PPGL Sells Entire Stake in JAYA to Husband-and-Wife Buyers
PT Prima Globalindo Logistik Tbk (PPGL) plans to divest its entire shareholding in PT Armada Berjaya Trans Tbk (JAYA) valued at Rp44.60 billion. The sale transaction will be conducted through affiliated parties.
According to disclosures made to the Indonesian Stock Exchange (BEI), PPGL will sell 365,597,400 shares of JAYA, equivalent to 45.79% of paid-up and issued capital. The transaction price is set at Rp122 per share.
The share purchase will be made by Darmawan Suryadi SM and JAP Astrid Patricia. Darmawan will purchase 256,220,600 shares, whilst Astrid will purchase 109,376,800 shares.
The transaction is classified as an affiliated transaction because the buyers have relationships with the company. Darmawan Suryadi SM is the Chief Director and controlling shareholder of the company, whilst JAP Astrid Patricia serves as Chief Commissioner. The two are also affiliated through their spousal relationship.
Management cited business deterioration as the rationale for the share sale. The company’s transportation services business has experienced a decline compared to the same period in the previous year. This is attributable to reduced freight forwarding and logistics service rates on one hand, and rising operational costs on the other.
These conditions have resulted in declining consolidated financial performance, evidenced by decreased service revenues and consolidated net profit.
“Through this transaction, the company expects operational efficiencies that will positively contribute to the company’s financial performance in the future, thereby creating added value for all shareholders of the company,” management stated on Tuesday (11 March 2026).
Management explained that the total value of the sale transaction is equivalent to approximately 90.09% of the company’s total consolidated assets as of 30 September 2025, recorded at Rp303.9 billion.
Subsequently, proceeds from the share sale will be used to increase working capital. Approximately Rp22 billion will be allocated to support the transportation management services business operations, including operational costs such as shipping and trucking that must be paid upfront.
Meanwhile, approximately Rp22 billion will be placed as reserve funds in bank deposits, expected to generate interest income for the company.
To facilitate this corporate action, the company will convene an Independent General Meeting of Shareholders (RUPS) scheduled for 12 March 2026 in Jakarta.