCII) posted net profit of Rp261 billion last year, jumped by 42.8% from 2021 despite only 14.7% growth in sales revenues to Rp871 billion. The company, which is valued nearly 90 times equity, accordingly, posted net profit margin (NPM) of 30%, expanded from 24% in 2020.