Shares in PT Mahaka Media increased 30 percent, or 27 points, to Rp 117 (0.1 US cent) per share by the end of Thursday’s initial trading session at the Indonesia Stock Exchange (IDX).
Mahaka Media is a multi-platform media company that includes the Republika daily, Jak TV and the Gen FM radio station and was founded by tycoon Erick Thohir, who President Joko “Jokowi” Widodo appointed on Sept. 7 to lead his national campaign team for the 2019 presidential election.
According to RTI Infocom, Mahaka Media shares opened on Thursday at Rp 96, with 1.57 million shares were traded by the midday break for a total value of Rp 17.47 billion.
Mahaka shares also increased on Sept. 10 and 12.
Profindo Sekuritas analyst Dimas Wahyu said Erick’s appointment as the Jokowi-Ma’ruf campaign manager had created positive market sentiment for Mahaka Media, where Erick was the chief commissioner.
“Mahaka shares strengthened on the back of Erick Thohir’s appointment as Jokowi’s campaign team chief,” he said as quoted by tribunnews.com.
Erick’s appointment as Jokowi’s campaign manager comes after the successful conclusion of the 2018 Asian Games from Aug. 18 to Sept. 2 in Jakarta and Palembang, for which he chaired the Indonesia 2018 Asian Games Organizing Committee (INASGOC). (bbn)