Consumer: Trade Through Online Platforms Will Be Taxed
The Ministry of Finance has confirmed that the government will issue regulations containing
provisions for the collection of income tax (PPh) for online traders through electronic shopping platforms or marketplaces. The Director of Counseling, Services, and Public Relations of the DJP Kemenkeu, Rosmauli, emphasized that this plan is not a new tax imposition. This provision is a shift in income tax collection from an originally self-assessment mechanism to a collection system of PPh Article 22 by the marketplace as the appointed party.
ASSA Prepares Annual Capital Expenditure Needs
PT Adi Sarana Armada Tbk (ASSA) has prepared capital expenditure (capex) of up to IDR 1.5T. The budget is used to add new fleets to the company. ASSA Director & Corporate Secretary, Jerry Fandy Tunjungan said that most of the capital expenditure is prepared for rejuvenation as well as the addition of new cars in the rental business. ASSA is targeting revenue and net profit growth of 5-10 percent in 2025. The main segment still comes from the logistics sector which includes mid-mile, last-mile, and warehouse services. For the bottom line, the company is targeting more even growth in ASSA’s three business pillars.
FORE Posts 115% Revenue Surge and 4,900% Net Profit Growth in FY2024 After IPO Debut
PT Fore Kopi Indonesia Tbk (FORE) recorded a 115% jump in revenue to IDR 1.04T in 2024, while
net profit soared 4,900% to IDR 58.2B, supported by aggressive expansion with a 35% increase in
outlets to a total of 232 by year-end. Listed on the Indonesia Stock Exchange on April 14, 2025, at IDR
188 per share, FORE’s stock rose 229% to IDR 620by June 26. The performance was driven by strong
customer enthusiasm toward product innovations such as the Butterscotch Sea Salt Latte and Triple Peach Americano. At the Annual General Meeting on June 26, shareholders approved the 2024 financial report, net profit allocation, auditor appointment, and governance related matters. CEO Vico Lomar expressed
optimism for continued business growth in 2025, backed by more systematic outlet expansion and
a strong commitment to operational excellence. (Investor)
FILM Will Hold a Rights Issue
PT MD Entertainment Tbk (FILM) will hold a rights issue by issuing around 989.8 million new shares. From this corporate action, the company targets to raise funds of IDR 791.8B. FILM President Director, Manoj Dhamoo Punjabi said that he will absorb all rights issue shares, either directly or indirectly through PT MD Corp Enterprises. The rights issue ratio is set at 1:10. Currently, Manoj owns 1.18 billion shares of the company with a portion of 11.92%. He will receive 117.9 million rights issue shares which will be executed in full. In addition, MD Corp, which is also affiliated with Manoj, currently holds 4.8 billion FILM shares or equivalent to 48.53%. MD Corp’s 413.8 million rights issue shares will be absorbed by SBS Co, a media and entertainment company from South Korea.
HEAL Acquired by Djarum Group in IDR 1T Share Deal
PT Medikaloka Hermina Tbk (HEAL) has released 559,185,300 shares to PT Dwimuria Investama
Andalan, an entity affiliated with Djarum Group. This transaction was carried out off the Indonesia Stock Exchange on June 25, 2025, at an execution price of IDR 1,875/share. Thus, the total transaction value reaches IDR 1.05T
INDY Increases its exposures on external funding
PT Indika Energy Tbk (INDY) has once again taken on a large amount of external funding to
strengthen its financial structure and expand into non-coal sectors. Based on public information disclosure, INDY announced that it has signed a multicurrency loan facility valued at USD 203M and IDR 2.8T, or a total of IDR 6.1T. Indika’s management stated that this loan comes from a banking syndicate consisting of PT Bank Mandiri (Persero) Tbk, PT Bank Negara Indonesia (Persero) Tbk, PT Bank DBS Indonesia, and PT Bank UOB Indonesia. The funds obtained will be used for two main purposes: to repay early a loan facility worth USD 250M obtained in March 2023, and to finance the development of the Awak Mas gold mine managed by Indika’s subsidiary, PT Masmindo Dwi Area.
KPIG Plans to Conduct a Private Placement
PT MNC Land Tbk (KPIG) plans to increase its capital without the preemptive rights (PMTHMETD) or private placement by issuing up to 9,755,712,926 shares with a nominal value of IDR 100 per unit. This private placement amount is about 10% of the company’s paid-up shares. The company aims to carry out PMTHMETD to strengthen its capital and financial structure. The capital increase will be used, among other things, for the completion of the Trump Golf Clubhouse & Country Club, Private Clubhouses, Hyatt Regency Lido Resort, and Lido World Garden (a 17-hectare family edutainment park that will showcase
various types of native Indonesian flora and serve as a cultivation area for local plants), as well as a
world-class theme park, the first of its kind in Indonesia, covering 49 hectares.
MEDC Will Acquire Participation Rights in Repsol E&P’s Oil and Gas Block
PT Medco Energi Internasional Tbk (MEDC) has acquired the participation rights owned by
Repsol E&P in the Corridor Block. Repsol holds participation rights in the oil and gas block
through Fortuna International (Barbados), Inc. MedcoEnergi has acquired a 24 percent stake in
the Production Sharing Contract (PSC) Corridor. The acquisition value for the participation rights
owned by Repsol amounts to USD 425M or equivalent to IDR 6.9T and is targeted to be
completed in the third quarter of 2025. The PSC Corridor includes seven gas production fields and
one oil production field, all located onshore in South Sumatra. Gas sales are conducted through
long-term contracts with buyers in Indonesia and Singapore.
PGEO Opens Opportunities for Collaboration with Many Parties
PT Pertamina Geothermal Energy Tbk (PGEO) has expressed its readiness and openness to
collaborate with various strategic partners in supporting the national geothermal capacity
development target. One of the partners being explored is Danantara Indonesia. The company’s
management said that the company is committed to accelerating geothermal development. PGEO targets to have an installed capacity of 1 Gigawatt (GW) in the next two years and increase to 1.7 GW in 2034.
