BTPN and the Indonesian unit of Tokyo-listed Sumitomo Mitsui Financial Group announced plans to merge this year after the Japanese lender’s chief executive said it was keen to increase its ownership in BTPN from 40%.
The region is big enough for many players to have their share. But Go-Jek and Grab are expected to be hard to beat with the familiarity and trust built up by their ride-hailing services and perhaps surprisingly in a digital age, their human agents.
The investment is part of the roughly $1 billion that Grab is seeking to complete an ongoing $3-billion funding round.
Indonesia’s IDX and OJK are working to amend IPO rules, that require companies to be profitable within two years of listing.
The OJK approved MUFG’s planned purchase of Asia Financial’s stake of 20.1 per cent in Danamon.
Pertamina wants to divest to help maintain its long-term financial condition, and to avoid risking too much in any one particular asset class.
A Jakarta court ruled in favor of Tjokrosaputro in November 2017, ordering the U.S firm to return shares and pay $22.07 million in compensation.
Tik Tok is operated by venture-capitalist backed Toutiao, one of China’s fastest-growing technology startups valued at over $30 billion.
In February, Indonesia became the first Asian country to sell “green” bonds internationally in a $1.25 billion deal.
Minister of Communications and Information Rudiantara said the fund, which would be pooled from Indonesian conglomerates, was supported by his ministry, with its structure currently being discussed with the country’s financial regulators (OJK).