Coal miner Adaro Energy Indonesia (ADRO), co-owned by Edwin Soeryadjaya (Saratoga), TP Rachmat, Garibaldi ‘Boy’ Thohir, the family of the late Benny Subianto, remains the main source of cash for these families, whose ‘members’ Erick Thohir and Sandiaga Uno are tipped vice president candidate in 2024 election. 

Energy firm Pertamina Geothermal Energy (PGEO) said it has in August 20, 2023 signed a memorandum of understanding (MoU) with Africa Geothermal International No. 1 Limited (AGIL No. 1). While the global expansion is appreciated, investors await progress of domestic projects.

Dian Swastatike Sentosa (DSSA), owned by Sinar Mas Group, has on August 21, 2023 purchased 411 million shares of coal miner Golden Energy Mines (GEMS) from Golden Energy and Resources Limited (GEAR), at price of Rp6500 per share, or Rp2.67 trillion in total. With this transaction, DSSA’s ownership in GEMS increased to 55.42% from previous 48.42%.

Shares of state gas distributor Perusahan Gas Negara (PGAS), Pertamina’s gas subholding, gained 0.67% Rp1495 on Friday last week (August 18), to make market capitalization of Rp36.24 trillion. The stock has fallen 13.8% so far this year, as investors responded negatively to PGAS’ correction on earnings. 

Shares of gold miner Archi Indonesia (ARCI), controlled by Peter Sondakh’s Rajawali Group, ended substantially lower by 3.23% to Rp360 last Friday. That means the stock has fallen 52% from its initial public offering (IPO) two years ago. Shares of Merdeka Battery Materials (MBMA), co-owned by Saratoga, Provident Capital, and Garibaldi ‘Boy’ Thohir, ended slightly higher by 0.69% to Rp 725, but still way below IPO price few months back.

Technology firm Solusi Sinergi Digital (WIFI) or Surge will launch the rights issue, offering 4.96 billion new shares, at price of between Rp260 to Rp280, to raise total proceeds of maximum Rp1.38 trillion, used to support the expansion of the WIFI business and its subsidiaries in the field of fiber optic networks.

President Joko ‘Jokowi’ Widodo has submitted draft of State Budget 2024 to the House of Representatives on Wednesday (Aug 16). The budget is considered conservative with spending growth target of 7.9% to Rp3,304 trillion, while revenue is expected to grow 12.9% to Rp2,781 trillion. 

State pharmaceutical firm Indofarma (INAF) reported a 36.6% decline in sales, to Rp364 billion in the first half (H1) of 2023. It suffered net loss of Rp120.3 billion in said period, expanded from Rp90.7 billion loss in H1 of 2022. Full year target, accordingly, is increasingly out of reach. 

Shares of technology firm GoTo Gojek Tokopedia (GOTO) gained 6.59% to Rp97 on Tuesday (August 15), to make market capitalization of Rp102.46 trillion, as market participants responded positively the company’s financial results in the first half (H1) of 2023. The stock, however, has fallen 34% from its recent peak at Rp147 on May 31, 2023.

Indonesia recorded trade surplus of US$1.31 billion in July 2023, the 39th consecutive month of surplus, but it fell sharply by 63% from the previous month. Overall export fell US$4.63 billion (-18%) year-on-year, mainly due to price correction of key commodities.