Rudiantara, former minister of information and communications, will almost certain become the new president director of PT Perusahaan Listrik Negara (PLN), the largest company in Indonesia by total assets. This is another indication of President Joko ‘Jokowi’ Widodo’s stronger grip in major state companies.

AHK (Met) Hamami, founder of Tiara Marga Trakindo Group, has on Friday Nov 29 passed away in Jakarta. He left behind one of major business groups with interest in mining, financing, property, and hospitality to four children.

Ciputra is household name in property industry. The man, founder of companies like Ciputra Development (CTRA), Pembangunan Jaya, Jaya Real Property (JRPT), Jaya Konstruksi (JKON), and consumer and corporate electronic company Metrodata (MTDL), has passed away in Singapore.

With the exception of property giant Lippo Karawaci (LPKR), other companies of Lippo Group have released their financial statement for the period ended Sept 30, 2019. Siloam Hospital (SILO), for example, booked net profit of Rp42.88 billion, skyrocketed from around Rp3 billion only in the first nine months of 2018.

Elang Mahkota Teknologi (EMTK), controlled by Eddy Sariaatmadja, once tried to become a conglomerate with diversified businesses. Looks like, however, that Emtek has given up some businesses to focus in media and ICT (including digital economy). The first to let go is the pay TV business, which failed to survive in the highly competitive industry.

Sinarmas Multiartha (SMMA), sub-holding of Sinarmas Group for financial sector, is currently the largest company within the group based on market capitalization. SMMA, which is parent of Bank Sinarmas, has market cap of Rp82.78 trillion or 3.6 x equity as at September 30, 2019 (Rp23.09 trillion).

Bakrie & Brothers (BNBR) reported strong performance in the first nine months of 2019 with net profit of Rp342 billion against loss of Rp1.23 trillion in the corresponding period last year, thanks to improved sales revenues and margins. BNBR, however, only has a market capitalization of Rp1.04 trillion or 0.3 x equity as at Sept 30, 2019.

MNC Investama (BHIT), holding company of MNC Group (Hary Tanoesoedibjo) booked net profit of Rp351.26 billion in the first nine months of 2019 against loss of Rp549.28 billion in the corresponding period of 2018. The company, however, has market capitalization of Rp4.9 trillion or 0.2 x equity as at Sept 30 (Rp30.99 trillion).

Djarum Group, controlled by the Hartonos, is in good shape with Bank Central Asia (BBCA) reporting net profit of Rp20.92 trillion in the first nine months of 2019, an increase of 13% from the corresponding period last year. The Hartonos should be cash-rich because BCA paid out cash dividend of Rp6.29 trillion in Jan-Sep 2019, jumped by nearly 46% from the corresponding period last year.

Luhut Binsar Pandjaitan admitted he was about to pack his things when the State Palace asked him to meet President Joko ‘Jokowi’ Widodo ahead of the announcement of new cabinet. He thought that Jokowi would move him to other portfolio in the cabinet. Turned out that Jokowi not only maintaining the retired general in his post, but adding his authority.