BIKE's Controller Officially Changes! 71% of Shares Transferred, What Should Retail Investors Do?

PT Sepeda Bersama Indonesia Tbk (BIKE), an issuer engaged in the wholesale trading of bicycles and related products, has officially undergone a change in control following the transfer of 921.5 million shares, equivalent to 71.22%, to PT Penajam Makmur Jaya on 15 April 2026. This transaction was conducted through the negotiated market mechanism on the Indonesia Stock Exchange.

Based on the disclosure of information to the Indonesia Stock Exchange and the Financial Services Authority dated 16 April 2026, this change in ownership shifts direct control of the company from Andrew, Henry, and Stephen Mulyadi to the buyer. The transaction was carried out without any affiliation between the seller and the buyer.

This step is significant because a change in control is typically followed by new strategic directions and triggers the obligation for a Mandatory Tender Offer to public shareholders in accordance with regulatory provisions, so investors need to monitor further developments from this corporate action.

Detail of the Transaction and Its Impact

The transaction was conducted through the negotiated market on the Indonesia Stock Exchange, where all majority shares owned by the previous party were transferred to the new buyer. With 71.22% ownership, PT Penajam Makmur Jaya now becomes the direct controller of BIKE, replacing the previous controller.

This change is not stated to have a direct impact on operations or financial condition in the short term. However, in general, a change in control can affect the future business strategy direction.

Mandatory Tender Offer, What Does It Mean?

In accordance with POJK No. 9/POJK.04/2018, the new controlling party is required to conduct a Mandatory Tender Offer to minority shareholders. This means that public investors will be given the option to sell their shares to the new controller at a price in accordance with regulatory provisions.

This step aims to protect minority investors in situations of company control changes.

Conclusion

The change in BIKE’s control through the transfer of 71.22% shares is a significant corporate action that investors need to monitor. Although it does not have a direct operational impact, potential strategy changes and the tender offer plan become important factors going forward. Investors are advised to wait for further details regarding the tender offer action before making decisions.