Amphenol Corporation (APH) saw its stock tumble 11.91% in pre-market trading on Monday as investors reacted to concerns over challenges facing the government's ambitious 3 million housing program.
Reports emerged over the weekend indicating that the utilization of confiscated land from corruptors for the housing program is facing complications. Harli Siregar, Head of Public Relations at the Attorney General's Office, stated that the authority to determine the status of using confiscated state assets lies with the Ministry of Finance, not the law enforcement agencies that seize the assets.
This has raised doubts over the feasibility of using seized land for the large-scale housing program as initially envisioned. The housing program is expected to drive substantial demand for Amphenol's products, which are widely used in residential and commercial construction projects.
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