New Controller of Dua Putra Utama Makmur (DPUM) Prepares Rp 100 Billion Capex, MTO to Commence 24 September
PT Dua Putra Utama Makmur Tbk (DPUM) is entering a new era under the control of PT Rama Indonesia. After acquiring a majority stake in DPUM, the new controller is preparing a business expansion with capital expenditure (capex) of approximately Rp 100 billion planned for 202lar6.
This expansion plan is one of PT Rama Indonesia’s steps to drive DPUM’s business growth following the impact of a fire at its operational facilities in Pati on 6 June 2026. The Corporate Secretary of Dua Putra Utama Makmur, Mohammad Nur Hasan, stated that the allocation of approximately Rp 100 billion in capex has been prepared as part of the business expansion strategy.
Through this expansion, DPUM aims to increase its average EBITDA by approximately 7.75% per annum during the 2027 to 2030 period. However, Mohammad emphasised that the implementation of the expansion plan will still consider several factors, including evaluation results, availability of funding, approval from company organs and regulators, and business conditions.
PT Rama Indonesia is part of the Unirama Group, a business group involved in providing supply chain solutions and the distribution of Fast-Moving Consumer Goods (FMCG) in Indonesia. Unirama Group possesses a distribution network, warehousing infrastructure, and operational reach across various regions of Java. With the entry of PT Rama Indonesia as the controller, DPUM hopes to gain stronger support in operational and supply chain aspects.
Before driving expansion, PT Rama Indonesia is also providing support for DPUM’s recovery process following the fire that hit the company’s operational facilities in Pati last June. The new controller’s support includes accelerating the recovery of affected facilities, optimising other operational facilities, strengthening the supply chain, and meeting customer needs. DPUM management stated that this support is directed towards maintaining the continuity of the company’s business activities during the recovery process.
The entry of PT Rama Indonesia as the controller also brings the obligation to conduct a mandatory tender offer (MTO) for DPUM shares. However, the implementation of the MTO has undergone a schedule adjustment. The change was made because PT Rama Indonesia is prioritising the use of funds to support DPUM’s post-fire recovery.
In a disclosure to the Indonesia Stock Exchange (BEI) on 28 August 2026, management explained that funds previously prepared for the MTO have been temporarily reallocated to urgent needs following the fire incident. The use of these funds includes the recovery and repair of operational facilities, asset security, fulfilment of obligations to affected third parties, and mitigation steps to ensure DPUM’s business activities can return to normal and sustainable operations.
Despite the shift in schedule, PT Rama Indonesia maintains its commitment to executing the MTO in accordance with applicable capital market regulations. According to the latest schedule, the initial period for the mandatory tender offer of DPUM will begin on 24 September 2026 and run until 23 October 2026. Meanwhile, the completion of the transaction and payment is scheduled for 9 November 2026.
Management emphasised that the adjustment is merely a shift in the timing of the obligation and does not change PT Rama Indonesia’s commitment to conducting the MTO. Nevertheless, the schedule remains subject to further changes considering the licensing process, OJK directives, and applicable capital market laws and regulations.
PT Rama Indonesia officially became the new controller of DPUM after completing a share purchase transaction on 8 May 2026. Based on a disclosure on 11 May 2026, Rama Indonesia purchased 2.473 billion shares from PT Pandawa Putra Investama. This amount is equivalent to 59.24% of DPUM’s total placed and fully paid-up capital. The shares were purchased at a price of Rp 88 per share, bringing the total takeover transaction value to approximately Rp 217.65 billion.
This transaction simultaneously changed the controller of DPUM from PT Pandawa Putra Investma to PT Rama Indonesia. On Wednesday (16/9/2026), DPUM shares were recorded to have surged 15.22% to a level of Rp 159 per share.