Cash-Rich Groups & Political Financing (2)
Thermal coal ended slightly lower at US$109.55 per ton Friday (June 8), but this represented 37.45% gain year-on-year. Despite policy dirsuptions at home, i.e. capping of coal price for domestic market obligation (DMO), coal producers, probably with the exception of Bakrie Group, are mostly cash-rich.
Revisiting Djuhar Sutanto
Djuhar Sutanto is the only member of the famous Gang of Four (a group of businessmen close to then Soeharto regime) still alive. Three others—-Soedono Salim, Ibrahim Risjad, and Sudwikatmono—-had passed away. While little that we know about Djuhar family’s business in Indonesia, they have very strong presence in China.
Those Continue to Expand: Siam Cement Group
SCG Chemicals, unit of Thailand-based Siam Cement Group, made a very good bet in acquiring 30% shares of petrochemical giant PT Chandra Asri Petrochemical Tbk (TPIA) in September 2011 for US$441 million only. Today, SCG controls 31% shares worth around US$2.3 billion. Chandra Asri has since continued multi-billion dollar expansions.
Samin Tan & His Borneo Lumbung
Creditors, the government, and suppliers, struggled to get payments from Borneo Lumbung Energi and Metal (BORN) for many years, but Samin Tan, the controlling shareholder, has shown that he was still a rich person.
Hary Tanoe’s Companies Ahead of 2019 Election
Most companies under MNC Group yet to release their financial statement for the period ended March 31, 2018. Property arm PT MNC Land Tbk (KPIG), however, reported net profit of Rp7.1 billion in the first quarter of 2018, significantly better than the corresponding period of 2017, even though sales and gross profit actually declined 25% and 11% respectively.
New People around the President
President Joko ‘Jokowi’ Widodo has appointed four new special staffs. They will help the President in addressing government’s public communication and issues related to Islam at home and overseas, plus economic affairs. Who are they?
Bakrieland in Red Still
Whilst half of the previous year, PT Bakrieland Development Tbk (ELTY), property arm of Bakrie Group, booked net loss of Rp271.5 billion in 2017. The Company reported 26% fall in sales revenue to Rp1.24 trillion, while gross profit down 6.7%.
Budiono Widodo Passes Away
Founder and chairman of BW Group, Budiono Widodo, has passed away at 81 years old. He leaves behind a business group with interests in hotel, resort, oil palm plantation, warehousing, shipping, scalfolding, education, etc.
Garuda Needs Major Overhaul
Flag carrier Garuda Indonesia (GIAA) booked net loss of US$65.34 million in the first quarter ended March 31, 2018, dropped from US$100.64 million in the corresponding period last year. Operations improved with sales revenue growth of 7.9% to US$983 million, while operating loss halved to US$66 million.
Budi Waseso’s Appointment
Police Comr. Gen. (ret) Budi Waseso a.k.a Buwas is the new CEO of the strategic Bureau of Logistics (otherwise known as Perum Bulog)—he replaced Djarot Kusumayakti. Commenting on Buwas’ appointment, President Joko “Jokowi” Widodo said that Bulog needed a firm and brave figure like Buwas, who earlier served as the head of the Anti-Narcotics Agency (BNN). Knowing Buwas and considering Jokowi’s statement above, one can understand if some have begun to wonder whether Jokowi would appoint more figures like Buwas in his next cabinet should he win his reelection.