Just 6 Days Old, WBSA Stock Exchange Surges 307%, Here's Who the Owners Are

Shares of PT BSA Logistics Indonesia Tbk (WBSA) have surged significantly within a week, or since they first listed on the Indonesia Stock Exchange on 10 April 2026. WBSA was listed on the exchange at an IPO price of Rp168. By the end of trading last week on Friday (17 April 2026), the IPO shares had risen 307.74% to Rp685. The Indonesia Stock Exchange (BEI) decided to temporarily suspend trading in those shares. According to its prospectus, the ultimate beneficial owner (UBO) or final beneficiary of the company is Chairman of the Board of Commissioners Andree and President Director Edwin Wibowo. The majority shareholder, Tiga Beruang Kalifornia Pte. Ltd., holds 79.01%. Although there are differences in the number of shares owned by the two, this does not change the fact that both still have significant ability to influence control. As Directors, both have strategic authority in decision-making. This authority includes setting policy directions, approving strategic decisions, and managing operational activities. “Thus, although the proportion of share ownership differs, the authority held by Mr. Andree and Mr. Edwin Wibowo as Directors enables them to control the Tbk jointly,” management wrote, quoted on Monday (20 April 2026). BSA Logistics is currently led by Edwin Wibowo as President Director. There is also Willson Cuaca on the board of commissioners of BSA Logistics. He is also recorded as a director at Tiga Beruang Kalifornia, Chairman of the Board of Commissioners of Fore Kopi Indonesia (FORE), and founder and managing partner of East Ventures. Before the suspension, BEI had closely monitored WBSA trading on 16 April 2026 due to a share price increase and it fell into the category of stocks moving unusually (Unusual Market Activity). The latest information regarding the listed company is the information dated 10 April 2026 published on the PT Indonesia Stock Exchange (Bursa) website regarding the listing of shares from the public offering. The logistics sector company officially listed its shares on the Indonesia Stock Exchange (BEI) through an initial public offering (IPO) on 10 April 2026 and became the first issuer to list on the capital market this year. This IPO was oversubscribed by 386.86 times. The proceeds from the IPO will be used to support the company’s expansion strategy, particularly through the acquisition of companies in the sea transportation sector as a strategic step to strengthen end-to-end logistics services, as well as for capital expenditure to increase operational capacity and service efficiency. President Director of PT BSA Logistics Indonesia Tbk Edwin Wibowo stated that opportunities in the national logistics industry remain very large, considering Indonesia’s characteristics as an archipelagic country as well as high industrial activity and domestic consumption. This condition drives a great need for integrated multimodal logistics services. For information, WBSA has offered 1.8 billion shares or equivalent to 20.75% of the placed and fully paid-up capital or equivalent to 20.75% of the placed and fully paid-up capital of the company. At an offering price of Rp168 per share, the company will raise fresh funds of Rp302.4 billion.