Within less than two months before Prabowo Subianto is sworn in as the new president, Adaro Energy (ADRO) surprised some with the proposal to spin-off the ‘dirty but profitable’ thermal coal business reportedly for the sake of ‘transition to green business. Some buy the story, while others continue to speculate on the other motivation.

Shares of Adaro Energy (ADRO) have gained 11.4% in the past three weeks or so since the company announced a plan to spin-off the thermal coal business, offering the shares to its existing shareholders. It is the first such kind on the Indonesia Stock Exchange (IDX), which might be followed by other players seeking ways to transform themselves into ‘green companies’. 

CCK Consolidated Holdings Bhd is divesting 40% stake in its Indonesian subsidiary PT Adilmart to Creador with RM163.1 million of investment. This is slightly lower than the initial investment proposed by Creador of RM170.3 million, when the deal was announced back in May.

Shares of Merdeka Battery Materials (MBMA), currently one of the largest nickel players in the country co-owned by Saratoga, Provident, and Thohir (Boy, brother of Erick Thohir—-minister of state-owned enterprises), ended at Rp585 on Monday (Sep 30) to make a market capitalisation of Rp57 trillion.

Shares of flag carrier Garuda Indonesia (GIAA) ended substantially higher by 6.1% to Rp70 on Monday (Sep 30) even when the airline reported net loss of US$101.7 million in the first half, an increase of nearly 33% from the corresponding period last year.

Shares of United Tractors (UNTR), a subsidiary of Astra International engaged in construction machinery supply, coal mining contracting, own coal business, gold mining, power generation, and civil construction, ended higher by 1.47% to Rp27,700 on Friday (Sep 27) to make a market capitalization of Rp103.3 trillion.

Commercial Court of Central Jakarta District Court has on September 20 extended the Permanent PKPU (Suspension of Debt Payment Obligations) until November 4th, 2024 to  four companies under the so-called Bakrie’s Media Group—-Visi Media Asia (VIVA), Intermedia Capital (MDIA), Cakrawala Andalas Televisi (ANTV), and Lativi Mediakarya (TVone). This gives them time to restructure the debts. 

More than one year ago, we’re presented with legal battles between ‘philanthropy friends’ Ted Sioeng and Dato’ Tahir (owner of Mayapada Bank). The court granted a bankruptcy lawsuit filed by Bank Mayapada against Sioeng, while Ted, who was named a fugitive, accused Tahir, member of the President’s Advisory Council, of receiving kickbacks worth Rp525 billion for loan facilities provided to his group. 

Mayapada Group, controlled by Dato’ Tahir (member of the president’s advisory council), is one of the so-called ‘investors’ in the new capital city (IKN) Nusantara. The group builds one of three hospitals in Nusantara. But, that’s not the reason why shares of Mayapada Hospital (SRAJ) shot up to Rp2,760, more than ten times the quoted price late last year. 

Burhanuddin Abdullah, chief of the board of experts at Prabowo-Gibran campaign team, told media on Wednesday (Sep 25) that Prabowo will establish the State Revenue Agency (BPN), which actually spinning off ministry of finance’s director generals for taxation (DJP) and customs & excise (DJBC).