Corporate performance reports still carry bad news. The Astra International conglomerate recorded a decline in profit of up to 30 percent last year.

PT MNC Vision Networks Tbk (IPTV) is reportedly in negotiations to merge Vision+, its online video-streaming platform, with Malacca Straits Acquisition Co. The expected value of the merged entity will reach US$600 million.

Sinarmas Land Limited has acquired three property companies in Indonesia for Rp 347.77 billion to boost property sales once the economy starts to recover.

TikTok is aggressively expanding into the e-commerce business by partnering with Shopify. In Indonesia, TikTok opens Seller University before launching TikTok Shop in the near future.

PLN and a region-owned enterprise of Bali Province are conducting a feasibility study to develop a liquefied natural gas (LNG) terminal. It will supply gas to the Pesanggaran Diesel and Gas-Fired Power Plant (PLTDG).

Corporations are still aggressively expanding, including through inorganic expansion.

Petronas Carigali discovered oil reserves after drilling Hidayah-1 exploration well, North Madura II Block. The exploration is expected to reach Ngimbang Carbonate Formation, with 158 million MMBO reserves.

Corporations are still aggressively seeking funds through rights issues rather than creating debts.

Pertamina started the construction of Phase 1 of Balongan Refinery Development Master Plan (RDMP) Unit VI, targeting to increase production capacity from 125 million barrels of steam per day (MBSD) to 150 MBSD.

PLN estimated an additional supply of 3,000 MW from power plants in the Java-Madura-Bali (Jamali) System this year. However, the extra generating capacity will widen the electricity oversupply.