CEO Reported to Resign: A Look at SQMI's Profile and Latest Performance
PT Wilton Makmur Indonesia Tbk (SQMI) has drawn market attention in early September 2026 following the company’s announcement regarding the resignation of President Director Oktavia Budi Raharjo.
According to SQMI’s official disclosure, the resignation letter was received by the company on 31 August 2026. The decision regarding the resignation will be discussed during the General Meeting of Shareholders (GMS) scheduled for 4 September 2026.
In its information disclosure, SQMI stated that the resignation will not impact the company’s operational activities, legal aspects, financial condition, or business continuity. Consequently, the status of the resignation awaits the shareholders’ decision at the GMS.
The resignation of Oktavia Budi Raharjo represents the latest development in SQMI’s management structure. Until a decision is reached, information regarding a successor for the President Director position remains subject to official company confirmation.
For investors, changes in top leadership are a critical point of observation, as SQMI is currently in a vital phase of developing its gold mining business. On the other hand, the company has officially stated that the resignation will not impact operations, financial condition, legal aspects, or business continuity.
The shareholder structure is also a notable aspect of SQMI. Wilton Resources Holding Pte Ltd serves as the controlling shareholder. In July 202le, Wilton Resources increased its ownership by 160 million shares, raising its stake to approximately 53.50% from the previous 52.47%. This indicates that the controlling party is maintaining its majority position in SQMI amidst management changes and ongoing losses.
Currently, SQMI’s share price rose to the level of Rp84 per share, an increase of 33.33% or 21.00 points during the first session on Tuesday (1/9).
PT Wilton Makmur Indonesia Tbk is primarily involved in the gold mining sector. The company was previously known as PT Renuka Coalindo Tbk before rebranding to Wilton Makmur Indonesia. The Wilton Group’s business activities include gold exploration, mining, and the production of gold dore. The company’s main asset is the Ciemas Gold Project located in Sukabumi Regency, West Java.
The Ciemas Gold Project covers a concession area of approximately 3,078.5 hectares. Wilton stated that the operational production mining permit (IUP-OP) for the area is valid until 7 September 2030.
Broadly, SQMI’s business lines can be divided into:
Gold exploration: The company conducts exploration activities to discover and develop gold mineral resources in the Ciemas area.
Gold mining: The Ciemas Gold Project is the primary asset for SQMI’s mining activities. The area consists of several gold mineralisation prospects that have been explored.
Processing and gold dore production: Wilton also possesses mineral processing facilities to produce gold dore, an intermediate product containing gold and silver before further refining.
According to the company profile, the Ciemlag Gold Project has an estimated ore reserve of approximately 3.26 million tonnes with an average grade of 7.7 grams of gold per tonne, based on the JORC report used by the company. Resource estimates also include approximately 3.415 million tonnes of measured & indicated and 2.559 million tonnes of inferred resources. However, these resource and reserve figures should be interpreted with consideration of the report date and underlying technical assumptions, rather than being viewed as immediate gold production.
Regarding SQMI’s latest performance, based on Indonesia Stock Exchange (IDX) data, the latest financial performance is derived from the H1 2026 financial report for the period ending 30 June 2026. The company recorded revenue of Rp591.04 million, down from Rp925.58 million in the same period the previous year. Gross profit also declined to Rp406.04 million, compared to Rp439.28 million in H1 2025.
Despite the decline in revenue, operating expenses were significantly reduced. While SQMI continues to record losses, the magnitude of the loss was reduced by approximately 50.9% year-on-year. This reduction in loss is primarily visible at the operating expense and operating loss levels.
In the first quarter of 2026 alone, SQMI recorded revenue of Rp302.45 million and a net loss of Rp11.88 billion. Comparing this to the first half of the year, the second quarter of 2026 revenue was approximately Rp288.59 million with a net loss of approximately Rp8.49 billion, based on calculations from the six-month report. Thus, quarterly losses improved compared to Q1.
From the balance sheet perspective, SQMI’s total assets as of 30 June 2026 were recorded at approximately Rp512.32 billion, a slight decrease from Rp513.14 billion at the end of 2025. Meanwhile, total liabilities increased to Rp422.30 billion from Rp402.45 billion on 31 December 2025. This implies that although net losses were contained, SQMI’s financial position requires close monitoring as liabilities have increased while the company continues to record net losses.