MACROECONOMY

Indonesia’s Export to GCC Reached USD 4 Bn in 6M25
In 6M25, Indonesia-GCC trade totaled USD 7.9 bn, consisting of USD 4 bn exports and USD 3.9 bn imports. Both parties target to conclude the Indonesia-GCC FTA by end-2025, potentially boosting exports by 17.4%, led by electronics, leather, textiles, metals, and manufacturing. (Kontan)

INDUSTRY

Koperasi Merah Putih Got Access to Bank Loans up to IDR 3 bn per Cooperative
Starting Sep-25, Koperasi Desa/Kelurahan Merah Putih (KDMP/KKMP) can access loans from state-owned banks (Himbara) with a ceiling of IDR 3 bn per cooperative at 6% interest, tenor up to 72 months, and 3-month grace period. This scheme follows govt. placement of IDR 16 tn in Himbara banks (BRI, BNI, Mandiri, BTN, and BSI) to support up to 81,147 cooperatives nationwide. Funds will be sourced from the State Treasury Account (SAL), with banks required to conduct due diligence. (Kontan)

COMPANY

Dian Swastatika Sentosa (DSSA) to Repay IDR 398.4 Bn Bonds and Sukuk
DSSA will repay IDR 398.4 bn debt maturing on 06 Dec-25, consisting of IDR 199.2 bn Sustainable Bonds I Phase III/2024 Series A (rated idAA) and IDR 199.2 bn Sustainable Sukuk Mudharabah I Phase III/2024 Series A (rated idAA(sya)). The repayment will be funded from internal cash and/or external financing, supported by a consolidated cash balance of USD 951.4 mn as of Mar-25. (Emitennews)

Medco Energi (MEDC) Prepares IDR 815 bn Share Buyback Phase II
MEDC will conduct Phase II share buyback worth up to IDR 815 bn (USD 50 mn) for a maximum of 407 mn shares, representing 1.62% of issued capital, over three months from the disclosure date. Funded entirely from internal cash, the buyback aims to improve ROE, enhance capital management flexibility, and return excess cash to shareholders without material impact on revenue, cash flow, or operations. (Company)

Gudang Garam (GGRM) Faced Mass Layoff Rumors Amid Weaker 1H25 Performance
GGRM was hit by viral rumors of mass layoffs in early Sep-25, though the co. has yet to issue an official statement. Despite weaker financial performance, with net profit plunging to IDR 117 bn in 1H25 from IDR 980.8 bn in 2024, the co. still distributed an IDR 500 per share payout on 23 Jul-25. (Kontan)

Indomobil Multi Jasa (IMJS) Plans Rights Issue of up to 3 Bn Shares
IMJS secured shareholder approval in the 28 Aug-25 EGM to conduct a rights issue of up to 3 bn shares with a nominal value of IDR 200 each, to be executed after obtaining OJK’s effective statement. Net proceeds will be used to strengthen capital structure and support business expansion, both directly and through subsidiaries. (Emitennews)

Wintermar Offshore Marine (WINS) Merges Subsidiaries WINMAR and SMS
On 25 Aug-25, WINS’ units PT Win Maritim (WINMAR) and PT Sentosasegara Mulia Shipping (SMS) signed a merger deed, approved by the Ministry of Law and Human Rights on 01 Sep-25. SMS became the surviving entity, while WINMAR ceased its legal status. The merger aims to enhance operational efficiency, strengthen competitiveness, and create added value for shareholders without involving transaction value or share transfers. (Emitennews)

Bintang Samudera Mandiri Lines (BSML) Sold Tugboat TB Jeneponto 01 to Humpuss Transportasi Curah
On 03 Sep-25, BSML sold its TB Jeneponto 01 tugboat to PT Humpuss Transportasi Curah through a notarized sale-purchase agreement in Jakarta. The sale, part of fleet rejuvenation and efficiency efforts, will not disrupt operations as BSML retains other active vessels. The co. aims to strengthen its core fleet, improve competitiveness, and enhance its financial position. (Kontan)

Champion Pacific Indonesia (IGAR) Approved Treasury Share Disposal and Management Reshuffle
In the 01 Sep-25 EGM, IGAR approved the disposal of 44.42 mn treasury shares via capital reduction, lowering paid-up capital from IDR 48.6 bn to IDR 46.3 bn. The meeting also appointed Akinori Kuwauchi as commissioner and reaffirmed the existing board, with Antonius Muhartoyo remaining as president director. (Emitennews)

Sumber Sinergi Makmur (IOTF) Acquisition by Gaia Artha Dinamic Cancelled
IOTF confirmed the cancellation of GAIA’s plan to acquire 2.61 bn shares (49.38%) owned by Alamsyah and Gracia Puspita Suciono, after the offer submitted on 03 Sep-25 was rejected on 04 Sep-25. Management stated the cancellation has no impact on operations, legal matters, or financial condition. (Emitennews)

Lovina Beach Brewery (STRK) Partners with Naoyoshi to Enter Japan’s Premium Beverage Market
On 03 Sep-25 in Singapore, STRK signed an LoI with Naoyoshi Co., Ltd. to form a strategic JV in Japan’s alcoholic beverage market, targeting the fast-growing ready-to-drink and premium alcohol segments. The partnership will focus on local manufacturing, nationwide distribution, brand building tailored for Japan, and compliance with local alcohol regulations, aiming to enhance market reach, brand visibility, and operational efficiency. (Emitennews)

Nusantara Infrastructure (META) Established Subsidiary Hikari Infra Indonesia
On 03 Sep-25, META, through its subsidiaries PT Portco Infranusantara and PT Metro Tekno Media Infranusantara, established PT Hikari Infra Indonesia with IDR 1 bn capital. HII engages in holding company activities (KBLI 64200) and management consulting (KBLI 70209), with META indirectly owning 99.95%. The establishment has no material impact on META’s operations, legal standing, financial condition, or business continuity. (Emitennews)

Multi Makmur Lemindo (PIPA) Targets IDR 38 Bn Sales in 2025
As of Jun-25, PIPA booked revenue of IDR 11.38 bn and projects a 10% growth in 3Q25, aiming for IDR 38 bn sales by year-end. The co. sees strong PVC demand from housing and infrastructure projects, supported by Indonesia’s 9.9 mn housing backlog and BP Tapera’s plan to finance 350k subsidized homes in 2025. PIPA is diversifying products and expanding markets through a partnership with a Chinese company. (Kontan)

Phapros (PEHA) Set Strategies on Export and Efficiency to Drive Growth in 2025
PEHA booked sales of IDR 458.22 bn in 1H25 (+24.58% YoY; 1H24: IDR 367.81 bn) and turned profitable with net income of IDR 2.45 bn (vs 1H24: -IDR 49.84 bn), supported by stronger OTC and prescription drug sales. Management targets 18%–27% sales growth and positive net income in 2025, with strategies focusing on expanding export markets (<10% of sales in 1H25) by seeking new partners in Asia and Africa.(Kontan)

BCA Vista Research

Indonesia’s Export to GCC Reached USD 4 Bn in 6M25

Indonesia Strengthened Cooperation with China and Russia

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