Erick Thohir Asks Telkom's Market Capitalization To Return To IDR 450 Trillion

Telkom Hub. (Photo: Telkom)

JAKARTA - PT Telekomunikasi Indonesia Tbk has listed its shares on the Indonesia Stock Exchange for 25 years. The company coded TLKM shares currently has a market capitalization of IDR315 trillion.

BUMN Minister Erick Thohir in his speech during the 25th Anniversary of Telkom's IPO, Thursday, November 19 said that Telkom is one of the largest state-owned companies and is the largest company. According to him, Telkom's business sector is the most capable of driving change in the pandemic era like today.

On the other hand, Erick talked about the fluctuations experienced by TLKM's shares, including when TLKM's stock had dropped some time ago due to his harsh criticism. However, Erick argued, he did this to encourage the largest telecommunications company in the country.

"Sorry, I never spoke loudly not because I didn't love it, but because I loved it. It was proven today, with a joint discussion and a willingness with Telkom's ranks, the capitalization immediately increased to Rp317 trillion," said Erick.

Erick added, the increase in market capitalization is because investors are not stupid. Investors believe in a company that has a long-term strategy and can adapt to existing changes, as did Telkom.

Erick also challenged the current board of directors and commissioners to return Telkom's market capitalization to IDR 450 trillion.

"We have to return Telkom to its marawah. I am sure our existing market capitalization in Telkom can return to the same way that Pak Setyanto (former President Director of Telkom) listed TLKM" he said.

He further explained that he gave this challenge because Erick had carried out a major transformation at the Ministry of BUMN. According to him, this has shown positive results in the capital market.

He compared the strengthening between the performance of the IDX BUMN-20 index with the LQ45 index. IDX BUMN-20 has gained around 19.37 percent over the past six months, while the LQ45 index has only increased 10.77 percent in the same period.

"This means that the transformation carried out by the ranks of BUMN has seen its influence in the market," said Erick.