Telco firm XL Axiata (EXCL) plans to add business in the first quarter (Q1) of this year, expecting its income to increase until 2027 by an average of 13.86%, from mobile advertising and resale services of telecommunications services.

Coal miner Petrindo Jaya Kreasi (CUAN), owned by tycoon Prajogo Pangestu announced to take over 34% shares in mining contractor Petrosea (PTRO) for Rp940 billion value, or Rp2,741 per share, way below market price of Rp5,550. CUAN, through PT Kreasi Jasa Persada (KJP) purchased PTRO shares from PT Caraka Reksa Optima, owned by Robert Nitiyudo Wachjo or Haji Robert.

Online shopping mall Blibli.com (PT Global Digital Niaga Tbk/BELI)), owned by Djarum Group, is the e-commerce stock traded above initial public offering (IPO) price. The last quoted price (Rp478) reflected market capitalization of Rp57.7 trillion, more than twice the value of bukalapak.com (Rp22 trillion). 

United Tractors (UNTR)—a subsidiary of Astra International engaged in construction machinery supply, coal mining contracting, own coal business, power generation, and civil construction—has added some new businesses in the past few years, particularly nickel and renewable energy. The most recent is acquisition of geothermal business of PT Supreme Energy Sriwijaya (SES) by subsidiary PT Energia Prima Nusantara (EPN).

Government has raised the excise rate on tobacco products by 10%, effective on January 1, 2024. This would lead to higher selling price of cigarettes, put pressure on people’s purchasing power, and potentially lower profit margin for producers.

Provident Investasi Bersama (PALM) ended lower by 2.33% to Rp630 on Wednesday (Jan 3) to make a market capitalization of Rp4.63 trillion. The stock entered the market through initial public offering (IPO) more than 11 years ago as an agriculture company, but has since divested all plantation assets and changed its business as an investment company. 

Investment in stock market grew positively in 2023 with the composite index of the Indonesia Stock Exchange (IDX) gaining 6.16% to 7,272.79, while overall market was volatile. The market capitalization made its record high, at Rp11,762 trillion per December 28, 2023, whilst helped by inflated new equities like Barito Renewables (BREN), Jaya Kreasi (CUAN), and Amman Minerals (AMMN).

The Indonesian Stock Exchange (IDX) is currently conducting an examination of the shares of mining company Petrindo Jaya Kreasi (CUAN), which has been suspended twice by the IDX. IDX monitors all of Prajogo Pangestu-controlled entities on the stock exchange, including Barito Renewables (BREN), not limited to CUAN.

Mining contractor Delta Dunia Makmur (DOID) announced on Tuesday (January 2) that its subsidiary PT Bukit Makmur Mandiri Utama received a syndicated credit facility of US$750 million, equivalent to Rp11.61 trillion from Bank Negara Indonesia (BBNI). Said facility has tenor of 69 months or due in 2029.

Indonesia Stock Exchange (IDX) might end 2023 in new high as it closed at 7,304 on Thursday (Dec 28). The year has been marked by initial public offering (IPO) of some major companies, including Amman Mineral (AMMN), the second largest gold and copper producer, and Barito Renewables (BREN), the largest geothermal player.