Aldira Sunrise 20 January 2025

• ADHI recorded IDR 20T new contracts in 2024
Adhi Karya (ADHI) recorded a new contract value of IDR 20T in FY24, increased compared to
11M24 which amounted to IDR 15.1T. In detail, the majority of new contracts obtained came
from building project work, amounting to 44%. Then, 22% came from water resources
projects, and road & bridge projects amounted to 22%. Meanwhile, the rest are property,
manufacturing, and EPC projects. The majority of projects come from the government,
amounting to 49%, followed by the private sector of 16%, and the rest from SOEs and others.
In 2025, ADHI targets growth in the value of new contracts of 30% -40% from the
achievement in 2024. This value is targeted to still be dominated by the engineering &
construction business line at 84%. Then, the property business line contributed 8%,
manufacturing 6%, and investment & concessions 2%. From the employer side, the target is
24% from the government, 33% from SOEs, 20% from the private sector, 15% from loans, and
the rest from ADHI. (Kontan)
• AKRA aims JIIPE land sales to reach 100 ha in 2025
AKR Corporindo (AKRA) targets land sales in the Java Integrated Industrial and Port Estate
(JIIPE) Special Economic Zone to reach around 100 ha by 2025. The company continues to
monitor the progress of the pipeline of potential industrial land tenants at JIIPE. The
performance of the company’s clients from the mining sector and prospective tenants has
relatively improved this year. This was a consideration for the company when setting
optimistic targets. Most recently, Aneka Tambang (ANTM) signed a land sale and purchase
agreement with JIIPE management on 27 Dec 24, where the factory will focus on processing
gold raw materials and aimed to increase the company’s production capacity and
operational efficiency. In addition, the Xinyi Glass Indonesia project in the JIIPE Special
Economic Zone carried out the first furnace ignition on 18 Dec 24. The project has a daily
melting capacity of 1,100 tons and is dedicated to supplying high-quality float glass sheets to
various sectors, including construction, automotive, and new energy. (Bisnis Indonesia))
• BBTN to acquire Bank Victoria Syariah
Bank Tabungan Negara (BBTN) announced plans to acquire Bank Victoria Syariah as one of
the improvements to the company’s sharia banking services. BBTN will acquire Bank Victoria
Syariah with a nominal value of IDR 1.06T. The funding source for the acquisition of Bank
Victoria Syariah will entirely use BBTN’s internal funds. The consideration for this acquisition
is based on the status of Bank Victoria Syariah, which is a Bank Group Based on Core Capital
(KBMI) 1 bank, thereby facilitating business integration with BTN. This acquisition plan
received approval from the OJK on 17 Jan 25. BBTN and Bank Victoria Syariah will each hold
a general meeting of shareholders (GMS) on 14 Mar 25 to obtain approval for this acquisition
plan. The entire acquisition plan for Bank Victoria Syariah by BTN is targeted to be completed
in May 2025. Currently, the majority shareholder of Bank Victoria Syariah is PT Victoria
Investama Tbk. (VICO) with ownership of 80.19%. Apart from that, PT Bank Victoria
International Tbk. (BVIC) holds 19.81% of the shares, while the Jakarta Heritage Center (BHP)
holds 0.002% of the shares. (Bisnis Indonesia)