• BEKS to issue 11.36B new shares
Bank Pembangunan Daerah Banten (BEKS) plans to conduct a rights issue (PMHMETD) by
issuing 11.36B new Series C shares, representing 17.97% of its post-right issue paid-up capital.
The price for the rights issue has not yet been determined, so the total funds to be raised are
also undisclosed. The main shareholder, the Government of Banten, with significant
ownership in BEKS, will exercise its rights according to its shareholding proportion by
contributing assets instead of cash. These assets include four properties: a former office
building, a business service center, a government vehicle registration office, and a parking
lot, all located within Banten. The valuation of these assets has been appraised at IDR 139.5B,
and the Provincial Government is seeking approval from the local parliament for this capital
contribution. The rights issue was discussed in a recent extraordinary shareholders meeting
and is expected to receive OJK approval by 5 Jun 25. Bank Banten views this support from
the Provincial Government as a commitment to its long-term success and integration with
the region. (Bisnis Indonesia)
• INTP recorded 3.9M tons of cement in 1Q25
Indocement Tunggal Prakarsa (INTP) reported cement sales of 3.9M tons in 1Q25, with a
market share of 30.1% as of Mar 25. Although sales volume decreased by 5.9% compared to
1Q23, this decline is still better than the industry’s decline of 7.8%. The company faces several
challenges. The beginning of the year is typically a slow season for the cement business due
to weather issues, Ramadan, and Idul Fitri holidays. Additionally, INTP requires consistency
in the implementation of government regulations, such as the ban on cement and clinker
imports and the moratorium on new cement plant construction. Furthermore, the
strengthening USD against the rupiah has led to an increase in the company’s operational
costs, particularly energy costs, which are still dominated by coal. (Kontan)
• META turned a loss into IDR 323B profit in 2024
Nusantara Infrastructure (META) reported a net profit of IDR 323.14B in 2024, a significant
turnaround from a loss of IDR 233.74B the previous year. This improvement was in contrast
to revenue, which declined by 68% to IDR 293.66B, primarily due to the deconsolidation of its
subsidiary, Margautama Nusantara (MUN), which led to a reduction in toll revenue. However,
META’s revenue from non-toll segments grew by 3% yoy, reflecting the positive impact of its
strategy to strengthen these businesses. In line with lower revenue, META’s cost of goods
sold decreased by 49.83% yoy, leading to a gross profit of IDR 160.03B (-75.45% yoy). META’s
pre-tax profit reached IDR 344.44B, boosted by earnings from associated entities. Meanwhile,
MUN saw a 13% yoy revenue increase, driven by higher traffic volumes and toll adjustments,
and reported a significant 244% surge in net income. META plans to focus on growth through
sustainable projects, particularly in clean water and renewable energy, while consolidating
its toll asset management and expanding its services like rest area development and toll road
construction. (Bisnis Indonesia)
