Shares of Barito Renewables Energy (BREN), a holding company and part of the Barito Pacific Group owned by Prajogo Pangestu, opened slightly higher by 1% to Rp7,400 this morning to make a market capitalization of Rp987 trillion, second largest on the Indonesia Stock Exchange (IDX).

PT Multi Spunindo Jaya Tbk (MSJA), engaging in personal care product business, has kicked off its initial public offering (IPO) for 882.3 million shares, representing 15% of total issued and paid-up capital, priced at range of Rp250-350 per share, to raise total proceeds of maximum Rp308.82 billion.

Mining contractor Delta Dunia Makmur (DOID) plans to issue bonds worth US$500 million, made through private placement scheme, to refinancing bond debt issued by its subsidiary, PT Bukit Makmur Mandiri (BUMA).

Shares of gold producer Merdeka Copper Gold (MDKA) declined 1.29% to Rp2,290 on Monday (December 18), to make market capitalization of Rp55.2 trillion, alongwith the lower earning report for the first nine months (9M) to September of 2023. The stock has fallen 44.5% so far this year and losing 58% from peak in April 2022.

Oil and gas firm owned by Bakrie Group, Energi Mega Persada (ENRG), has opened up about its acquisition and merger plans which will take place in 2024. In line with this, ENRG is also preparing capital expenditure (capex) of US$150 million or around Rp2.32 trillion.

Indonesia Stock Exchange (IDX) welcomed more nickel players despite recent substantial correction of nickel prices. Nickel miner Adhi Kartiko Pratama (NICE) has just kicked off its initial public offering (IPO) for 1.2 billion shares, representing 20% of its total issued and paid-up capital, priced at range of Rp430 to Rp530 per unit, to raise maximum proceeds of Rp644.7 billion. 

Indonesia’s export declined 11.83% year-on-year to US$236.4 billion in the first eleven months of 2023, mainly due to substantial correction (-12.47%) in non-oil and gas products. Thermal coal and palm oil suffered 21.2% and 18.7% decline respectively in the period to reflect correction of the commodities.

Ancora Indonesia Resources (OKAS), founded by Gita Wirjawan, booked net profit of US$4.42 million in the first nine months (9M) to September of 2023, fell by 35% from the corresponding period last year due to squeezed margins. 

Shares of nickel producer Vale Indonesia (INCO) lost 4.74% to Rp4,020 on Wednesday (December 13) 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, Vale is valued at Rp39.94 trillion (market capitalization).

Oil and gas firm Medco Energi Internasional (MEDC), co-owned by the Panigoro Family and Salim Group, has completed the acquisition of 20% ownership of two Exploration and Production Sharing Agreements (EPSA) of OQ Exploration & Production LLC (OQEP) in the Sultanate of Oman.