Indonesia: BTN to invest $36m in four new subsidiaries via JV route

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PT Bank Tabungan Negara Tbk (BBTN), Indonesia’s largest housing finance institution, will set up four new subsidiaries to foray into life insurance, multi-finance, asset management and IT services. To be set up in the next three years, the bank will earmark a sum of Rp500 billion ($36.76 million) for the… Read more »

Baidu comes in as strategic investor, partner in active Indonesian VC Convergence Ventures

Baidu Digital Indonesia, a subsidiary of popular Chinese online search engine Baidu, has announced its strategic investment and partnership with locally active venture firm Convergence Ventures.  The investment details were not disclosed. Some local startups that were funded by Convergence Ventures include Qraved, Female Daily, Indotrading, YesBoss and Adskom. “We are sure that… Read more »


Indonesia toll operator Jasa Marga to invest $1b in 2016

Indonesia’s state-owned and the country’s largest toll road operator PT Jasa Marga Tbk (JSMR) is preparing investments of up to Rp 14 trillion ($1.029 billion) to build seven new toll road segments in Trans Java toll and Trans Sumatra toll road. The company now has 987 kilometers (km) of toll… Read more »


Indonesia: E-tailers launch mega promo campaigns; Dinomarket breaks even in 7th year of ops

The year-end spells major promotional action by e-commerce firms in Indonesia as they launch online shopping festivals in November and December while local firm Dinomarket gains stronger foothold. E-commerce players launch year-end campaigns A number of major e-commerce players, such as Lazada and Zalora, are launching major shopping campaigns to boost… Read more »


Indonesian electronics e-tailer Bhinneka raises $22m from local VC Ideosource, plans IPO

Bhinneka.com, an Indonesia-based online store and market leader in electronics-related products, has secured an investment of Rp300 billion ($22.06 million) from local VC firm Ideosource. The company will use the funds to ramp up its marketing efforts, and become a dominant player in more product categories.The round is Ideosource’s largest startup investment… Read more »


Indonesian online tour and activity package provider Tripvisto raises $1m from Gobi Partners

Jakarta-based online tour and activity package provider, Tripvisto, has secured a $1-million Series A financing led by Gobi Partners, to improve product offerings, hire new talent and enhance marketing efforts. Tripvisto, which provides Indonesian travelers with competitively priced tour packages for popular international and domestic destinations, also plans to improve product offerings… Read more »


Malaysia’s TNB, Indonesia’s Bukit Asam, PLN to develop PLTU Pernap project in Riau

Malaysia’sTenaga Nasional Bhd (TNB) teamed up with two Indonesia state-own companies, coal miner PT Tambang Batubara Bukit Asam Tbk (PTBA) and state electricity company PT Perusahaan Listrik Negara (PLN) to develop Peranap Mine Mouth Power Plant (PLTU Peranap) project in Riau province by 2016. Also Read: Malaysia Dealbook: TNB & OCK to… Read more »


Indonesia: Lippo Karawaci to invest $500m to build 20 hospitals

PT Lippo Karawaci Tbk (LPKR), one of the largest property developer in Indonesia, on Monday, unveiled a major plan to develop up to 20 new hospitals and clinics by 2020, at an estimated cost of $500 million. “Hospital is a growing business. That’s why we are planning to build 20 new… Read more »


Indonesia: State-owned construction firm Wijaya Karya seeking to raise $661m via rights issue, bonds

PT Wijaya Karya Tbk (WIKA), a state-owned construction firm, is seeking funds of up to Rp9 trillion ($661.76 million) from a combination of a rights issue and bonds issuance in the third quarter of 2016. Part of the fund will be used for capital expenditure financing of at least Rp… Read more »


Indonesia: Bank Mandiri’s new VC to launch ops with $36m cap; bets on online payments space

Indonesia state-owned bank PT Bank Mandiri Tbk (BMRI) has set up its venture capital firm, Mandiri Capital with an initial capital of Rp 500 billion  ($36.90 million). Mandiri Capital, which is set to launch operations next year, will prioritise investing in startups that provide innovative payment services relevant to e-commerce. Also… Read more »