Divestment and Acquisition Cancelled, Hotel Fitra Restructures Business Plan
PT Hotel Fitra International Tbk (FITT) has decided to cancel plans to divest shares in two subsidiary companies, namely PT Bumi Majalengka Permai (BMP) and PT Fitra Amanah Wisata (FAW), as well as plans to acquire shipping company PT Poseidon Shipping Indonesia (PSI).
According to disclosure information from the Indonesia Stock Exchange (IDX), management has announced the cancellation of the Extraordinary General Meeting of Shareholders (EGMS) that had been scheduled to seek shareholder approval for these transactions.
“The Company has cancelled the planned EGMS regarding the request for shareholder approval for the planned divestment of shares in BMP and FAW, and has decided not to proceed with the PSI acquisition transaction,” management stated on Monday, 6 March 2026.
The company is currently conducting a comprehensive re-evaluation of its business transformation plans and restructuring its business strategy.
As a result of the cancellation, certain assumptions and information that formed the basis of the Company’s Business Plan have become unworkable given that the transactions have been suspended or cancelled.
“The Company will submit an updated Business Plan to the Exchange if the planned transactions are resumed or if the Company has established a new business strategic direction, in accordance with applicable laws and regulations,” it added.
Management previously outlined that the transformation plan included expansion into the shipping and logistics sector, including plans to operate a fleet of vessels on Sulawesi routes such as Kendari-Langara. However, following the cancellation of the PSI acquisition, these operational plans will no longer be implemented.
“Given the Company’s decision not to proceed with the PSI acquisition, the initial business plan has been re-evaluated. Therefore, matters relating to fleet configuration, route operations, risk management, and financial projections, which were based on the previous transaction plan, have not yet been determined,” it explained.
In the document, the company also noted that there is currently no final decision regarding which new business sector it will enter. The previous plan to develop shipping and mining businesses is under review.
During this evaluation process, the Company is considering various alternatives, including the possibility of making investments or acquisitions in more mature companies with the potential for larger share ownership, including obtaining a controlling position, to ensure a more stable business model and support the Company’s sustainability as a listed company.
“Currently, all such options remain under review and the Company has not made any final investment decision. Therefore, this information remains unworkable given that the transaction is not proceeding,” management concluded.