This week, the Business Competition Supervisory Commission (KPPU) held its first preliminary hearing on alleged violations related to the notification obligation of corporate actions in the form of the acquisition of PT Aset Digital Berkat (Tokocrypto) by Singapore-based Toko Alpha Pte Ltd. Toko Alpha is an entity controlled by Binance Capital Management Co Ltd, part of Binance Holdings Ltd, a global company that operates the largest cryptocurrency exchange. Knowing that Binance has faced legal problems since its incorporation, what is happening is no longer surprising.

Leaders of some major state companies, including those listed on the Indonesia Stock Exchange (IDX), have reportedly been summoned by the new agency called Danantara. It is unfortunate that these companies have yet to inform public shareholders about what’s going on, intensifying uncertainty in the market. 

Shares of Kalbe Farma (KLBF), the largest pharmaceutical company in Indonesia, ended higher by 2% to Rp1,500 Monday (Nov 25) on broad market sentiment. Second largest pharmaceutical listed on IDX, Tempo Scan Pacific (TSPC), meanwhile, ended lower by 0.8% to Rp2,550. 

Malaysian home-improvement retailer, MR. DIY Group (M) Bhd through its Indonesian sister company PT Daya Intiguna Yasa, will list and trade shares in the Indonesia Stock Exchange (IDX), seeking to raise as much as Rp4.7 trillion and being the biggest listing in more than a year.

Shares of Gajah Tunggal (GJTL), one of the largest tyre manufacturers in the country, gained 2.63% to Rp1,170 this morning to make a market capitalisation of Rp4.08 trillion. It’s not even half of the company’s equity (Rp9.14 trillion by September 30, 2024).

Four years ago, Hashim revealed his plan to support the new capital city (IKN) Nusantara in East Kalimantan with clean water supply through PT Arsari Tirta Pradana. Four years earlier, in 2016 to be exact, Arsari assigned one Dutch-based engineering consultancy firm to study water resources in the forest concession, which is adjacent to location of the new city.

Hashim, his nephews Tommy Djiwandono (vice minister of finance) and Budi Djiwandono (vice chairman of House Commission I) were among those accompanying president Prabowo Subianto in State visit to the United Kingdom last week. Hashim, Anindya Bakrie (KADIN Indonesia chairman), Rosan P Roeslani (minister of investment & downstream), and Wishnu Wardhana (whose wife is minister of tourism) were seen in a meeting with the London Stock Exchange (LSE Group) talking about energy transition and public housing.

Bird’s nest, a luxury diet, is said one of the fast growing export commodities from Indonesia. Export to China reportedly reached US$400 million in 2022, while total export in 2023 already reached US$633 million. It is a business controlled by not many players in the country. Those with access to vast forest concession have been looking into this commodity. 

Hashim Djojohadikusumo, brother of president Prabowo Subianto, was seen sitting next to Andersen Tanoto (son of Sukanto Tanoto, former business partner of Hashim at PT Adaro Indonesia), in a business meeting with Brazilian business groups late last week. Prabowo later on cut short his speech saying ‘everything has been covered by Pak Hashim’.