Hotel Fitra (FITT) Cancels Poseidon Shipping Acquisition

Jakarta — PT Hotel Fitra International Tbk (FITT), a hotel company based in Majalengka, has decided to cancel its acquisition of PT Poseidon Shipping Indonesia (PSI).

Previously, the company had planned to acquire shares in PSI held by PT Anaga Group Indonesia (AGI) under a Conditional Share Purchase Agreement (PPJB) signed on 3 February 2026.

However, based on recent developments, the company has decided not to proceed with the share purchase plan. This decision was made after evaluating the transaction’s benefits for the company’s going concern.

“The parties to the PPJB are currently completing administrative procedures for the termination of the agreement,” according to a disclosure to the Indonesia Stock Exchange (BEI) on Tuesday, 10 March 2026.

The company stated that the cancellation of this transaction plan has no material impact on its ongoing operational activities. The company will continue to conduct its business as usual whilst evaluating various business development opportunities going forward.

Following this announcement, FITT shares plummeted, hitting the lower automatic rejection boundary (ARB) or declining 14.39% to Rp595 per share at today’s market close. Its market capitalisation reached Rp776.04 billion.