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Protelindo and CMI will purchase EXCL telecommunication towers

AKARTA – PT Profesional Telekomunikasi Indonesia (Protelindo) and PT Centratama Menara Indonesia (CMI) won PT XL Axiata Tbk’s (EXCL) tower sales tender. The sold towers then will be leased back to EXCL.  President Director & CEO of XL Axiata  Dian Siswarini stated in a press release on Tuesday (11/2), said the sale and purchase agreement for….

Indofood CBP plans to acquire manufacturer of Indomie in Middle East, Africa

Processed food company Indofood CBP Sukses Makmur (ICBP) is planning to acquire instant noodle manufacturer Pinehill Company Limited, which supplies Indomie to the Middle East, Africa and Serbia. ICBP corporate secretary Gideon A. Putro said on Wednesday that the company responded to its British Virgin Island affiliates, Pinehill Corpora Limited and Steele Lake Limited, on….

Nicko Widjaja seeks to emulate MDI success at new firm BRI Ventures

Having led MDI Ventures to clock five exits in a single year last year – a feat bettered by none in Indonesia’s VC game, Nicko Widjaja says he is “chasing his own ghost” as he looks to emulate a similar level of success at his new firm BRI Ventures, the VC arm of the country’s….

SG’s Jebsen & Jessen Packaging acquire 60% of Indo Tirta Abadi

Singapore-based Jebsen & Jessen Packaging (JJP) has acquire a 60 percent stake in Indonesian beverage packaging manufacturer PT Indo Tirta Abadi (ITA), according to press statement. The companies signed a sale and purchase agreement on 31 January 2020, while the transaction will be closed in early March. Terms of the deal were not disclosed. Founded….

Former president Habibie’s son to acquire Bank Muamalat: OJK

Singapore-based sharia investment company Al Falah Investment led by Ilham Akbar Habibie, the eldest son of the late former president B.J. Habibie, is set to acquire sharia-compliant Bank Muamalat Indonesia. Financial Services Authority (OJK) chairman Wimboh Santoso said on Tuesday that the authority had approved the deal, adding that the consortium led by Al Falah….

South Korena power company eyes $650m renewable energy projects in Indoesia

 South Korean power producer is looking to finance a hydropower plant project in Central Java that would be the coal buyer’s first renewable energy deal with Indonesia. Korea Southern Power (KOSPO) is currently reviewing a feasibility study to develop the 230-megawatt (MW) Maung hydropower plant in Banjarnegara, Central Java, with Indonesian state-owned construction firm Nindya Karya and….

Tolaram Inc. divest 53% of its Amar Bank shares

JAKARTA – Tolaram Inc, a Singapore-based company, divested 53.682% of its shares in PT Bank Amar Indonesia Tbk (AMAR) due to the adjustment of the maximum limit of ownership in the company. The divestment was carried out during the period of 15-22 January 2020. As quoted from the company’s disclosure, Navin Nahata, Director of Tolaram Inc. said….

BBL to seal PT Bank Permata deal in Q3

Bangkok Bank (BBL) expects to make payment for its acquisition of Indonesia’s PT Bank Permata in the third quarter this year. The deal is seeking approval from both the Bank of Thailand and its Indonesian counterpart and the process is expected to be completed soon, said Chansak Fuangfu, executive director and senior executive vice-president. BBL….

NWP Retail to buy five Indonesian malls

Indonesian retail shopping mall platform NWP Retail is set to acquire five shopping malls, two owned by local subsidiaries of Singapore-listed Lippo Malls Indonesia Retail Trust.  The two Lippo Malls will be purchased for a total price of IDR1.30 trillion (US$92 million), while the other three mall purchases total approximately IDR440 billion (US$31.5 million). The….