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Why the Grab-Gojek ride was not meant to be

IT has been close to a year since reports of merger negotiations between South-east Asia’s decacorns Grab and Gojek first surfaced. At first glance, the deal made sense. Both firms were haemorrhaging cash in a bid to outdo the other in Indonesia. Investors on both sides appeared to be pushing for a truce. But the ride….

Sritex Appoints Helios Capital for Debt Restructuring

April 3, 2021, 3:33 PM GMT+7 Indonesia’s biggest listed clothing firm Sri Rejeki Isman has appointed Helios Capital and Assegaf Hamzah & Partners to represent the company in its debt restructuring process, according to a statement on Saturday. The company, known as Sritex, has been trying to extend a dollar loan’s maturity by two years to January….

Indonesia’s Mega Corpora Officialy Hold 73.71% shares of Bank Harda

JAKARTA (TheInsiderStories) – Indonesian tycoon, Chairul Tanjung, through is financial armed, PT Mega Corpora, has officially hold 73.71 percent of PT Bank Harda Internasional Tbk (IDX: BBHI), the management announced today. The company bought the local lender shares from the existing shareholders, PT Hakimputra Perkasa with costs around Rp308.44 billion (US$21.42 million). Both parties have signed a share….

VIVA to sell its shares to Reliance Capital International

PT Visi Media Asia Tbk (VIVA) plans to sell 15,294,059,976 shares or 39% of total issued and paid-up capital in PT Intermedia Capital Tbk (MDIA) to Reliance Capital International Limited (RCIL). From the company’s brief prospectus quoted on Thursday (4/2), the sale of shares was carried out in order to settle debts (Senior Facility and….

Affinity Equity Partners acquires 21% stake in Sido Muncul

JAKARTA. PT. Industri Jamu dan Farmasi Sido Muncul Tbk (SIDO) releases 21% share to Affinity Equity Partners. The share acquisition was carried out through crossing transactions in the negotiation market on Wednesday (2/3) with an estimated value of IDR 4.54 trillion. Sido Muncul President Director David Hidayat explained that the strategic partnership between Affinity and….

Minister Qoumas lauds launch of Indonesia Sharia Bank

Religious Affairs Minister Yaqut Cholil Qoumas has lauded the launch of the Indonesia Sharia Bank (BSI), saying he expects the bank would spur the growth of the Islamic banking industry in Indonesia. “Hopefully, we can achieve the Indonesia Sharia Bank that is united to bring benefits and to become a blessing for a united Indonesia,”….

Indonesia’s Gojek in merger talks with Tokopedia to battle Grab

JAKARTA — Two of Indonesia’s largest tech companies, Gojek and Tokopedia, are in discussions over a merger, with a view to an initial public offering, as they gear up to confront the region’s biggest tech company, Singapore’s Sea, Nikkei Asia has learned. The talks come as superapp provider Gojek’s merger negotiations with Singapore-based rival Grab hit….

Indolife becomes new shareholder in Bank Mega

JAKARTA. PT Indolife Pensiontama (ILP) has become a new shareholder in PT Bank Mega Tbk (MEGA) with a 6.07% stake following a cross trade of over 422.807 million shares at the end of 2020. According to a report published by the Indonesian Central Securities Depository (ICSD) on 4 January 2021, Indolife, the Salim Group’s insurance arm, currently….

Waskita Karya to restructure debts to improve financial condition

JAKARTA. State-owned property and construction firm PT Waskita Karya (Persero) Tbk (WSKT) has announced debt restructuring effort to improve its financial condition amid the coronavirus (COVID-19) pandemic. According to Waskita Karya CFO Taufik Hendra Kusuma, the company is currently trying to fix debt mismatch with the assitance of a number of independent consultants. So far, Mr Kusuma….