Huge Profit, Whale Investor Sells 2 Billion BNBR Shares at Rp184

Port Fraser International, a shareholder of PT Bakrie & Brothers Tbk (BNBR), sold 2 billion BNBR shares at Rp184 per share, bringing the total value of the transaction to Rp457 billion. According to disclosures on the Indonesia Stock Exchange (BEI) on Friday, 6 March 2026, the transaction took place on 3 March 2026. Following the transaction, its ownership in BNBR stood at 22.87%. Earlier, BNBR’s management disclosed plans for the company to undertake a Rights Issue with Pre-emptive Rights (PMHMETD). The rights issue had been sought via an Extraordinary General Meeting of Shareholders (RUPSLB) on 27 February 2026. The new shares, with a nominal value of Rp12 per share, will be used to settle the company’s and its subsidiaries’ obligations, while also supporting working capital and business development, including optimising the toll road assets of PT Cimanggis Cibitung Tollways. Management said the PMHMETD is needed to improve the capital structure after acquiring strategic assets. ‘After this action, the loan-to-total assets ratio is projected to fall from 84.28% to 67.9%, while the debt-to-equity ratio is expected to drop sharply from 536.02% to 211.57%,’ wrote BNBR management in the disclosure. Although it strengthens the balance sheet, the move concerns investors because the number of outstanding shares will rise significantly. The company warned that shareholders who do not exercise their rights in the PMHMETD could experience ownership dilution of up to 33.33% after the rights issue is realised. Meanwhile, the final terms relating to the exercise price and the number of shares to be issued will be set out in the prospectus after the registration statement becomes effective for the issuance of up to 90 billion new Series E shares. This corporate action could lead to a maximum dilution of 33.33%.