INET Acquires Submarine Cable Company for Rp280 Billion

Telecommunications issuer PT Sinerim Inti Andalan Prima Tbk (INET) has announced the completion of its capital injection into the fibre optic and submarine cable company PT Sarana Global Indonesia (SGI) through the acquisition of new shares worth Rp280.4 billion.

The transaction, finalised on 15 September 2026, grants INET a 60% stake in SGI, making the company a subsidiary of the group.

The transaction was executed through an increase in SGI’s authorised capital from Rp12 billion to Rp50 billion. Additionally, SGI’s issued and paid-up capital increased from Rp12 billion to Rp30 billion.

In relation to this capital increase, SGI issued 180,000 new shares with a nominal value of Rp100,000 per share. All new shares were taken up and paid for by INET with a total nominal value of Rp18 billion, while the total transaction value reached Rp280,403,820,000.

The difference between the transaction value of Rp280.4 billion and the nominal share value of Rp18 billion will be recorded as share premium. Following the transaction, the total number of SGI shares increased from 120,000 to 300,000 shares.

“The inclusion of SGI as a subsidiary expands the scope of the Company’s group business activities into the field of EPC and the maintenance of submarine cable systems for optical fibres and electric cables,” as quoted from the Indonesia Stock Exchange (BEI) information disclosure on Thursday, (17/9/2026).

Prior to the transaction, Chandra Arie Setiawan held 119,999 shares or 99.9992% of SGI, while Bayu Erriano Affia, S.E. held one share or 0.0008%.

Following the transaction, INET holds 180,000 shares or 60%, Chandra Arie Setuna holds 119,999 shares or 39.9997%, and Bayu Erriano Affia holds one share or 0.0003%.

According to its Articles of Association, SGI’s business activities include central telecommunications construction, including transmission and distribution networks for telecommunications cables above ground, underground, and underwater. SGI also engages in cable-based telecommunications activities, including submarine cable communication systems, electrical network installation, civil construction for oil and gas, and internet access services.

Currently, SGI’s business activities are focused on engineering, procurement, and construction (EPC), as well as the maintenance of submarine cable systems for optical fibres and electric cables. Through this transaction, INET expands its group’s business scope into the EPC and submarine cable maintenance sectors.