Connectivity or control?
The inauguration of a new Community Gateway in Wamena by Telkomsat may appear, at first glance, as another infrastructure success story. The government celebrates it as a leap forward for digital inclusion in Papua, promising internet capacity increases of up to fivefold across the highlands. Officials frame the project as proof that Indonesia is finally bringing connectivity to one of its most isolated regions.
ResInvest enters Marga Bara Jaya
SGX-listed Geo Energy Resources Ltd, which operates coal mines in Indonesia, has entered into a term sheet with Resource Invest AG (ResInvest), wherein ResInvest will enter the company’s infrastructure business with a US$1.5 billion valuation.
Substantial correction at Citra Tubindo
Citra Tubindo (CTBN), producer of pipe for oil and gas operations (oil country tubular goods/OCTG), suffered 80% fall of sales revenues in the first quarter of 2026 due to lower purchase from both domestic and overseas oil and gas companies.
Not out of the woods yet (2)
Brent crude oil advanced 3.23% to US$104.6 per barrel this morning following a statement from US President Donald Trump that Iran’s proposal to end the war is ‘totally unacceptable’. In the meantime, Indonesia’s foreign exchange reserves dropped further by US$2 billion in April, among others, to defend the weakened rupiah.
Media industry losing more jobs
Media Nusantara Citra (MNCN), parent company of two popular TV stations RCTI and MNC TV, dismissed 206 workers or 5% of its total workforce in the first three months of 2026 after substantially downsizing last year.
M&A Update
Shares of PT Mitra Adiperkasa Tbk (MAPI), one of the leading lifestyle retailers, ended substantially higher by 12.36% on Friday (May 8) following announcement from Singapore’s Pacific Universal Investments Pte. Ltd., affiliate of CVC Capital Partners, that it has acquired controlling ownership from Nursalim Family for Rp11.81 trillion.
Tax-free restructuring
The government’s decision to exempt state-owned enterprises (SOEs) from taxes on corporate restructuring until 2029 may appear technical on the surface. Officials frame it as a pragmatic step to support consolidation, improve efficiency and accelerate the transformation of Indonesia’s sprawling SOE ecosystem under Danantara.
Regulating ride-hailing by presidential decree
The draft presidential regulation on the protection of online transportation workers may become one of the country’s most controversial digital economy policies in years. Presented as a long-overdue response to driver exploitation, the regulation promises tariff transparency, social security protection, limits on arbitrary account suspensions and stronger bargaining rights for ride-hailing drivers.
Not out of the woods yet
Brent crude oil futures advanced 2.43% to US$102.5 per barrel this morning, while Asian stock markets opened mostly lower grounds due to fresh exchange of attacks between US and Iran in the Middle East.
Squeezed margins of manufacturers (1): Glass
Two glass manufacturers listed on the Indonesia Stock Exchange (IDX) suffered from falling margins in the first quarter of 2026 due to low sales growth, higher input, labour, and utilities costs.