PT Hotel Fitra International Tbk (FITT) Cancels Acquisition of Poseidon Shipping Indonesia Shares
PT Hotel Fitra International Tbk (FITT) has officially cancelled its planned acquisition of 28% of shares in PT Poseidon Shipping Indonesia (PSI) from PT Anaga Group Indonesia on 10 March 2026. The decision to cancel was made by management after conducting a thorough evaluation of the transaction’s benefits for the company’s going concern in the future. This cancellation marks a change in investment strategy for the Majalengka-based listed company, which had previously signed a conditional share purchase agreement in early February 2026.
Details of the Cancellation
FITT management submitted a material information report regarding the termination of the planned investment in the shipping sector. Based on disclosure requirements, the company decided not to proceed with purchasing 14,000 shares owned by PT Anaga Group Indonesia (AGI) in PT Poseidon Shipping Indonesia (PSI).
This decision cancels the plan previously outlined in Material Information or Fact Report No. 030/HFI/II/2026 dated 3 February 2026. Currently, the parties involved in the Conditional Share Sale and Purchase Agreement (CSPA) are completing the administrative process to terminate the agreement.
Strategic Reasons for FITT’s Acquisition Cancellation
The company’s decision to cancel the transaction was based on considerations of effectiveness and benefits for the company’s going concern. Management assessed that the planned expansion into a new business line needed further evaluation to maintain the company’s fundamental stability.
Despite the cancellation, management emphasises that this event does not have a material impact on current operational activities. The company continues to operate its business units normally while simultaneously evaluating opportunities for other business development initiatives in the future.
History of Investment Plan and Transaction Value
Prior to this cancellation, FITT had planned to take over 28% ownership of PSI with a transaction value of IDR14 billion. This price was determined based on PSI’s nominal share value of IDR1 million per share.
The initial acquisition plan was intended as a diversification measure for FITT to enter the shipping and commodity transport sector. The company had previously examined the potential synergies between managing mining resources and maritime transport to increase value for shareholders.
Impact on Investors
The cancellation of this acquisition provides legal certainty to investors regarding the company’s cash position that was previously planned for capital expenditure. With the cancellation of the IDR14 billion transaction, the company’s liquidity remains secure for funding operations or other investment opportunities more relevant to its holding company structure.
Investors should note that FITT is also in the process of divesting two subsidiary entities, namely PT Bumi Majalengka Permai (BMP) and PT Fitra Amanah Wisata (FAW). The integration of strategy between the acquisition cancellation and the planned divestment will determine the company’s new business direction in the long term.
Financial Condition and Future Business Development
Based on the latest financial data, FITT is restructuring its business to transition into a holding company. The company is projecting improvements to its financial structure through reduced liabilities and increased cash position from various corporate actions being undertaken.
Management has held preliminary discussions with several shareholders of mining companies as an alternative for business development. The current primary focus is ensuring each investment step is able to make a positive contribution to consolidated financial performance.