MNC Land Shares Soar as Trump Inches Closer to Election Win
Jakarta. Shares of Indonesian property company MNC Land (IDX: KPIG), owned by media mogul Hary Tanoesoedibjo, surged during Wednesday's first trading session, driven by expectations that Donald Trump would win the US presidential election.
MNC Land (KPIG) is advancing several projects in the MNC Lido City Special Economic Zone (SEZ) in Bogor, West Java, including the Trump International Golf Club-Lido, Trump Residences Lido, and the Hyatt Regency Lido.
A total of 891.7 million KPIG shares, worth Rp 163.7 billion, changed hands on the Indonesian Stock Exchange (IDX). By the close of the first session, KPIG shares had jumped 13.66 percent, ending at Rp 183.
The KPIG stock surge followed Trump’s win in Pennsylvania early Wednesday, bringing him within three electoral votes of the 270 needed to unseat Kamala Harris. With 267 electoral votes, Trump’s campaign anticipates victory if he claims Alaska or any remaining battleground state, including Michigan, Wisconsin, Arizona, or Nevada.
Speaking to supporters in Florida, Trump pledged to fight for "every citizen, for your family, and your future.”
MNC Land reported strong growth in the first nine months of 2024, with net revenue reaching Rp 1.3 trillion—a 19.9 percent increase year-over-year. Net profit more than doubled to Rp 642.6 billion, up 108.1 percent from Rp 308.7 billion in the same period last year.
Trump International Golf Club Lido, a key project in the SEZ, is an 83-hectare, World Championship-standard golf course designed by Ernie Els and set to be operated by Trump Golf. The 18-hole course includes a modern 3-hectare clubhouse, while the surrounding 5-hectare private clubhouse area, currently under development, will feature 21 exclusive units.
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