Shares of cellular operator XL Axiata (EXCL) declined 0.77% to Rp2,280 on Wednesday (May 15), valued at Rp33.87 trillion, on news of consolidation with or merger with Smartfren Telecom (FREN) which was traded flat at Rp50 yesterday, valued at Rp21.47 trillion.

Bank MNC Internasional (BABP), owned by conglomerate Hary Tanoesoedibjo, is ready to launch the private placement, offering a maximum 4.44 billion news shares, representing 10% of its enlarged capital, to certain party. BABP will hold an extraordinary general meeting (EGM) of shareholders on June 21, 2024 to ask for approval regarding the proposed private placement.

Shares of Nusantara Sejahtera Raya (CNMA), the largest cinema network operator in Indonesia with its popular Cinema XXI brand, declined by 0.94% to Rp210 on Tuesday (May 14), even when the Company reported a 701.7% surge year on year (y/y) in profit.

Companies under Barito Pacific Group owned by Prajogo Pangestu have intensively carried out a series of acquisitions since the beginning of the year. Along with the large expansion, they are also preparing huge capital expenditure (capex).

Shares of market leader Siloam Hospital (SILO) ended slightly lower at Rp2,600 on Monday (May 13), moved further away from the price paid by Singapore-based Sight Investment for 10.4% shares at Rp2,850 per share.

Unlike nickel, tin gained 27% year-on-year to US$32,093 this week. Still, shares of PT Timah Tbk (TINS) ended lower by 2.65% to Rp920 to make a market capitalisation of Rp6.85 trillion, slightly above equity (Rp6.37 trillion). 

Shares of dairy and meat producer PT Cisarua Mountain Dairy Tbk (CMRY), popular as Cimory, opened slightly lower by 0.4% to Rp4,880 this morning to make a market capitalization of Rp38.7 trillion. That means the stock has gained 58.8% from its initial public offering (IPO) price in December 2021.

Shares of Energi Mega Persada (ENRG), an oil and gas firm controlled by Bakrie Family, ended significantly lower by 3.88% last Wednesday (May 8), pretty much in contrast to Medco Energi (MEDC), an oil and gas company co-owned by Panigoro and Salim families. 

Shares of coal miner Indo Tambangraya Megah (ITMG), controlled by Banpu Pcl (Thailand), ended higher by 2.2% last Wednesday (May 8) as investors responded positively recovery of coal prices in the past few weeks. At the last quoted price, ITMG was valued slightly above equity and traded with PE multiple 8.

Chandra Asri Pacific (TPIA), the leading chemical and infrastructure solutions company in Indonesia, and Glencore plc, one of the world’s leading natural resources companies, have entered into a sales and purchase agreement (SPA) with Shell Singapore Pte. Ltd. (SSPL) to acquire the Shell Energy and Chemicals Park Singapore (SECP).