Singapore International Commercial Court (SICC) has on January 18, 2024 given a decision on the recognition process of the postponement of debt payment obligation (PKPU) and the peace agreement in the Jurisdiction of Singapore for flag carrier Garuda Indonesia (GIAA).

Shares of nickel producers listed on the Indonesia Stock Exchange (IDX) ended mostly flat on Monday (Jan 23) as nickel moved in narrow range on the London Metal Exchange (LME). A blast at one nickel smelter in the Indonesia Morowali Industrial Park (IMIP), the world’s largest processing center for nickel, didn’t significantly affect price movement.

Shares of nickel producer Vale Indonesia (INCO) gained 0.73% to Rp4,130 on Wednesday (January 18), but it fell 6.5% this month as investors responded negatively on the development of 14% Vale shares divestment to state-owned PT Mineral Industri Indonesia (Persero) (MIND ID). At current price, the established nickel producer is valued at Rp41.01 trillion (market capitalization), way below relatively new players Harita Nickel (Rp60 trillion) and Merdeka Battery Materials (Rp71.3 trillion).

Shares of coal miner Petrindo Jaya Kreasi (CUAN), controlled by tycoon Prajogo Pangestu, ended further down by 9.86% to Rp9,825 on Thursday (Jan 18). The stock, which was skyrocketed by suspected trading manipulation, has lost 26.8% since the Indonesia Stock Exchange (IDX) resumed its trading early this week.

PT Pertamina International Shipping (PIS), a Pertamina sub-holding operated in the integrated logistics and shipping sector, reported a positive growth in earnings for 2023, driven by expansion in the international market. This company plans to launch initial public offering (IPO next year.

The government increases entertainment tax to 40-70%, as stated in Law no. 1/2022 concerning Financial Relations between the Central Government and Regional Governments. The tax rate for certain goods and services (PBJT), meanwhile, is set at a maximum of 10%.

Meanwhile shares of Global Mediacom (BMTR) and Media Nusantara Citra (MNCN) gained on Tuesday amid speculation about merger/consolidation of the companies within MNC Group. BMTR gained 4.58% to Rp274 with market capitalization of Rp4.54 trillion, and MNCN gained 9% to Rp410, with market capitalization of Rp6.17 trillion. Other shares within MNCN Group also surged–MNC Sky Vision (MSKY) surged 35% to Rp135 and Bank MNC Internasional (BABP) gained 4.84% to Rp65.

Bank KB Bukopin (BBKP), controlled by South Korean’s Kookmin Bank, has raised Rp11.99 trillion fund from the rights issue or offering new shares, in 2023, used to expanding its loan or credit. Bank Mayapada, controlled by Dato’ Tahir, meanwhile, plans to issue new shares worth Rp4.01 trillion this month. Bukopin and Mayapada were among midsize banks struggling with capital structure to stay afloat in the increasingly competitive industry.

President Joko “Jokowi” Widodo secured an investment of US$300 million-450 million, equivalent to Rp 7 trillion from a consortium of Brunei Darussalam investors for the construction of the new capital city (IKN) Nusantara in East Kalimantan province. Implementation of such commitment, however, might be pending outcome of next month’s election.