Djarum Entity Reveals Reason for Holding 10.86% Stake in Bakrie Telecom

Jakarta, CNBC Indonesia — PT Profesional Telekomunikasi Indonesia (Protelindo), a company affiliated with the Djarum Group, has spoken out regarding its 10.86% shareholding in PT Bakrie Telecom Tbk (BTEL).

The subsidiary of PT Sarana Menara Nusantara Tbk. (TOWR) affirmed that the BTEL shareholding originated from the conversion of Mandatory Convertible Bonds (OWK) based on a Peace Agreement, rather than from the execution of a repurchase agreement.

The OWK conversion refers to the Peace Agreement dated 8 December 2014 between BTEL and the relevant creditors, including Protelindo. The agreement was a follow-up to the Commercial Court ruling at the Central Jakarta District Court regarding the Temporary Suspension of Debt Payment Obligations (PKPU) of BTEL on 10 November 2014.

In other words, the telecommunications tower company affirmed that the shares were obtained as a consequence of implementing a debt settlement agreement made more than a decade ago.

‘The shareholding is not material to the Company’s business activities or financial condition,’ the company stated, as quoted from the Indonesia Stock Exchange information disclosure on Wednesday (26/8/2026).

In carrying out its business strategy, Protelindo said it remains focused on developing its core business activities and always considers every business opportunity selectively, taking into account the long-term interests of the Company and its stakeholders.

Based on a separate information disclosure, as of 24 August 2026, the company was recorded as holding 4,846,785,385 BTEL shares. This amount is equivalent to 10.86% of voting rights and is recorded as indirect ownership.

Prior to the transaction, Protelindo was recorded as not holding any BTEL shares. The shareholding emerged after the execution of the OWK conversion transaction on 20 August 2026.

In a previous announcement, the transaction price for the BTEL shares was recorded at Rp200 per share. With 4,846,785,385 shares, the value of the shares received by Protelindo through the OWK conversion reached approximately Rp969.36 billion.