Asia Roundup
Sri Lanka Restructures Electricity Giant
Sri Lanka has begun restructuring the Ceylon Electricity Board (CEB), its largest electricity company, into six new companies, Xinhua reported.
Under the new framework, the six companies will take up the duties of electricity generation, transmission, distribution and system operations, replacing the existing centralized structure of the CEB.
Mongolia Presses Rio Tinto to Rewrite ‘Unfair’ Terms of $18 Billion Oyu Tolgoi Mine
Mongolia is seeking to renegotiate the “unfair” commercial terms of Rio Tinto’s giant USD 18 billion Oyu Tolgoi copper mine, as rising prices for the metal and a recent electoral shift contribute to a growing political impetus to change the terms of the 17-year-old deal, Financial Times reported.
Top Mongolian officials including Prime Minister Gombojavyn Zandanshatar, who took office last summer, are meeting this week in Ulan Bator with Rio executives including head of copper Katie Jackson to discuss the terms of the Oyu Tolgoi agreement.
Singapore Real Estate Giants Feel the Heat as China’s Property Woes Continue
Singapore’s real estate giants are taking hits as China’s property downturn drags into another year, with declining rents, emptier buildings and falling values weighing on their results, South China Morning Post reported.
But analysts say Beijing’s huge market and recent policy support mean most investors are unlikely to pull back entirely, instead becoming far more selective about where they invest.
Cafe Chain The Providore Abruptly Shuts All 6 Outlets in Singapore
Homegrown cafe chain, deli and grocer The Providore has shut all of its outlets in Singapore, The Business Times reported.
Singapore trade union group NTUC said it understands from news reports that workers were only informed of The Providore’s closure on the same day.
On 1 April 2025, The Providore was sold to new owners Vino Vibe and SingFire Capital. SingFire Capital has since clarified to The Business Times that it no longer holds an ownership interest in The Providore and has not been involved in its management or operations since end-April 2025.
It transferred its entire shareholding in The Providore to Vino Vibe on 30 April 2025, making Vino Vibe the sole shareholder of the company.
Indonesia Roundup
Bank Indonesia Poised to Defend Rupiah, Analysts Say
Indonesia’s central bank may continue to defend the rupiah around a key threshold as volatile oil prices, a stronger dollar and risk-off flows tied to the Iran conflict deepen concerns over the nation’s investment appeal, Bloomberg reported.
Bank Indonesia is expected to keep intervening to hold the rupiah below the psychologically important 17,000 per dollar mark, according to analysts. Uncertainty over how long the war may last is compounding Indonesia’s existing economic concerns, while elevated crude prices risk stoking inflation in the net oil importer.
Danantara to Fund Subsidized Apartment Project in Meikarta
The Indonesian government is building a subsidized apartment complex on a 30.7-hectare land in Meikarta, with the construction fully funded by sovereign fund Danantara, Tempo reported.
The project in South Cikarang, Bekasi Regency, involves a land grant from Indonesian conglomerate Lippo Group which was handed over on 8 March 2026, according to Tempo.
Danantara CEO Rosan Roeslani told reporters that 18 towers will be built at a cost of around IDR 14 -16 trillion (USD 831 - 950 million). The available apartment units will reach 140,000, he said.
Danantara Now Owns 91.1% of Flag Airline Garuda Indonesia
Indonesian sovereign fund Danantara now owns 91.11% of flag carrier Garuda Indonesia, according to its shareholding composition filed to the local stock exchange.
One of Garuda’s commissioners, Chairal Tanjung, holds 6.4 million shares or a 0.002% stake in the airline.