Revisiting Mahaka Group

The appointment of businessman Erick Thohir as leader of campaign team for President Joko “Jokowi” Widodo and Ma’ruf Amin pair, also prompted the buying mood on Erick’s companies’ shares on the Indonesia Stock Exchange (IDX). As the price jump was significant, the IDX management decided to halt trading in shares of Mahaka Media (ABBA) since Sep. 14, for cooling down the market. ABBA was traded at Rp145 per share in Sept 14, and its has surged 190% from Rp50 since Sep 7, the date of Erick’s appointment as campaign leader.

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