#Corporate
KPPU targets resolution, fines payment of Google monopoly case
The Business Competition Supervisory Commission (KPPU) is targeting the case of alleged Google monopoly violations through Google Play Store and its Google Play Billing (GBP) to be resolved this month, with Google being the subject to a sanction of 50 percent of the net profit of the GBP application.
IDX removes ACES and PGEO, adds XL Axiata and Indosat in latest index overhaul
The Indonesia Stock Exchange (IDX) has announced that it removed shares of PT Aspirasi Hidup Indonesia (ACES) and PT Pertamina Geothermal Energy (PGEO) from the IDX30 index and brought shares of PT XL Axiata (EXCL) and PT Indosat (ISAT) into the index as replacement.
Apple begins investment negotiations as government seeks greater commitment
Apple Inc. begins negotiations regarding the company's investment plan in Indonesia as Apple’s Head of Global Affairs, Nick Amma, met with a Senior Ministry of Industry official in Jakarta on Tuesday, January 7, 2025.
Pyridam Farma books records sales of Rp1.16 trillion year on year
PT Pyridam Farma (PYFA) has reported its booked sales of Rp1.16 trillion (US$73.5 million) year on year this year, an increase of 123 percent from Rp520.47 billion in the same period last year.
Samator Indo Gas reports steady sales growth amid profit decline
PT Samator Indo Gas (AGII) has booked a profit decrease of Rp29.09 billion (US$1.8 milllion) for the period of January to September 2024, as published in the company’s report on the Indonesia Stock Exchange (IDX) on Monday, September 30, 2024.
Freeport permit extension,more shares divestment to be executed next year
Minister of Energy and Mineral Resources (ESDM), Bahlil Lahadalia, has hinted that the government plans to grant the special mining business (IUPK) extension to PT Freeport Indonesia and acquire the additional 10 percent divestment share from the mining company early next year.“In shaa Allah [God Willing], the target to secure additional 10 percent shares and grant the permit extension can be completed next year. It depends on the results of Freeport’s communication with us,” Bahlil said on Thursday, October 31, 2024.He cited that he is currently waiting for results of the final negotiation with Freeport after a delay due to a minor fire incidents at its factory.“One their team is settled with the incident, we will start the talking again,” he said.Then President Joko Widodo has signed a government regulation that will allow PT Freeport Indonesia to submit for an extension of their Special Mining Permit (IUPK) after 2041. In exchange of the extension, Freeport MacMoran will divest 10 percent of its share to the Indonesian government.The government issued in May 2024 Government Regulation No. 25/2024, which is a revision to Government Regulation No. 96/2021 on the Implementation of Mineral and Coal Mining Activities.The revised regulation has articles 195A and 195B to complement the previous regulation. It opens up the opportunity for Freeport to apply for a license extension no later than one year before the end of the period of Production Operation activities.Bahlil said the permit extension will be good for Indonesia because currently 50 percent of the company shares already belong to Indonesian government. While the rest of the shares are owned by Freeport McMoran.PTFI signed the Contract of Work (CoW) in 1976 for 30 years and should have ended in 1997. Before the contract expired, PTFI discovered a bigger gold reserve at Grasberg mine. The company then submitted a second contract extension in 1991. The second contract has a clausal on divestment of 51 percent of the company’s shares to the Indonesian government.After a long negotiation, in 2018, Freeport-McMoRan announced that it divested its ownership in PTFI so that Indonesia could own 51 percent shares of the company. In return, the CoW was replaced by a Special Mining Business License (IUPK) with the mining rights to 2041 and that Freeport will build a new smelter.President’s U.S. visitBahlil said that as a technical minister on energy and mineral resources, he has the job to provide data on energy and mining issues for the President in his upcoming international trips in early November, including to the US.However, he said, he did not know wether the president will talk about Freeport issue with the U.S. government or not.
GoTo Gojek Tokopedia manages to reduce losses, sets sights on year-end target
PT GoTo Gojek Tokopedia Tbk (GOTO), one of Indonesia's major technology firms, has reported significant reduction in losses by 55 percent for the period of January to September 2024.
Government prepares rescue measures for Sritex, ensuring operational continuity
The government is devising a series of measures to ensure PT Sri Rejeki Isman (Sritex), Southeast Asia’s largest textile company, able to continue operations despite being declared bankrupt by the Semarang Commercial Court.
PHR boasts success in unconventional oil & gas development in Rokan Block
Pertamina Hulu Rokan (PHR), a subsidiary of State energy company PT Pertamina, has shown significant progress in the development of Unconventional Oil and Gas (MNK) project in the Rokan Working Area (WK) is support the national energy production target achievement.
Government grants Sritex export-import permits despite bankruptcy ruling
The government has decided to allow textile company PT Sri Rejeki Isman (Sritex) to continue its export-import operations, despite the company’s recent bankruptcy declaration by the Semarang Commercial Court on Monday, October 21, 2024.
ALMI stops all aluminum production as a result of prolonged crisis since 2018
PT Alumindo Light Metal Industry Tbk (ALMI) has stopped operations including all operational activities of the company such as production, administration, and sales as a result of the impact of the prolonged financial trouble since the 2018 global economic crisis.
Dharma Satya Nusantara books US$55 million profit in Q3 2024
Palm oil, wood products, and renewable energy company PT Dharma Satya Nusantara (DSNG) booked profit of Rp868 billion (US$55 million) in third quarter of 2024.