The Meikarta project, touted as the “Shenzhen of Indonesia”, will be completed before its deadline, said John Riady, the newly appointed CEO of PT Lippo Karawaci.
With a national election looming in April, it remains uncertain if any reform on spectrum transfer can be made in time.
The bourse will revise the decade-old requirement for stocks to maintain a floor price of 50 rupiah and lower the minimum order size from 100.
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.