Indonesian President urges global firms with major local ops to list on Jakarta bourse

Joko Widodo, President of Indonesia | REUTERS/Mike Blake

Indonesian President Joko Widodo said on Tuesday he aims to persuade companies that have significant operations in the country but are listed on overseas stock markets to sell shares on Indonesia’s bourse.

Widodo claimed he has a list of such firms, mostly operating in mining and plantation sectors, and said he would invite them “one by one” to persuade them, without force, to become a public company in Indonesia.

“Don’t let other countries be the one profiting. Why would you plant here but be listed in Singapore, Hong Kong or New York?” he told a room full of traders and company executives while touring the Indonesia Stock Exchange (IDX) in Jakarta.

The president did not name any companies or business groups.

Singapore-based Wilmar International Ltd, a palm oil giant with plantations in Indonesian island of Kalimantan and Sumatra, is among the biggest companies listed on the Singapore Exchange.

Tito Sulistio, chief executive of the IDX, has previously urged PT Freeport Indonesia, a unit of U.S.-listed Freeport-McMoRan Inc to list in on the local exchange.

Although Indonesia is Southeast Asia’s biggest economy, its stock market is relatively shallow compared to its peers. The market capitalization of the Indonesian exchange is about 6,459 trillion rupiah ($482.74 billion).

Also Read: Two Indonesian football clubs eye capital markets to raise funds

Indonesia: IDX targets 30 IPOs in 2017 after sluggish year

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.