The overheated global venture capital climate might have eventually cooled down in recent months, but national media reported that last Monday Fresh Factory, an integrated cold chain fulfillment and enabler startup, secured US$4.5 million of seed funding led by East Ventures with participation of PT Saratoga Investama Sedaya (SRTG), Trihill Capital, Indogen Capital, Prasetia Dwidharma, Number Capital, Y Combinator, and some angel investors. 

So, Henry Surya, son of Surya Effendy (founder of Indosurya Group), has recently been released from the police custody as time lapsed before the State prosecutor concluding dossiers related to Kospin Indosurya scandal (US$1 billion plus losses). The chief detective of the national police, however, vows to detain Henry again because his alleged crime hurts tens of thousands members and investors of Indosurya cooperative.

Media reported yesterday that digital bank, Bank Neo Commerce (BBYB) cooperated with digital gold trader Lakuemas Indonesia (Lakuemas) for getting the easier access to gold commodity for its customers to purchase and sell gold through bank application.

FKS is one of the largest, yet underreported, business groups in the country with interest in various sectors including agriculture, food, coal mining, and logistics. The group is one of the largest importers of soybeans through IDX-listed PT FKS Multi Agro Tbk (FISH)...

Bank Capital (BACA), ultimately controlled by businessman Danny Nugroho, issues 19.96 billion new shares with preemptive rights. The bank, which is only valued less than half of its equity, has to raise funds to strengthen its equity because the capital adequacy ratio (CAR) is very low. 

Hillcon, which has just launched an initial public offering (IPO), is a fast growing contractor in Indonesia, thanks to aggressive investments by Tsingshan and partners in the nickel processing. More nickel smelters in the Indonesia Weda Bay Industrial Park (IWIP), Halmahera, North Maluku province contributed to 94% jump in Hillcon’s revenues to Rp1.98 trillion last year.

Hanwa Co Ltd is one of the largest companies in the region with sales revenue of 2.16 trillion yen and operating profit of 62.3 billion yen in the fiscal year ended March 31, 2022. The Japanese company enjoyed strong growth, among others thanks to its overseas investments, particularly in Indonesia.

Shares of BRMS opened lower by 0,9% to Rp228 this morning. Still, it is one of the best performing stocks year-to-date with gain of more than 100% as investors continue to speculate on future consolidation of Salim Group’s mining assets. 

Jessica Herliani, daughter of Hary Tanoesoedibjo (MNC Group), has tied the knot with Jonathan Natakusuma, son of Fofo Sariaatmadja (Emtek Group). MNC and EMTEK are two of the largest media groups in the country. MNC controls TV stations like RCTI, MNC TV and TPI, while EMTEK owns SCTV and Indosiar.

Shares of Gudang Garam (GGRM), a major cigarette producer, ended higher by 2% to Rp31,225 on Wednesday to make a market capitalization of Rp60 trillion, only slightly above its equity (Rp59 trillion). Sarana Menara Nusantara (TOWR), a telecommunication infrastructure company controlled by another cigarette giant Djarum Group, meanwhile, is now worth Rp53.3 trillion, four times equity.