Revisiting Luhut’s TOBA
Unlike other coal miners, shares of PT Toba Bara Sejahtra Tbk (TOBA) ended lower by 1.6% to Rp1,565 on Monday (Dec 3rd). At this price, TOBA had market capitalization of Rp3.15 trillion, slightly above its equity (Rp3 trillion by Sept 30, 2018). The stock has also been consistently traded way below peers despite strong performance in the first nine months of 2018.
Dwi Soetjipto Finally
Dwi Soetjipto, former president director of state oil and gas company Pertamina, has on Monday (Dec 3rd) been sworn in new chief of the Upstream Oil and Gas Special Task Force (SKKMigas) to replace Amien Sunaryadi.
Ridwan Djamaluddin, New SKKMigas Head?
Dr Ridwan Djamaluddin, deputy coordinating minister for maritime affairs, is among those tipped to become new head of the Upstream Oil and Gas Special Task Force (SKKMigas) to replace Amien Sunaryadi.
The Tjajadi Wedding
Indonesia’s social media circles reacted to the news of one Jusup Maruta Cayadi marrying one Clarissa. The wedding ceremony will be held on December 1, 2018, but the couple’s proposal and engagement videos have been widely circulated on the internet. Everything about the wedding plan, such as the 3D musical invitation, the lavish souvenirs, and the jaw-dropping doorprize on offer reminds the public of the romantic comedy movie “Crazy Rich Asians”. We’re interested in the family behind the two couple. Jusup is the son of Rendra Tjajadi of BEST Industry Group, while Clarissa is the daughter of one Thio Trio Susantono.
Salim & Medco Partnership
Salim and Medco are among major business groups surviving decades of political changes in the country. Both were benefited from economic development program of Soeharto regime. Interestingly, they decided to join forces in infrastructure development in the country under Jokowi-Kalla administration.
Eagle High & Peter-Felda
November contracts of crude palm oil (CPO) fell to RM1,825 per ton on the Bursa Malaysia Derivatives Tuesday, while contracts for most part of 2019 were settled below RM2,300 per ton. This could extend pressure on palm oil producers, especially PT Eagle High Plantations (BWPT), a company co-owned by Peter Sondakh’s Rajawali Corpora and Malaysia’s Felda Group.
People on the Move
Winata Hadi Santoso, founder and chairman of Panca Kusuma Raya Group, passed away last week in Singapore. Brother of Soegiarto Adikoesoemo, founder of AKR Corpora (AKRA), the late Winata leaves behind a business group with interest in distribution of chemicals, industrial equipment, and logistics services.
Jokowi’s Four Years
First of all, congrats to Joko ‘Jokowi’ Widodo, who survived a turbulent four years. “I give him three months,” an arrogant leader of a major political party supporting Prabowo Subianto in 2014 election, told a friend in late October 2014. Months later, the guy was replaced as chairman of the party. His successor then brought the party to Jokowi’s coalition, which might have contributed to the president’s survival.
The Sindoros
So, Eddy Sindoro has on Friday (Oct 12) surrendered to Indonesian authorities after two years of hiding overseas. Eddy will be facing years of prison term for his role in the bribery case implicating then Supreme Court secretary Nurhadi. Eddy and Doddy Aryanto (staff at Paramount Enterprise, where Eddy served as chairman) were sentenced prison term in 2016.
Ie Seng Hoan Passes Away
Indonesian businessman Ie Seng Hoan, who filed lawsuit against Citibank Singapore back in 2011 for alleged loss us $18.1 million, has on October 7th, 2018 passed away in Jakarta. Ie, through his investment vehicle Zhen Yin Company, seeked US$17 million in damages from the bank, which was accused of negligent misrepresentations.