STAA - Joins FTSE micro cap index

STAA - Joins FTSE micro cap index Medan Suwandi Widjaja's palm oil plantation company, Sumber Tani Agung Resource (STAA), has successfully entered the ranks of the FTSE micro cap index following the September 2023 semi-annual rebalancing. STAA among stocks listed in the FTSE index are deemed to have strong fundamentals, good liquidity, and potential as investment considerations for both local and foreign investors. STAA's inclusion in the FTSE index would act as a positive catalyst for the company to achieve its predefined targets, providing added value to all shareholders and stakeholders. Currently, STAA is undergoing continuous expansion, particularly by venturing into downstream businesses like refining, which is set to enhance the export market. STAA aims to begin its downstream activities in 2024 with the construction of an edible oil plant in Dumai, Riau Province. This plant is expected to ease export logistics and further boost STAA's growth trajectory. In 1H23, STAA's sales decreased yoy to IDR2.33 tn from IDR2.98 tn. (Source : Bisnis Indonesia)