Revisiting The Troubled Trikomsel
Trikomsel Oke (TRIO), once one of the largest ICT retailers in Indonesia, has finally released its audited financial statement for the period ended December 31, 2016. In the year, Trikomsel booked net sales of Rp1.72 trillion, crashed from Rp6.46 trillion in 2015. Net losses posted in the year lifted further the Company’s net equity deficiency to Rp6.81 trillion.
Anies-Sandi & Their Heavy Luggage (9): Jakarta LRT Project
Then incumbent governor Basuki Tjahaja Purnama (Ahok) was mad when the so-called ‘transition team’ of elected governor and vice governor of Jakarta Anies Baswedan-Sandiaga Uno pushed for inclusion of their campaign programs in the revised 2017 budget of the city administration. One of Anies-Sandi’s targets is the lucrative light-rail transit (LRT) project in the city.
PT Rockit Aldeway: Rock It All The Way!
Efforts from seven banks—-Mandiri, BNI, QNB Kesawan, Muamalat, Commonwealth, HSBC Group—-to recover their losses in PT Rockit Aldeway, reportedly owned by Harry Suganda—-former banker of HSBC Indonesia, hit another wall related to Rp1.02 trillion claim from Singapore-based Trillium Global Pte Ltd. State bank Mandiri believes Trillium Global is a fictitious creditor.
Anies-Sandi & Their Heavy Luggage: Reclamation (7)
Some media outlets quoted Rico Sinaga and Budi Siswanto, both were described key figures in Anies-Sandi campaign team, saying the elected governor and vice governor will be selective in terminating reclamation project in Jakarta. So, whose project will and will not be allowed to proceed?
Anies-Sandi & Their Heavy Luggage/Conglomerates (6)
Paramadina-BTPN Fellow 2013, Paramadina-Benny Subianto Fellow 2012, Paramadina-TP Rachmat Fellow 2013, and Paramadina-Rajawali Fellow 2013 were among names of scholarships provided by Paramadina University to honor the sponsors: Rajawali Group of Peter Sondakh; the late Benny Subianto and businessman TP Rachmat are both shareholders of Adaro Energy (ADRO), where Sandiaga Uno was also a minority shareholder.
Anies-Sandi & Their Heavy Luggage (5)
Congratulations! That’s the only comment from outgoing Jakarta governor Basuki Tjahaja Purnama (Ahok) when asked about VP Jusuf Kalla’s role in the nomination and victory of Anies Baswedan-Sandiaga Uno, who were officially declared elected governor and vice governor by Election Commission (KPU) Friday (May 5). Kalla’s active role in promoting Anies and the decision from Sandiaga Uno to give way has become subject of speculations, which may define the future of Indonesian politics.
Antam & The Troubled Alumina Business
Cita Mineral (CITA), member of Harita Group, which is also holder of the biggest bauxite concessions in the country, started to benefit from commercial operation of smelter grade alumina (SGA) in West Kalimantan. In the first quarter of 2017, CITA booked sales revenue of Rp130 billion, jumped from Rp27 billion only in the same period last year. It is still way below the Company’s peak before the government banning export of bauxite ores, but better than Aneka Tambang.
Salim Group’s Expansion in Hospitality Business
Over the weekend we visited Menjangan Dynasty Resorts in the northwest of Bali Island. This is one of the newest resorts developed by Salim Group, nearby Plataran Resort. In the area, we found a big area next door of Mimpi Resort up to the beach owned by the group.
PLN Financials & Electricity Reform
Like fuel, series of reform in electricity sector by Jokowi-Kalla administration cost the administration criticism from civil society groups and politicians, especially regarding restructuring of tariffs for middle-income group. The reform, however, contributed to changes in the financials of state-owned electricity provider PT Perusahaan Listrik Negara (PLN).
China Nonferrous Metals & Bakrie Group
Nine years ago, Bumi Resources (BUMI) acquired 100% shares of Herald Resources Ltd (Australia)—-owner of 80% shares in PT Dairi Prima Mineral (DPM) for US$375 million with funding from Credit Suisse. State miner Aneka Tambang (ANTM), which held 20% shares in Dairi Prima Mineral, actually wanted to takeover Herald, but lost to BUMI in the competition.