Singapore, Feb 9, 2026, 15:35 SGT — Regular session
- Jardine Matheson saw shares climb roughly 1% during afternoon trading after markets closed on Friday.
- Indonesia revoked permits for Agincourt’s Martabe mine, then sat down with the company over ongoing operations. Danantara responded by creating Perminas to step in and take control.
- Jardine’s full-year numbers are due March 10, and traders are also watching for Indonesia’s upcoming call on the mine.
Jardine Matheson Holdings Limited (J36) climbed 1.1% to $76.54 in Singapore as of 3:17 p.m. local time, recovering from Friday’s $75.71 close. Monday’s range: $76.01 to $77.49. Shares are now up roughly 95% over the last year. 1
The rebound follows fresh uncertainty swirling around Indonesia’s Martabe gold mine. According to the investment ministry, officials sat down with Agincourt Resources to go over legal and environmental concerns at Martabe, after Jakarta pulled its mining permits over environmental breaches — wiping out the company’s licence to operate. Agincourt, which sits under Astra International—majority-owned by Jardine—was among 28 companies losing permits after floods in Sumatra left at least 1,200 dead, the ministry said. 2
Astra’s role is pivotal—it’s the linchpin for Jardine’s presence in Indonesia. Jardine Cycle & Carriage, a major arm of the group, holds a 50.1% stake in Astra. The company covers everything from autos and financial services to heavy equipment and mining in Indonesia. 3
Gains across the Singapore market lent support, with the Straits Times Index climbing roughly 0.5% this day. 4
Jakarta didn’t follow the easygoing script. Astra dropped 1.5% to 6,600 rupiah, despite the Jakarta Composite Index tacking on roughly 0.8%, Trading Economics showed. 5
Here’s the clear risk: if the mine dispute drags out—or if the state simply takes the asset. Back in January, Indonesia revoked permits for 28 firms. Agincourt, for its part, said it hadn’t received any formal notification but would abide by the government’s decision while preserving its legal claims. Task force spokesperson Barita Simanjuntak called the move “final,” though he noted companies could still talk with agencies about their assets. 6
Jardine investors are watching not just one mine but the ripple effects—dividends, capital returns, and how fast a policy fight turns into a hit to cash flow. So far, official comments have talked about process but stayed silent on timing.
Jardine’s 2025 full-year numbers drop March 10, with investors watching for updates on Indonesia and what’s ahead for top holdings. The stock goes ex-dividend March 19—buyers after that miss the payout. The annual meeting, per the company’s calendar, takes place May 7. 7
Jardine Matheson is based in Bermuda, where it’s incorporated. The company trades mainly in London, but its shares are also listed in Bermuda and Singapore. 8
