The stock has doubled in a month on deal speculation. Citigroup Inc. says a merger would make no sense for Indonesia’s PT Indosat.
The exchange’s “accelerated board” for startups will exempt them from having independent directors or commissioners, or from having their financial statements audited.
At a shareholder meeting in July, KKR — which holds 35% of Tiga Pilar’s voting stock — successfully voted to oust the company’s board of directors. The event ended with founder and President Joko Mogoginta publicly accusing KKR of attempting a “hostile takeover” as he stormed out of the gathering.
Indonesia has had more IPOs this year than any other country in Southeast Asia, with Malaysia a distant second. And some 24 other companies are planning to list their shares before the end of December.
Bukalapak, which counts Singapore’s GIC and China’s Ant Financial among its investors, trails only Alibaba-backed PT Tokopedia, according to iPrice Group.
At least three companies deferred initial public offering plans last week.
Internet users in Indonesia will rise to 70% of the population by 2019 from 55% in 2017.
Indonesia Digital Asset Exchange will have 1.5 million members buying and selling digital currencies by the end of the year.
Indonesian business tycoon Tahir is keen to gain control of PT Bank Permata, a larger rival to his PT Bank Mayapada International, as he seeks to put his lender in the ranks of the nation’s biggest banks. Tahir’s Mayapada Group wants to buy the 90 percent of Permata that is… Read more »