Happy Hapsoro Issuer (RATU) Targets Acquisition of New Upstream Oil and Gas Assets
Jakarta, CNBC Indonesia - The issuer owned by Happy Hapsoro, PT Raharja Energi Cepu Tbk (RATU), will undertake the acquisition of new upstream oil and gas assets, both domestically and abroad. The company will expand its upstream oil and gas asset portfolio by leveraging strengthened investor support to reinforce national energy resilience.
“We will intensify our acquisition efforts given the excellent support from investors during the recent issuance of bonds and sukuk,” said RATU’s President Director Sumantri Suwarno in a written statement on Wednesday (15/4/2026).
On the other hand, the company also has funding flexibility through banking facilities or the option to issue new shares.
He stated that RATU is currently evaluating several oil and gas assets both domestically and abroad and expects to execute one or two conditional purchase agreements if they meet the established investment parameters.
In terms of performance, RATU recorded a 10% profit growth to US$15.26 million in 2025, amidst operational efficiency measures.
On the business development side, RATU has won an international tender for the sale of 100% shares in SMS Development Limited (SMSD), a company holding a 20% stake in Husky-CNOOC Madura Limited (HCML), the operator of the Madura Strait Block.
“This acquisition strengthens RATU’s position as a growing upstream oil and gas investment company through inorganic means,” he said.
On the funding side, he added that the company has issued RATU 2026 Series I Bonds and Series I Wakalah Sukuk worth a total of Rp800 billion, which were oversubscribed 6.8 times with total investor demand reaching Rp5.46 trillion.
According to him, this demonstrates strong market confidence in the company’s fundamentals and long-term prospects.
“Going forward, RATU will continue to optimise its funding structure through a combination of bonds, sukuk, bank credit facilities, and other capital market instruments to support an aggressive asset expansion strategy while applying strict risk management,” he concluded.