Indonesian Stocks Plunge 8% After MSCI Warning on Investability
Indonesian stocks tumbled, putting the benchmark on track for its worst day in more than 14 years, after MSCI raised concerns about their investability and warned of a potential downgrade to frontier-market status, Bloomberg reported.
The benchmark Jakarta Composite Index sank as much as 8.8% as trading resumed following a 30-minute suspension. The selloff comes after MSCI said it would immediately pause some index changes, including additions, until regulators address concerns over tightly-held ownership of listed firms.
Danantara Says Perminas to Take Over Agincourt’s Martabe Gold Mine
Sovereign wealth fund Danantara has picked the state-run Perminas to take over Agincourt Resources’ Martabe gold mine following massive land seizures linked to Sumatra disaster, Jakarta Globe reported.
Indonesia has stripped Agincourt Resources of its permit to run the Martabe gold mine in the North Sumatran regency of South Tapanuli. Martabe – one of the world’s largest gold mines – will go to Perminas, according to Danantara Chief Operating Officer Dony Oskaria.
Agincourt Resources belongs to United Tractors, the construction machinery company owned by the conglomerate Astra Group, according to Jakarta Globe.
Garuda Indonesia No Longer Serves Halim Airport, Replaced by Budget Unit Citilink
Indonesian flag airline Garuda Indonesia has stopped flying to and from the Halim Perdanakusuma airport in Jakarta, Detik reported. These routes are now served by its budget unit Citilink.
The move is part of Garuda’s strategy to optimize its short-haul flights and offer more competitive tariffs, according to the company’s statement.
Digital Edge to Build $4.5 Billion Data Center Campus in Indonesia
Digital Edge, an Asian digital infrastructure firm backed by alternative asset manager Stonepeak Partners, plans to invest USD 4.5 billion to build one of Indonesia’s largest data center campuses, Bloomberg reported.
The CGK Campus, an artificial intelligence-ready hyperscale facility, will deliver 500 megawatts of IT capacity at full development, with the potential to rise to 1 gigawatt, Singapore-based Digital Edge said in a statement.