Indonesian Companies Engage in Frenzied Acquisitions: Who's Involved?
Entering the first half of 2026, Indonesia’s capital market has been enlivened by a series of announcements of strategic corporate actions from various listed companies. Ranging from divestments of overseas assets, takeovers of company control, to manoeuvres diversifying into new sectors, all mark companies’ efforts to optimise their fundamental structures. Each transaction has its own timeline and rationale oriented towards value creation and operational efficiency.
PT Singaraja Putra Tbk (SINI) and PT Petrosea Tbk (PTRO)
In the domestic mining sector, PT Singaraja Putra Tbk (SINI) is finalising plans to acquire 99.995% or 507.38 million shares of PT Kemilau Mulia Sakti from PT Petrosea Tbk (PTRO). The value of this takeover reaches Rp1.73 trillion and is categorised as a material transaction because it equals 110.27% of the company’s total assets at the end of 2025. To fund this manoeuvre, SINI is preparing a rights issue by issuing a maximum of 721.5 million new shares. With an estimated exercise price of Rp5,000 per share, SINI could raise fresh funds of Rp3.61 trillion. In addition to redeeming PTRO’s mining assets, the remaining funds will be allocated to early debt repayment and strengthening working capital. The corporate action, whose approval is sought at the Shareholders’ General Meeting on 26 May 2026, is projected to massively improve the financial balance sheet. The company’s equity is estimated to reverse from a negative Rp687 billion to a positive Rp1.54 trillion. Total assets will surge from Rp1.57 trillion to Rp4 trillion, accompanied by an improvement in the liabilities-to-assets ratio from 1.44 times to 0.62 times. This step is SINI’s strategy to enter the coal sector, which is considered highly prospective.
PT Sepeda Bersama Indonesia Tbk (BIKE)
A fundamental change in control structure has occurred at PT Sepeda Bersama Indonesia Tbk (BIKE). On 15 April 2026, PT Penajam Makmur Jaya officially completed the takeover of 71.22% or 921.5 million shares of BIKE, previously controlled by the Mulyadi family. With the completion of this non-affiliated transaction, PT Penajam Makmur Jaya is required to make a mandatory tender offer to public shareholders. The underlying reason for this change in ownership is closely tied to the need for financial performance recovery. Throughout 2025, BIKE recorded heavy pressure with a net loss of Rp24.4 billion, a drastic reversal from the previous period’s net profit of Rp12.6 billion, resulting in a loss per share of Rp18.89. The presence of new controllers is expected to restructure operations and restore the company’s profitability direction.
PT Teladan Prima Agro Tbk (TLDN)
The agribusiness sector is also recording major expansion plans through PT Teladan Prima Agro Tbk (TLDN), which is preparing capital expenditure of more than Rp600 billion for 2026. The majority of the funds are focused on building a palm kernel processing plant worth Rp50 billion to Rp60 billion, as well as a Biogas Power Plant worth Rp40 billion to Rp50 billion, targeted for completion by the end of 2026. In addition to organic expansion, acquisitions of palm oil companies will continue to be a main pillar of the company’s growth. TLDN’s confidence is driven by the success of the Rp136.32 billion acquisition of PT Cipta Davia Mandiri in 2025. The company’s financial condition is also very solid, with revenue surging 28.42% to Rp5.42 trillion in 2025, supported by a 14.5% increase in crude palm oil selling prices. Armed with these fundamentals, management has set a target for double-digit profit growth in 2026.
PT Pelayaran Nasional Ekalya Purnamasari Tbk (ELPI)
Expansive manoeuvres are being undertaken by the maritime services issuer PT Pelayaran Nasional Ekalya Purnamasari Tbk (ELPI). Through PT ELPI Trans Cargo, the company won a tender for the procurement of a multi-purpose support vessel in Singapore with a transaction value of USD 46.5 million or approximately Rp790.5 billion. To finance the completion of the transaction due on 7 April 2026, the company is using a short-term funding solution in the form of third-party loan facilities worth Rp633.4 billion. This facility carries an interest rate of 9% per year with a maximum tenor of nine months until the company conducts refinancing. The rationale behind this decision is the urgent need to strengthen offshore fleet capacity as quickly as possible amid the lengthy formal banking process. Although it increases the level of liabilities, the operation of the new vessel is believed to provide high added value to the company’s business sustainability.
PT Sumber Mas Konstruksi Tbk (SMKM)
From the infrastructure sector, PT Sumber Mas Konstruksi Tbk (SMKM) is evaluating a business pivot through two acquisitions in the aquaculture farming sector. The company will acquire Panasia Aquaculture Pte. Ltd. with an estimated value of USD 100 million, targeted for completion on 30 June 2026. The company also plans to take over LSO Organization Holdings Pte. Ltd. for SG$ 13 million with completion no later than 30 June 2027. This step is based on the limited growth of the company’s construction business in recent times, making diversification more prospective. To complete the asset injection from new controllers, SMKM plans to carry out a rights issue, with approval to be discussed at an Extraordinary General Meeting of Shareholders no later than the third quarter of 2026.
PT Raharja Energi Cepu Tbk (RATU)
In the energy sector, PT Raharja Energi Cepu Tbk (RATU) is evaluating new upstream oil and gas assets both domestically and abroad. The company targets signing conditional purchase agreements in the near future. This aggressiveness follows RATU’s success in winning the tender for 100% shares of SMS Development Limited, an entity holding 20% participation rights in the operator of the Madura Strait Block. The rationale for RATU’s expansion is positive financial performance, with profit growth of 10% to USD 15.26 million in the first half of the year.