INET Launches Tender Offer for PADA Shares at 50% Discount to Previous Day's Close

PT Sinergy Inti Andalan Prima Tbk (INET) has officially become the new controller of PT Personel Alih Daya Tbk (PADA) after acquiring 1,687,455,000 shares owned by the Koperasi Pegawai PT Indosat Tbk (Kopindoslar).

According to information disclosure from the Indonesia Stock Exchange (BEI), the transaction is equivalent to 53.57% of the placed and paid-up capital at a transaction price of Rp63 per share.

Consequently, INET is required to conduct a mandatory tender offer to the public shareholders of PADA. The mandatory tender offer will target 900 million shares, or the equivalent of 28.57% of the total shares held by the public. The offer price has been set at Rp63 per share, matching the price used in the takeover transaction from Kopindosat. The maximum value of the mandatory tender offer is Rp56.7 billion.

“The mandatory tender offer price is higher than the average highest daily trading price of the target company’s shares on the Indonesia Stock Exchange over the last 90 days, specifically from 29 July 2025 to 26 October 2025, which was recorded at Rp59.10 per share,” management stated, as reported on Wednesday (17/6/2026).

However, the offer price is 50.39% below the closing price of PADA shares on Monday (15/6), which stood at Rp127 per share. During Wednesday’s (17/6/2026) trading session, PADA shares corrected by 4.72% to the level of Rp121.

Prior to the transaction, PADA’s shareholding structure was dominated by Kopindosat with a 59.86% stake, or 1,885,452,800 shares. Meanwhile, Sigit Kuntjahjo held 364,547,200 shares (11.57%), and the public, with ownership below 5%, held 900 million shares (28.57%).

“Mr Sigit Kuntjahjo has received an offer with the same terms and conditions from the new controller and is therefore an excluded party from this Mandatory Tender Offer, as regulated under Article 7 paragraph (1) letter b number 2 of OJK Regulation No. 9/2018,” the company noted.

Once the takeover is complete, the ownership composition will change significantly: INET will control 53.57% of the shares, Kopindosat’s stake will decrease to 6.29%, Sigit Kuntjahjo will maintain 11.57%, and public ownership will remain at 28.57%.

It was mentioned that the funds for the tender offer will be sourced from the internal cash of Sinergy Inti Andalan Prima, meaning no external financing is required.

Sinergy Inti Andalan Prima emphasised that the takeover does not include plans to change PADA’s primary business activities. Furthermore, the new controller stated there are no plans to delist, dissolve the company, materially change dividend policies, or take PADA private after the tender offer process is completed.

To facilitate this corporate action, the company has appointed PT Yakin Bertumbuh Sekuritas to act as the securities firm.