IPO to Watch: Tugu Pratama
Six years ago, then minister of state-owned enterprises Dahlan Iskan urged state oil and gas company Pertamina to sell its ownership in insurance firm PT Tugu Pratama Indonesia to existing partners or third party investors. Minister of SOEs Rini Soemarno under Jokowi-Kalla administration, however, decided to maintain Pertamina’s majority ownership, and opted an initial public offering (IPO) instead.
Aga Bakrie & Ling Ling
Hotel Mulia, Jakarta was packed by over 6,000 people attending the wedding party of Aga Bakrie and Ling Ling Sunday (Feb 11) evening. Businessmen, cabinet members, and politicians were seen in the Grand Ballroom, highlighting broad network and connections of the parents of the bride and groom.
Alibaba Enters Cinema Chain, Next?
Alibaba Group Holding Ltd and a company partly backed by the government of China have acquired shares of Wanda Film, which operates around 4,000 screens on the mainland, for US$1.2 billion. What’s next for global digital giant?
Semen Baturaja: Years to Justify Current Valuation
Semen Baturaja (SMBR) is the smallest cement producer listed on Indonesia Stock Exchange (IDX) with sales revenue of Rp1.55 trillion only last year. Yet, it is now valued Rp31.36 trillion or US$2.35 billion, more than half of market leader Semen Indonesia (SMGR), whose annual sales revenue could be 18 times of SMBR.
A Bigger Pertamina
It is now up to President Joko ‘Jokowi’ Widodo to make final decision on the proposed consolidation of Pertamina and Perusahaan Gas Negara (PGAS). If approved, Pertamina moves closer to match Malaysia’s Petronas in terms of total assets but could be bigger in terms of sales revenues.
Ekatama Group & Karya Group
Abraham Kerta Wirya, founder of Ekatama and Karya Group, has passed away on January 21, 2018 at 91 years old. He leaves behind two business groups with dominant position in the hand tools and material handling equipment market.
Sukanto & Domestic Politics
Sukanto Tanoto is still one of the richest men in Indonesia. His Royal Golden Eagle (RGE) Group is among the most aggressive investors with two major projects in pulp & paper industry with combined investment of above US$1.3 billion. The Group, however, at the same time seems at odd with the government.
Those Continue to Invest: Nabati Group
Majalengka Regency in West Java province is a growing area, thanks to construction of Kertajati international airport, which is expected to be commercial this year. The airport will later on be connected to Cikampek-Palimanan section of trans-Java toll road. Looks like that the area attracted more investors recently.
Japan Acquires More: Noda Corporation
Japanese companies continue their aggressive investments in Indonesia. After MUFG’s acquisition of Bank Danamon (BDMN), Noda Corporation decided to acquire more shares in its Indonesian joint venture.
Ratu Prabu and the US$26 billion LRT Project
Sandiaga Uno, Vice Governor of Jakarta recently told the press that PT Ratu Prabu Energi Tbk (ARTI), a company with businesses in energy and property, will develop light rail transit (LRT) project in Greater Jakarta dan surrounding cities (200 KM) with investment of US$26 billion. Some, however, questioned credibility of the plan.