IDX Again Questions TGUK's New Business, What's Going On?

Jakarta, CNBC Indonesia — The Indonesia Stock Exchange (IDX) is pressing PT Platinum Wahanas Nusantara Tbk (TGUK) regarding its new business in frozen meat trading. The clarification covers not only the business model but also the origin of customers, suppliers, strategic investors, and the overlap of customers with PT Estika Tata Tiara Tbk (BEEF).

In its response to the IDX, TGUK acknowledged that some customers were obtained through the network of a strategic investor. The company also confirmed that several customers are indeed the same as those of BEEF.

However, TGUK stated there was no transfer of contracts or special agreements regarding the use of the customer network. All transactions are conducted directly between TGUK and the customers using a purchase order mechanism.

Based on data from financial reports, at least nine TGUK customers are also recorded as customers of BEEF.

Furthermore, the IDX also highlighted the parties who introduced the customers and suppliers, the existence of storage warehouses, the distribution system, and the role of strategic investors in the development of this new business.

TGUK explained that its operations are supported by rented warehouses and cold storage, while the strategic investor is said to have played a role in opening access to supplier and customer networks without being involved in daily operations.

The company also revealed that customers and suppliers were introduced by Operational Director Edi Pramono, who has more than a decade of experience in the meat trading industry. According to TGUK, this experience became the foundation for building the frozen meat business network.

The IDX’s scrutiny of TGUK’s new business model emerged after the company recorded a surge in performance in the first quarter of 2026, following a recent business pivot from selling sweet beverages to frozen meat.

Based on financial reports, TGUK’s sales soared to Rp200.74 billion from just Rp726 million in the same period the previous year.

The increase was mainly driven by the commencement of the frozen meat business line and rising demand during Ramadan and Idulfitri. The company’s net profit also turned around to approximately Rp2.43 billion.

Meanwhile, BEEF, which was mentioned in TGUK’s clarification, recorded a much larger business scale. As of the end of March 2026, BEEF had total assets of Rp2.2 trillion, inventories of Rp621.46 billion, cash and cash equivalents of Rp17.10 billion, and total liabilities of Rp1.79 trillion.